ALBANY, N.Y., Sept. 19 /PRNewswire-FirstCall/ -- MTI MicroFuel Cells Inc. ("MTI Micro"), the developer of the award-winning Mobion(R) micro fuel cell technology and a subsidiary of Mechanical Technology Incorporated , announced that it amended its Strategic Alliance Agreement with its fuel distribution partner as reflected in the Company's Form 8-K filed with the Securities and Exchange Commission ("SEC") today.
The amendment allows MTI Micro to produce fuel cartridges with additional third party OEMs in support of its first Mobion(R) consumer products. Also included is the expansion of the scope of work and the extension of a new milestone 4A to accommodate market penetration relating to emerging opportunities, including new alliances. Simultaneously, MTI Micro will continue to work together with its fuel distribution partner in the development and mass market commercialization of fuel cells and cartridges.
"I am delighted that this amendment provides MTI Micro the flexibility of working with our consumer OEMs at this early stage in support of our Mobion(R) consumer products," said Peng Lim, CEO of MTI Micro. "We see this amendment as an opportunity for MTI Micro to more fully participate in the revenue stream that these cartridges will generate."
The Company intends to file the amendment as an Exhibit to its Quarterly Report on Form 10-Q for the period ending September 30, 2006.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated (MTI) , is the developer of the award-winning Mobion(R) direct methanol micro fuel cell technology. MTI Micro has a world-class team of entrepreneurial business executives, researchers and scientists; 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 facilitate efforts to achieve commercialization. More information is available at http://www.mtimicrofuelcells.com/.
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 statements regarding the future prospects, revenue, markets, and market acceptance of MTI Micro products. It is important to note that actual results of MTI Micro and MTI 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 demand for direct-methanol fuel cells, or DMFCs, and the risk factors listed from time to time in MTI's SEC reports including but not limited to, MTI's Annual Report on Form 10-K and MTI's Quarterly Reports on Form 10-Q.
