UNITED STATES

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) March 2, 2021

 

MECHANICAL TECHNOLOGY, INCORPORATED

(Exact name of registrant as specified in its charter)

 

New York

 

000-06890

 

14-1462255

(State or other jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification Number)

 

325 Washington Avenue Extension

Albany, New  York

 

12205

(Address of registrant's principal executive office)

 

(Zip code)

 

(518) 218-2550

(Registrant's telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which
registered

None

 

N/A

 

N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Section 8 - Other Events

Item 8.01 Other Events.

     On March 2, 2021, Mechanical Technology, Incorporation (the "Company") released a press release regarding an update of the Company's EcoChain business. A copy of the press release is attached hereto as Exhibit 99.1.

Forward-Looking Statements

     This Current Report on Form 8-K and Exhibit 99.1 contain forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities, or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks that may be included in documents that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

 

99.1

Press Release dated March 2, 2021.

 

 

SIGNATURES

Pursuant to the requirement 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: March 2, 2021

By:

/s/ Jessica L. Thomas

 

Name:

Jessica L. Thomas

 

Title:

Chief Financial Officer

 

 

EcoChain, Inc. Announces Strategic Update on its Growth and Operations

 

Video Presentation Available at:

https://ecochainmining.com/news/ecochain-inc-announces-strategic-update

 

ALBANY, N.Y., March 2, 2021 /PRNewswire/ - EcoChain, Inc. ("EcoChain"), a wholly-owned subsidiary of Mechanical Technology, Incorporated ("MTI" or the "Company"), (OTCQB: MKTY), a cryptocurrency mining business powered by renewable energy, announced today the release of a strategic update discussing how EcoChain is setting the critical building blocks for its growth into place.

 

In the presentation Mr. Toporek discusses the power cost of EcoChain's new data center in the South Eastern United States. "Having a power cost of $0.023 cents per kWh for at least 83% of the time opens up the opportunity to purchase second and third generation processors for immediate delivery at a 50% to 65% discount to current generation processors on a hash rate basis. When operations begin during the second half of 2021, we believe that this low power cost will allow us maximum flexibility to potentially optimize the Company's return on invested capital."

 

Mr. Toporek also reviews how EcoChain manages return on invested capital, its long-term growth strategy and the results of its mine in Washington State. "Our Washington mine is operating at approximately 2.6MW. The assets were acquired in May 2020 and the capacity of the mine was increased in the fall of 2020, as a result of improvements mining operations and infrastructure. These improvements are expected to enable the return of 100% of the capital we deployed to the site by the end of the second quarter of 2021, or in under twelve months. This initial project may be small-scale in nature, but it effectively demonstrates how driving this kind of return on investment is part of MTI's and EcoChain's playbook and DNA."

 

The update is available in a video presentation delivered by Michael Toporek, CEO on EcoChain's website at https://ecochainmining.com/news/ecochain-inc-announces-strategic-update.

 

About EcoChain, Inc.

 

EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining.  For more information about EcoChain, please visit www.ecochainmining.com.

 

 

 

Forward Looking Statement

 

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.

 

 

Contact Information:

Jess Olszowy

jolszowy@mtiinstruments.com

 

Investor Relations:

Kirin Smith, President

PCG Advisory, Inc.

646.823.8656

Ksmith@pcgadvisory.com

 

 

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