ALBANY, N.Y.– Mechanical Technology, Incorporated (MTI or the Company) (Trading Symbol: MKTY), a company engaged in the design, manufacture and sale of test and measurement instruments and systems through its wholly-owned subsidiary MTI Instruments, Inc. (MTI Instruments), and in the development and commercialization of Mobion® off-the-grid portable power solutions through MTI MicroFuel Cells, Inc. (MTI Micro), today announced the appointment of Kevin G. Lynch to its Board of Directors, effective as of April 12, 2012.
“We are very pleased to name Kevin to MTI’s Board of Directors. Kevin’s significant experience with industrial and specialty engineering products make him an ideal addition to the Board, particularly as the company looks to grow its customer base. Kevin’s skill set and business to business experiences complement the current Board’s expertise and will serve our stockholders well,” said MTI’s Chairman of the Board, Peng K. Lim.
Mr. Lynch serves as the Chief Executive Officer of American Air Filter Company Inc. (AAF International) since December 2011, and from June 2008 until December 2011, as the Global Chief Operating Officer. AAF International develops, manufactures, and markets commercial and industrial air filters and equipment on a global basis. Prior to joining AAF International, Mr. Lynch was the President of Filtration Group Inc., a privately held air filter manufacturer in Illinois, from March 2006 until March 2008. Mr. Lynch also worked with Lydall Inc., (NYSE:LDL) a specialty materials manufacturer, and American Cyanamid Inc. (now Cytec, Inc. – NYSE:CYT), a chemical company, where he served in numerous executive roles.
Mr. Lynch currently serves in the Board of Overseers at the University of Louisville and is a former board member of eFiltration and a Director at AFF Company Inc. He has an M.B.A. from Fairleigh Dickinson University and holds both an M.S. and a B.S. in Biology from Pennsylvania State University.
About MTI
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument´s 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 our ability to obtain for government grants or commercialize our Mobion fuel cell system and increase MTI Instruments sales. 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.
Mechanical Technology, Incorporated
Andrew Barwicki, 516-662-9461
Investor Relations
andrew@barwicki.com
Source: Mechanical Technology, Incorporated
Released April 18, 2012
