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Overseas Location to Develop
Production Capacity for MobionŽ Products
Albany, N.Y., June 5, 2008 MTI MicroFuel Cells Inc. ("MTI Micro"), the developer of MobionŽ off-the-grid portable power solutions and a subsidiary of Mechanical Technology, Incorporated ("MTI") (NASDAQ: MKTYD), today announced the expansion of its operations into China with the opening of a new representative office in Shanghai. The new office will facilitate MTI Micro´s efforts to develop relationships with manufacturers and low-cost component suppliers in China.
"Expanding our operations in China is an important step in achieving manufacturing readiness," said Peng Lim, Chairman and CEO of MTI. "A local presence in China is key to our commercialization strategy, and will assist in establishing our manufacturing base to support increased production levels in preparation for our product launch in 2009."
The opening of the representative office in China follows the Company´s appointment of new business representatives in Korea and Japan. As part of MTI Micro´s business development operations in Asia, the China office will also work to develop new partnerships and help strengthen ongoing OEM relationships. MTI Micro hopes to sign a low-cost manufacturing partner by the end of this year.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc. ("MTI Micro"), a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), is the developer of MobionŽ off-the-grid portable power solutions. 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. More information is available at www.mtimicrofuelcells.com.
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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 MTI Micro´s MobionŽ fuel cell systems and the progress it is making in developing and commercializing those systems for consumer applications; the importance of and benefits from expanding MTI Micro´s operations into China; and MTI Micro´s ability to establish a manufacturing base and
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