EcoChain, a subsidiary of Mechanical Technology (MKTY), provides an update addressing shareholder inquiries as of February 3, 2021. The company plans to develop ultra-low cost green data centers for crypto mining without holding cryptocurrencies on its balance sheet. EcoChain aims to ensure profitability even during crypto price declines. The relationship with Soluna as a technology provider is clarified, with independent agreements and management fees. CEO Michael Toporek’s compensation is noted as $170,000. Forward-looking statements indicate potential risks in executing the business strategy.
Mechanical Technology, Incorporated (OTC Pink: MKTY) announced on Sept. 30, 2020, the filing of a Form 10 Registration Statement with the SEC to register its common stock, effective on Nov. 29, 2020. This move will transition MTI to the OTCQB Venture Market tier. CEO and President roles are being considered by the board, while Moshe Binyamin has been appointed President of MTI Instruments, Inc. MTI reported double-digit revenue growth in Q2 2020 and is focused on expanding into markets like electric vehicle battery manufacturing. A new website is expected soon.
Mechanical Technology, Incorporated (MKTY) announced the resignation of President and CEO Rick Jones, effective September 11, 2020. Jones, who held the position since January 2017, reflected on MTI's achievements, including three years of profitability and record orders at its subsidiary, MTI Instruments. He expressed confidence in MTI's future, citing a healthy cash balance and strong team support. A new President and CEO will be announced later. MTI engages in the design and manufacture of test and measurement instruments and is developing a renewable energy-powered cryptocurrency mining facility.