Mechanical Technology Incorporated (Nasdaq: MKTY), a company primarily engaged in the development and commercialization of award winning Mobion cord-free advanced portable power systems, through its subsidiary MTI MicroFuel Cells Inc. (MTI Micro) and in the design, manufacture, and sale of high-performance test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. (MTII), has announced its financial results for the quarter ended June 30, 2007.
“We continued to grow revenues and reduced cash burn in the second quarter. For the first half of 2007, product revenues were 23.7% higher than the same period last year, well ahead of our guidance for product revenue increases of 15% for the year,” said Peng Lim, CEO of MTI.
“With our numerous successes to date including MTII’s new Air Force contract, and an anticipated new product shipping in Q4, and MTI Micro’s tangible technical advances in our Mobion platform, and the delivery of prototype units to our Korean partner – we believe the Company is on the right path to achieve MTII’s sales goals and MTI Micro’s plans for manufacturing readiness in 2008 and product launch in 2009.”
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