Mechanical Technology, Incorporated President/CEO Resigns

Rhea-AI Summary

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.

Positive

• Achieved three consecutive years of profitability.
• First cash dividend ever paid to shareholders.
• Record-setting orders activity at MTI Instruments.

Negative

• None.

ALBANY, N.Y., Aug. 24, 2020 /PRNewswire/ -- Mechanical Technology, Incorporated ("MTI" or the "Company"), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announces that Mr. Rick Jones has notified the MTI Board that he will be resigning from his position as President and Chief Executive Officer effective September 11, 2020. 

"Since undertaking the combined role of President, CEO and CFO in January 2017, I am incredibly proud of the accomplishments we have achieved here at MTI, including the current three-year stretch of profitability, the first ever cash dividend to our shareholders and the most recent record-setting orders activity at our MTI Instruments subsidiary," said Mr. Jones. "After nearly 28 years with the Company, it is now time for me to move on to the next opportunity in my career and I leave MTI on solid footing, with a healthy cash balance, a record orders backlog and the support of an amazing team dedicated to the continuing success of the organization. I would like to thank the MTI Board of Directors – both current and past members – for all the guidance and support over the years and I look forward to following the future growth of MTI!"  

The Company will announce a new President/CEO at a later date. 

Please visit https://www.mechtech.com under News & Events.

About MTI
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real world applications in numerous industries, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. Through EcoChain, MTI is developing a pilot cryptocurrency mining facility powered by renewable energy that integrates with the bitcoin blockchain network. For more information about MTI, please visit https://www.mechtech.com.

Contact Information:
Lisa Brennan
518-218-2592
lbrennan@mtiinstruments.com

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SOURCE Mechanical Technology, Incorporated

FAQ

Who is replacing Rick Jones as President and CEO of MKTY?

A new President and CEO for MKTY will be announced at a later date.

What achievements did Rick Jones cite during his tenure at MKTY?

Rick Jones highlighted three years of profitability, the first cash dividend, and record orders at MTI Instruments.

When did Rick Jones announce his resignation from MKTY?

Rick Jones announced his resignation effective September 11, 2020.

What business does Mechanical Technology, Incorporated (MKTY) engage in?

MKTY designs and manufactures test and measurement instruments and is developing a renewable energy-powered cryptocurrency mining facility.