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MTI Micro Receives Contract for Direct Methanol Fuel Cell Systems From the Army Research Laboratory
Publication date: 27-April-2004 Source:MTI
MTI MicroFuel Cells (MTI Micro), a subsidiary of Mechanical Technology Inc. (Nasdaq: MKTY) announced today that it received a contract to supply direct methanol fuel cell systems (DMFCs) to the Army Research Laboratory (ARL). The $200,000 contract includes the sale of units scheduled for delivery in the second quarter of 2004. Some of the units will be delivered in the form factor of the BA5590, a high volume, disposable, primary battery for the military. These units will each produce approximately 5 watts of continuous power, and 35 watts of peak power. Some compact units will also be delivered each targeting approximately 750 milliwatts of continuous power, and 3 watts of peak power. "We support ARL in its mission to improve the capabilities of equipment used by soldiers in the field, and believe DMFCs will provide significant advantages over current battery technologies," said Dale Church, Chairman of MTI Micro. A DMFC is a portable power source for electronic devices that creates useable electrical energy through a chemical reaction of a fuel with a catalyst. MTI Micro's proprietary micro fuel cell systems use methanol, a common alcohol with a high energy density, which can allow its systems to be lightweight and provide power for longer mission duration. About MTI MTI (Nasdaq: MKTY ) is primarily engaged in the development of direct methanol micro fuel cells through its subsidiary MTI MicroFuel Cells Inc., and in the design, manufacture, and sale of high-performance test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI also co-founded and retains a significant interest in Plug Power Inc., a leading manufacturer of fuel cells. For more information: www.mechtech.com. About MTI MICRO MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Inc., (Nasdaq: MKTY ), is developing and commercializing proprietary direct methanol micro fuel cell systems. MTI Micro has announced plans to ship its first product towards the end of 2004. The Company has a world-class team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and 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 help accelerate commercialization. For more information: www.mtimicrofuelcells.com About ARL ARL is the ARMY's corporate research laboratory whose mission is to provide innovative science, technology and analyses to enable full spectrum operations, and to provide its customers and partners with the underpinnings necessary for development and fielding of the capabilities our soldiers require for mission execution. Statements in this press release which are not historical fact including statements regarding managements 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 statements regarding the company's ability to deliver prototypes and to meet targeted specifications set forth by ARL and management's beliefs that DMFCs will provide significant advantages over competing technologies. It is important to note that the Company's actual results may differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, among others, risks related to financing, uncertainties in development, manufacturing, competition and consumer demand for DMFCs, and the risk factors listed from time to time in the Company's SEC reports including but not limited to, the annual report on Form 10-K for the year ended December 2002 and Quarterly Reports on form 10-Q. ~

MTI MicroFuel Cells (MTI Micro), a subsidiary of Mechanical Technology Inc. (Nasdaq: MKTY) announced today that it received a contract to supply direct methanol fuel cell systems (DMFCs) to the Army Research Laboratory (ARL).

The $200,000 contract includes the sale of units scheduled for delivery in the second quarter of 2004. Some of the units will be delivered in the form factor of the BA5590, a high volume, disposable, primary battery for the military. These units will each produce approximately 5 watts of continuous power, and 35 watts of peak power. Some compact units will also be delivered each targeting approximately 750 milliwatts of continuous power, and 3 watts of peak power.

"We support ARL in its mission to improve the capabilities of equipment used by soldiers in the field, and believe DMFCs will provide significant advantages over current battery technologies," said Dale Church, Chairman of MTI Micro.

A DMFC is a portable power source for electronic devices that creates useable electrical energy through a chemical reaction of a fuel with a catalyst. MTI Micro's proprietary micro fuel cell systems use methanol, a common alcohol with a high energy density, which can allow its systems to be lightweight and provide power for longer mission duration.

About MTI

MTI (Nasdaq: MKTY ) is primarily engaged in the development of direct methanol micro fuel cells through its subsidiary MTI MicroFuel Cells Inc., and in the design, manufacture, and sale of high-performance test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI also co-founded and retains a significant interest in Plug Power Inc., a leading manufacturer of fuel cells. For more information: www.mechtech.com.

About MTI MICRO

MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Inc., (Nasdaq: MKTY ), is developing and commercializing proprietary direct methanol micro fuel cell systems. MTI Micro has announced plans to ship its first product towards the end of 2004. The Company has a world-class team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and 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 help accelerate commercialization. For more information: www.mtimicrofuelcells.com

About ARL

ARL is the ARMY's corporate research laboratory whose mission is to provide innovative science, technology and analyses to enable full spectrum operations, and to provide its customers and partners with the underpinnings necessary for development and fielding of the capabilities our soldiers require for mission execution.

Statements in this press release which are not historical fact including statements regarding managements 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 statements regarding the company's ability to deliver prototypes and to meet targeted specifications set forth by ARL and management's beliefs that DMFCs will provide significant advantages over competing technologies. It is important to note that the Company's actual results may differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, among others, risks related to financing, uncertainties in development, manufacturing, competition and consumer demand for DMFCs, and the risk factors listed from time to time in the Company's SEC reports including but not limited to, the annual report on Form 10-K for the year ended December 2002 and Quarterly Reports on form 10-Q.