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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 1999
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Mechanical Technology Incorporated
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation or organization)
0-6890 14-1462255
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(Commission File Number) (I.R.S. Employer Identification No.)
968 Albany-Shaker Road, Latham, New York 12110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 785-2211
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Item 5. Other Events.
Below is a press release issued by Mechanical Technology, Inc. on
October 22, 1999, announcing the creation of a strategic alliance between
SatCon Technology Corporation and Mechanical Technology, Inc.
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FOR: Mechanical Technology, Inc.
CONTACTS: Cynthia A. Scheuer
Vice President/CFO
Mechanical Technology, Inc.
(518) 785-2275
Michael Turmelle
Vice President/CFO
SatCon Technology Corporation
(617) 661-0540
For Immediate Release
Jeffrey Zack
Morgen-Walke Associates
(212) 850-5600
SATCON TECHNOLOGY CORPORATION AND MECHANICAL
TECHNOLOGY, INC. ANNOUNCE STRATEGIC ALLIANCE
CAMBRIDGE, MA AND LATHAM, NY, October 22, 1999 - SatCon Technology
Corporation (Nasdaq NM:SATC) and Mechanical Technology, Inc. (NASDAQ: MKTY)
today announced the creation of a strategic alliance. SatCon has acquired
Ling Electronics, Inc. and Ling Electronics, Ltd. from Mechanical Technology
and Mechanical Technology will invest approximately $7,000,000 in SatCon.
In consideration for the acquisition of Ling Electronics and Mechanical
Technology's investment, Mechanical Technology will receive 1,800,000 shares
of SatCon's common stock and warrants to purchase an additional 100,000 shares
of SatCon's common stock. Mechanical Technology is funding $2,570,000 of
its investment in SatCon today and will make the remaining investment by the
end of January 2000. SatCon will also receive warrants to purchase 100,000
shares of Mechanical Technology's common stock.
In addition, David Eisenhaure, President and Chief Executive Officer of
SatCon Technology Corporation, will become a member of the Board of Directors
of Mechanical Technology and Alan Goldberg, a director of Mechanical
Technology, Inc. and co-Chief Executive Officer of First Albany Companies, Inc.
will become a member of SatCon Technology Corporation's Board of Directors.
SatCon Technology Corporation has also agreed to appoint an additional member
to its Board of Directors based on recommendations by Mechanical Technology.
Ling Electronics, Inc., based in Anaheim, California, is a leading
manufacturer of test equipment and power products, including vibration test
systems, power converters and controllers, amplifiers and digital control
systems.
SatCon Technology Corporation manufactures and sells power and energy
management products for telecommunications, silicon wafer manufacturing,
factory automation, aircraft, satellites and automotive applications.
SatCon has four operating divisions: Film Microelectronics, Inc. designs
and manufactures microelectronic circuits and interconnect products.
Magmotor manufactures motors and magnetic suspension systems. Beacon Power
manufactures flywheel energy storage devices and the Technology Center is
responsible for new technology and product development.
Mechanical Technology, Inc. is a manufacturer of advanced products that
combine precision sensing capabilities with proprietary software to serve
a variety of applications for commercial and military aviation, computer
equipment and energy conversion markets. Its products include: sensing
instruments and computer-based balancing systems for aircraft engines;
vibration test systems and power conversion products.
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Statements made in this document that are not historical facts or which apply
prospectively are forward-looking statements that involve risks and
uncertainties. It is important to note that the Company's actual
circumstances could differ materially from those implied by such
forward-looking statements. Additional information concerning factors that
could cause actual results to differ materially from those in the forward
looking statements is contained from time to time in the Company's SEC filings,
including but not limited to the 10-K and 10-Q. Copies of those filings are
available from the Company and the SEC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MECHANICAL TECHNOLOGY INCORPORATED
Date: October 22, 1999 By: /s/ Cynthia A. Scheuer
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Cynthia A. Scheuer
Chief Financial Officer
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