– Successful product development executive led the Company to achieve engineering and prototype delivery milestones over the past year –
ALBANY, N.Y., Nov. 5 /PRNewswire-FirstCall/ — MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion(R) micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (Nasdaq: MKTY), announced that Jim Prueitt, Senior Director of Engineering for MTI Micro, has been promoted to the position of Vice President of Engineering and Operations, effective immediately.
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Since joining MTI Micro in April of 2006, Prueitt led the system design for the Company’s first-generation consumer direct methanol fuel cell (DMFC) technology platform. His leadership of MTI Micro’s systems engineering team enabled the Company to successfully achieve DMFC engineering and prototype delivery milestones over the past year. In his expanded role, Prueitt will manage research and development, purchasing, quality, operations, and program management to drive all platforms toward commercialization.
Prior to MTI Micro, Prueitt was Divisional Vice President of Hardware and Software R&D at Polaroid Corporation, where he introduced diverse new technologies and helped launch a number of products in media, hardware, digital cameras and digital printers. Prueitt spent over 20 years at Polaroid leading the design, development and delivery of multiple consumer products which resulted in over $1B in operating revenue. Prueitt also led, directed and managed operations for Polaroid’s Instant Digital Printing (IDP) division, which comprised of a group of 250 of Polaroid’s best R&D, operations, and business members to create a high-volume, new digital imaging and printing business unit. As a senior leader of the division, he led all operations, source selection, supply chain, service and program management efforts.
“Jim has commercialized over 20 different consumer products and has shipped over 10 millions production units in his career,” said Peng Lim, CEO of MTI. “With Jim’s impeccable track records, I am confident that he will help lead our development team towards product manufacturing readiness in 2008 and our Mobion DMFC product commercialization in 2009.”
“I am looking forward to continue working with our talented product development team at MTI Micro and our world class consumer electronics OEM partners in helping to develop an industry with such tremendous growth potential,” said Prueitt. “My goal is to accelerate MTI Micro’s strong leadership position in bringing DMFC technology to the global consumer market with the end-goal to create a longer-lasting source of power for portable electronic devices.”
Prueitt holds two published, pending patent applications for inventions related to digital printing, and is a Six Sigma Champion. He also holds a Masters in Business Administration from the University of West Florida, and a Masters of Science in Mechanical Engineering from the University of Kentucky.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated, (Nasdaq: MKTY), is the developer of the award winning Mobion(R) direct methanol micro fuel cell technology. The Company has a world-class team of entrepreneurial business executives, researchers and scientists; a number of system prototypes demonstrating size reductions and performance improvements; significant related intellectual property; and has received government awards and developed strategic partnerships to help accelerate commercialization. More information is available at www.mtimicrofuelcells.com.
Statements in this press release which are not historical fact including statements regarding management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, future prospects and applications for fuel cell systems; 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 and preparing for manufacturing, and; the future prospects, markets, product launch, market acceptance, and commercialization plans of MTI Micro products. 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, the annual report on Form 10-K and Quarterly Reports on Form 10-Q.
SOURCE Mechanical Technology Incorporated
Released November 5, 2007
