Mechanical Technology, Incorporated President/CEO Resigns

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