ALBANY, N.Y.– MTI Instruments, Inc. (MTI Instruments), a worldwide leader in precision measurement solutions and a subsidiary of Mechanical Technology, Incorporated (MTI) (OTCQB: MKTY) today announced it received a purchase order for $769 thousand from the U.S. Air Force Metrology and Calibration Program Office (AFMETCAL) for the purchase of MTI Instruments portable balancing systems (PBS) calibration kits.
The PBS calibration kits, which include MTI Instruments’ 1510A precision calibrators, are used to generate voltage and charge signals over a wide range of frequencies in order to quickly, accurately, and reliably calibrate the U.S. Air Force fleet of PBS‐4100+ portable aircraft engine balancing systems. In turn, these PBS-4100+ systems can better diagnose and balance the US Air Force aircraft engine fleet.
“These PBS calibration kits are a good addition to the U.S. Air Force preventive aircraft engine maintenance efforts,” said Peng Lim, CEO of MTI. “In conjunction with the PBS-4100+ systems, these kits can help save on operational costs and increase aircraft engine optimization and performance.”
In addition to this order from AFMETCAL, MTI Instruments is currently working with the U.S. Air Force on two contracts previously awarded. In 2011, MTI Instruments was awarded a $4.1 million multi-year U.S. Air Force contract for the purchase of PBS4100+ portable aircraft engine balancing systems. As of March 31, 2012, MTI Instruments had recorded $855 thousand in orders, approximately 21% of the contract’s total potential value.
In 2009, MTI Instruments received a multi-year U.S. Air Force contract to service and repair its existing fleet of PBS-4100+ jet engine balancing systems with the latest diagnostic and balancing technology, which could potentially generate up to a total of $6.5 million in sales for the Company between 2009 and 2014. As of March 31, 2012, MTI Instruments had recorded approximately $3.0 million in orders, representing approximately 45.7% of the contract’s total value.
About MTI Instruments
MTI Instruments, Inc., a subsidiary of Mechanical Technology, Incorporated (MTI) (OTCQB MKTY.,) is a worldwide supplier of precision non-contact measurement solutions, portable balancing equipment and semiconductor/solar cell wafer inspection tools. MTI Instruments´ products use a comprehensive array of technologies to solve complex real world applications in numerous industries including manufacturing, semiconductor, solar, commercial and military aviation, automotive, and data storage. MTI is also engaged in the development and commercialization of Mobion® off-the-grid portable power solutions through MTI MicroFuel Cells Inc. For more information about the Company 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 the expectation of increases in MTI Instruments’ sales in 2012 and beyond; MTI Instruments’ sales dependence on a small number of customers; and, the importance of its relationship with the U.S. Air Force. All forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. It is important to note that the Company’s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include revenue growth of our test and measurement instrumentation business may not be achieved; our inability to build and maintain relationships with our customers; significant periodic and seasonal quarterly fluctuations in our results of operations; our need to raise additional financing for MTI Micro and/or our ability to bring in potential grant opportunities or purchase orders for MTI Micro; and the other risk factors listed from time to time in the Company’s SEC reports, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2011 and our quarterly report on Form 10-Q for the quarter ended March 31, 2012.
MTI Instruments, Inc.
Investor Relations
Andrew Barwicki, 516-662-9461
andrew@barwicki.com
Source: MTI Instruments, Inc.
Released June 6, 2012
