ALBANY, N.Y., Nov. 7 /PRNewswire-FirstCall/– MTI Instruments, Inc. (“MTII”), a worldwide leader in precision measurement solutions and a subsidiary of Mechanical Technology Incorporated (MTI) (Nasdaq: MKTY), announced it recorded sales orders now totaling $8.5 million which surpassed the record $8.0M in annual sales orders booked in 1998.
“MTI Instruments has taken steps in different areas including business development, sales and distribution, and product development to help drive the Company to exceed its sales targets,” said Peng Lim, CEO of MTI. “These initiatives have paid off since we started to implement them; over the past six quarters, we have experienced double-digit sales growth.”
In business development, MTI Instruments has increased its focus on selling its products to new original equipment manufacturers and existing large customers. This year, the Company secured orders from both a major U.S. based aircraft engine manufacturer and the U.S. Air Force for the purchase of PBS-4100Plus portable aircraft engine balancing systems. PBS-4100 systems are used to automatically collect and record aircraft engine vibration data, identify vibration or balance trouble and calculate a solution to the problem, resulting in reduced engine vibration, longer engine life and lower fuel costs.
In sales and distribution, the Company strengthened its relationship with its Japanese distributor Koyo who has placed orders to date in 2007 for approximately two million dollars – including products for a global leader in photolithography equipment for microelectronics. MTII also supplies Koyo with a wide variety of products used throughout Japan in the semiconductor, automotive and computer disc drive industries.
“We remain very excited about our partnership with MTI Instruments,” said Mr. Shiro Motohashi, CEO of Koyo. “MTI Instruments’ products are of the highest quality and reliability and are very well received by both OEMs and end users in Japan like Nikon Corporation, Toyota, Nissan and Fuji Film. We continue to make significant investments in our relationship with MTI Instruments leading to the rapid expansion of sales and service with these products.”
In product development, we continue to create families of products and services and provide complete system solutions for MTI Instruments customers. This year, the Company announced the launch of their newest, data acquisition system branded as EVE. EVE is designed to help users solve complex measurement problems by providing precision non-contact measurement, advanced data acquisition, data analysis, touch screen user interface, and intuitive operation. The Company expects to begin generating revenue from sales of EVE in 2008.
“At MTII, we have experienced healthy growth since late 2005 when we put in place strategic initiatives to transform MTII into a market-driven company,” said Robert Kot, Vice President and General Manager of MTII. “Based on our results to date, we are well positioned to achieve our milestone of sales growth of at least 15% over last year.”
About MTI Instruments, Inc.
MTI Instruments, Inc. (MTII), a subsidiary of Mechanical Technology Incorporated (Nasdaq: MKTY) headquartered in Albany, NY, is a worldwide supplier of precision non-contact physical measurement solutions, precision balancing equipment and semiconductor wafer inspection tools. MTII products use a comprehensive array of technologies to address complex real-world applications in numerous industries including manufacturing, semiconductor, commercial/military aviation, automotive and data storage. Mechanical Technology Incorporated is also engaged in the development and commercialization of award winning Mobion(R) cord-free advanced portable power systems, through its subsidiary MTI MicroFuel Cells Inc.
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, MTII’s ability to deliver PBS-4100 Plus units on time, if at all; MTII’s sales dependence on a small number of customers; MTII’s sales revenue growth may not be achieve; the importance of any relationship with Koyo or any other distribution partner; the fulfillment of orders to Koyo or any other distribution partner; future prospects and applications for MTIIs products; the ability of MTII to sell EVE systems to customers; MTII’s; and, MTII’s future business prospects, technology and performance. All forward-looking statements are made as of today, and MTI and MTII disclaim any duty to update such statements. It is important to note that MTII’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, 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.
SOURCE Mechanical Technology Inc.
Released November 7, 2007