EcoChain, Inc. Presents an Illustration and Application of its Business Model as Capacity Ramps Towards 50MW 2021 Target
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), has released a document illustrating its business model as it expands capacity. The 8-K filing includes assumptions to help shareholders understand the mechanics behind its operations. The Company will also provide monthly revenue and margin reports starting June 10, 2021, covering May 2021 results. CEO Michael Toporek expressed confidence in their progress toward managing 50 megawatts of processing power in 2021, aiming for transparency and accountability.
- Commencing monthly revenue and margin reports improves transparency.
- Targeting management of 50 megawatts of processing power demonstrates growth strategy.
- None.
ALBANY, N.Y., May 13, 2021 /PRNewswire/ -- EcoChain, Inc. ("EcoChain"), a wholly-owned subsidiary of Mechanical Technology, Incorporated ("MTI" or the "Company"), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release of a document intended to serve as a hypothetical illustration and application of its business model as it continues to add capacity.
In response to investor inquiries, EcoChain has prepared an illustrative analysis to enable its shareholders to better understand the details regarding the mechanics the Company's model. The illustration, which is being filed in an 8-K by the Company, includes certain assumptions that form the basis for the presentation to shareholders.
Separately, the Company also announced that, beginning this month, the Company will release revenue and margin information by location on or about 10 days following the close of each preceding month. The first such report will be released on or about June 10th 2021 covering the May 2021 results.
"We are pleased with our progress to date and look forward to provide this illustration as we continue to develop and deploy processing power," said Michael Toporek, CEO of MTI. As we have stated previously, we are committed to providing industry leading transparency, accountability and return on investment over time. We will also plan to communicate clearly and frequently to showcase our continued progress towards our goal of 50 megawatts under management in 2021.
Click here to access the illustration presentation and video:
https://ecochainmining.com/news/businessmodelillustration/.
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visit www.ecochainmining.com.
Forward Looking Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Contact Information:
Jess Olszowy
jolszowy@mtiinstruments.com
Investor Relations:
Kirin Smith
President, PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
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SOURCE Mechanical Technology, Incorporated
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