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Albany, N.Y., June 4, 2008 - Mechanical Technology, Incorporated (“MTI”) (NASDAQ: MKTYD) today announced that it had regained compliance with the Nasdaq listing requirements. On June 3, 2008, MTI received notification from The Nasdaq Stock Market that it is once again in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Marketplace Rule 4450(a)(5) and that its non-compliance announced on January 11, 2008 has been remedied.
MTI is primarily engaged in the development and commercialization of Mobion® off-the-grid portable power solutions through its subsidiary MTI MicroFuel Cells Inc. (“MTI Micro”). 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. MTI is also engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. For more information about MTI, please visit www.mechtech.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. All forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. It is important to note that 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, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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