ALBANY, N.Y.–
Mechanical Technology, Incorporated (MTI, NASDAQ: MKTY), a company 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), and in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc., today announced that due to current market conditions, it has filed an amendment to its registration statement on Form S-1 previously filed on May 22, 2008 with the U.S. Securities and Exchange Commission converting its proposed public offering to units consisting of convertible senior notes and warrants to purchase shares of MTI common stock from units consisting of shares of common stock and warrants to purchase shares of common stock.
MTI intends to use the net proceeds from the offering for research, design, tooling and capital expenditures to support the commercialization of its Mobion(R) portable power source products, and working capital needs and general corporate purposes.
Merriman Curhan Ford & Co. will act as the underwriter for the proposed offering. This offering will be made only by means of a prospectus. When available, copies of the prospectus relating to these securities and meeting the requirements of section 10 of the Securities Act of 1933 (as amended) may be obtained from: Merriman Curhan Ford & Co., 600 California Street, 9th Floor, San Francisco, CA 94108, Telephone 415-248-5600, Fax 415-248-5690.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Source: Mechanical Technology, Incorporated
Released July 3, 2008
