-- The Company completes second quarter milestone --
ALBANY, N.Y., June 14 /PRNewswire-FirstCall/ -- MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion(R) micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ:MKTY), today announced it recently delivered its next-generation, low power, advanced industrial design prototypes to its Korean partner.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060809/NYW032LOGO-b ) "This delivery marks the achievement of our milestone of completing shipments of prototypes by the end of the second quarter," said Peng Lim, CEO of MTI. "We are very pleased with our on-time delivery and we will continue to work together to test and evaluate this new prototype shipment." MTI Micro is developing next-generation fuel cell prototypes based on its 100% methanol fuel feed, passive technology known as Mobion(R) and has made significant size reductions to its fuel cell prototypes. This second delivery of industrial design prototypes is more than 30% smaller in size and 20% lighter in weight than its predecessors from the first delivery in November of 2006.
These advanced industrial design prototypes contain Mobion(R) chips. Recently, the Company announced its state-of-the-art Mobion(R) chip, which integrates a power module with fluid conditioning that allows its fuel cell system to run in a wide environmental range including temperatures from 0oC to 40oC at any humidity level -- an industry standard in consumer electronics and a requirement of many OEMs.
Together, MTI Micro and its partner are exploring ways to potentially power a series of mobile phone and mobile phone accessories with fuel cell technology so new media-rich features (e.g. video, audio) can be added.
About MTI MicroFuel Cells MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ:MKTY), is the developer of the award-winning Mobion(R) direct methanol micro fuel cell technology. MTI Micro has a world- class team of entrepreneurial business executives, researchers and scientists; a number of system prototypes demonstrating size reductions and performance improvements; significant related intellectual property; and has received government awards and developed strategic partnerships to facilitate efforts to achieve commercialization. More information is available at http://www.mtimicrofuelcells.com/.
Statements in this press release which are not historical fact including statements regarding management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, future prospects and applications for fuel cell systems, and markets for fuel cell systems; MTI Micro's future business prospects, technology and performance; the market potential for fuel cells generally, and specifically the market for MTI Micro's DMFCs; the outcome of any evaluation and testing of prototypes under the strategic alliance agreement with its Korean partner; the progress MTI Micro is making in developing its Mobion(R) fuel cell systems, including fuel cell systems or prototypes suitable for commercial testing or use ;MTI Micro's ability to produce its fuel cell systems during a commercially acceptable time; MTI Micro's ability to generate sales to any OEM or consumers; the timing or success of entry into the market by MTI Micro; and MTI Micro's ability to meet its stated milestones on time, if at all. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro's and 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, competition and demand for DMFCs; and the risk factors listed from time to time in MTI's SEC reports including but not limited to, the annual report on Form 10-K and Quarterly Reports on Form 10-Q. http://www.newscom.com/cgi-bin/prnh/20060809/NYW032LOGO-b http://photoarchive.ap.org/ DATASOURCE: MTI MicroFuel Cells Inc.
CONTACT: George Relan, Vice President of Corporate Development of MTI MicroFuel Cells Inc., +1-518-533-2220, Web site: http://www.mechtech.com/ http://www.mtimicrofuelcells.com/
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