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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): July 2, 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 Incorporated on
July 2, 1999, announcing its intention to release 125,000 shares for the
Rights Offering over-subscription and pre-release preliminary
third quarter 1999 results.
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Press Release
FOR: Mechanical Technology Incorporated
For Immediate Release
CONTACTS: Cynthia A. Scheuer
Vice President/Chief Financial Officer
Mechanical Technology, Inc.
(518) 785-2275
Jeffrey Zack
Morgen-Walke Associates
(212) 850-5600
MECHANICAL TECHNOLOGY INCORPORATED ANNOUNCES
INTENT TO RELEASE 125,000 SHARES FOR RIGHTS OFFERING
OVER-SUBSCRIPTION AND PRE-RELEASES THIRD QUARTER RESULTS
LATHAM, N.Y., July 2, 1999 - Mechanical Technology Incorporated (NASDAQ: MKTY)
announced today that it has received inquiries regarding the availability of
over-subscription shares for its Rights Offering. The Company currently
intends to make the 125,000 additional shares available for over-subscription
as part of the Rights Offering which expires on July 9, 1999.
Because of the outstanding Rights Offering to purchase 801,223 shares
of stock which expires on July 9, 1999, Mechanical Technology announced that
it is pre-releasing its preliminary results for the third fiscal quarter
ended June 25, 1999.
The Company expects a net loss for the third fiscal quarter of 1999
of approximately $3,100,000, which is consistent with the loss in the second
fiscal quarter of 1999 of $2,560,000 and compared with net income in the
third quarter of 1998 of $869,000.
Actual results for the third quarter will be announced later this
month and actual results may vary from the preliminary results.
Mechanical Technology Incorporated is a manufacturer of advanced products
that combine precision sensing capabilities with proprietary software to
serve a variety of applications for the 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. The Company's Plug
Power joint venture is developing PEM fuel cells for residential power
generation for distribution by Detroit Edison and General Electric.
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This document is neither an offer to sell nor a solicitation of an offer to
buy any securities of the Company. The securities referred to in this
document as proposed to be sold have not been registered under the Securities
Act of 1933 or any state securities laws and may not be offered or sold in
the United States or to U.S. persons absent registration under such Act and
in accordance with applicable state securities laws or an exemption from the
registration requirements thereof.
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Statements made in this document that state the Company's or management's
beliefs or expectations and which are not historical facts or which apply
prospectively are forward looking statements. It is important to note that
the Company's actual results could differ materially from those contained or
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.
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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: July 2, 1999 By: /s/ Cynthia A. Scheuer
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Cynthia A. Scheuer
Chief Financial Officer
