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MTI Sells $10 Million in Stock to Fletcher International.

Mechanical Technology, Inc. (MTI) recently announced it has entered into an agreement with institutional investor Fletcher International, Ltd. for the purchase of $10 million of MTI common stock.

According to MTI, the agreement also allows for the possibility of two additional investments by Fletcher, which could aggregate up to another $26 million in sales of MTI stock before December 31, 2006.

MTI noted that the proceeds of the sale will be used in support of its subsidiary MicroFuel Cells, Inc.

Contact: George Relan, MTI, phone 518-533-2220, e-mail grelan@mechtech.com.

(EIN STAFF: 1/27)

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Publication:Fuel Cells Today
Geographic Code:1USA
Date:Jan 30, 2004
Words:101
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