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