ALBANY, N.Y., June 10, 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 site level results by month through
May.
As previously communicated, EcoChain has released its site level
financial flash, including revenue, adjusted cost of cryptocurrency
revenue and contribution margin.
Michael Toporek, CEO of the
Company commented "We are pleased to make this first monthly
disclosure of EcoChain's revenue and contribution margin by
location. It is the first of what will now be regular releases of
monthly results. We continue to disclose information that is
consistent with our ethos of transparency and accountability to
stockholders. We sincerely hope that investors find this
information useful when reviewing our operating performance."
Key Highlights:
- Combined EcoChain revenue of $560
thousand and contribution margin of $440 thousand for April
2021
- Combined EcoChain revenue of $618
thousand and contribution margin of $503 thousand for May
2021
- Combined EcoChain revenue of $2.2
million and contribution margin of $1.7 million for all of 2021
Click here to access the presentation and video:
https://ecochainmining.com/news/monthlyflashmay2021/
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:
Lisa
Brennan
lbrennan@mtiinstruments.com
Investor Relations:
Kirin
Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
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SOURCE Mechanical Technology, Incorporated