– Peng Lim elected as new Chairman of the Board –
ALBANY, N.Y.–
The Board of Directors of Mechanical Technology, Incorporated (“MTI”) (NASDAQ: MKTY) today announced the election of Chief Executive Officer Peng Lim to the position of Chairman of the Board, effective as of May 15, 2008. Mr. Lim replaces outgoing Chairman Steven N. Fischer.
“With this appointment, the Board recognizes Peng’s proven product development skills and keen management talents – all of which are needed to continue to build upon MTI’s successes,” said Mr. Fischer. “In my opinion, under Peng’s leadership, the Company has made enormous advances on our road to a commercial product which is expected in 2009.”
Mr. Lim has served as MTI’s Chief Executive Officer since December 2006 and continues to serve as the President and CEO of MTI’s subsidiary MTI MicroFuel Cells, Inc. He is the former President and CEO of Tapwave, Inc., a handheld and entertainment platform company, and was a Vice President at both Palm, Inc. and Fujitsu Personal Systems. Mr. Lim has been involved in the development of consumer electronics, including portable computers, wireless computing, personal digital assistants and pen computing, for over two decades.
Dr. Walter Robb, an MTI Board Member and former Senior Vice President of Corporate Research and Development for the General Electric Company, said about outgoing Chairman Steven Fischer, “Steve’s contributions to the company are invaluable. In particular, he brought together a capable team at MTI Micro to transition the company from one primarily engaged in research and development to one on the path to commercialization. He also put the infrastructure in place for nine quarters of double digit growth at MTI Instruments.” Dr. Robb added, “Steve not only continued MTI’s legacy of innovation, but has been a great supporter of our efforts, particularly our Mobion(R) technology.”
Mr. Fischer has served as a member of MTI’s Board of Directors since 2003, its Chairman since December 2006, and its Chief Executive Officer from 2004 through 2006. Previously, Mr. Fischer served as CEO and then Chairman for UHY Advisors, Inc., a professional services firm.
“This is the right time for me to step back,” Mr. Fischer said, “Peng’s innovative leadership will take MTI to the next level – the commercialization of our Mobion(R) power sources in the consumer market.”
Mr. Fischer will continue to support MTI in an advisory role.
About MTI
Mechanical Technology, Incorporated (“MTI”) (Nasdaq: MKTY) is primarily engaged in the development and commercialization of Mobion(R) off-the-grid portable power solutions through its subsidiary MTI MicroFuel Cells Inc. (“MTI Micro”). MTI Micro has a team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and a number of system prototypes demonstrating size reductions and performance improvements; and related intellectual property. MTI Micro has received government funding and developed strategic partnerships to facilitate efforts to achieve commercialization. MTI is also engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. For more information about the MTI, please visit www.mechtech.com.
Statements in this press release which are not historical fact, including statements regarding management’s intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future, are forward looking statements. Such statements include, among others, MTI Micro’s future business prospects, technology and performance, the market potential for and progress MTI Micro is making in developing its Mobion(R) fuel cell systems for consumer applications, including manufacturing readiness; and the future prospects, markets, product launch, market acceptance, and commercialization plans of MTI Micro products in the consumer markets. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro’s and MTI’s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include, among others, risks related to financing; uncertainties in development, manufacturing and competition; and the risk factors listed from time to time in MTI’s SEC reports, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Source: Mechanical Technology, Incorporated
Released May 22, 2008
