William J. Perry Joins Board of Directors of MTI Microfuel Cells - Former U.S. Secretary of Defense Brings International Technology Development and Military Perspective to Micro Fuel Cell Commercialization - ALBANY, N.Y., Nov. 18 /PRNewswire-FirstCa
LK GEO 1
- Former U.S. Secretary of Defense Brings International Technology Development
and Military Perspective to Micro Fuel Cell Commercialization -
ALBANY, N.Y., Nov. 18 /PRNewswire-FirstCall/ -- MTI MicroFuel Cells Inc. (MTI
Micro), today announced that former U.S. Secretary of Defense William J. Perry
had joined its board of directors. Company officials cited the addition of
Perry as evidence of the growing strength of MTI Micro, a subsidiary of
Mechanical Technology Inc. (Nasdaq:MKTY) that plans to commercialize direct
methanol micro fuel cells as a future power source for portable electronics in
the commercial and military markets.
"There is a very real need for new power sources to serve growing global
markets. I believe micro fuel cells have the potential to meet this need, and I
joined this board because I am impressed with MTI Micro's unique technology,
its great progress and its people," said Perry.
Perry is the Michael and Barbara Berberian Professor at Stanford University,
and a Hoover Institution senior fellow. Perry was the Secretary of Defense for
the United States from 1994-1997. Previously he served as Deputy Secretary of
Defense and Under Secretary of Defense for Research and Engineering. Perry's
business experience includes laboratory director for General Telephone and
Electronics; founder and president of ESL, Inc.; and Executive Vice-President
of Hambrecht & Quist, Inc. He is Chairman of Global Technology Partners and
also serves on the board of directors of several high-tech companies.
Perry is a member of the National Academy of Engineering and has received a
number of awards including the Presidential Medal of Freedom; the Department of
Defense Distinguished Service Medal; and decorations from many foreign
governments. He received his B.S. and M.S. from Stanford University and his
Ph.D. from Penn State.
"We are very fortunate to have attracted such a highly regarded individual as
Perry," said Dale W. Church, chairman and CEO of Mechanical Technology and
chairman of the MTI Micro board. "I know of no one person who is more capable
of evaluating new technologies and guiding their transformation into useful
products," said Church.
Other board members of MTI Micro include Church, Alan P. Goldberg, Dr. Beno
Sternlicht, and Dr. William P. Acker, president and CEO of MTI Micro.
"We are assembling a board of directors with both a sophisticated understanding
of technology development and vast experience in the commercial and military
markets," said Dr. William Acker, president and CEO of MTI Micro. "This board
will provide invaluable support as we move closer to commercialization," said
Acker.
Church is a founder of ISX, which develops artificial intelligence systems for
the military. He is also a founding board member of iRobot and is a former
government official who worked at applying technology within the U.S.
Government's Central Intelligence Agency and was Deputy Undersecretary of
Defense for Research and Engineering/Acquisition.
Alan P. Goldberg is president and CEO of First Albany Corporation. He serves on
the board of directors of SatCon Technology Corporation and has held leadership
positions on numerous civic, cultural and educational boards including chairman
of the board of trustees of the Albany Institute of History and Art, chairman
of the Center for Economic Growth and chairman of the Albany Symphony
Orchestra.
Dr. Beno Sternlicht is president of Benjosh Management Corporation, a
management firm in New York City; and president of Arben International, LLC,
with offices in Moscow and New York City. He also serves as Chairman of the
Board of Comfortex Corp., was one of the founders of VITA Volunteers in
Technical Assistance, and has served on various advisory committees of NASA,
DOE and the Commerce Department.
Before his tenure at MTI Micro, Acker was Vice President of Technology and
Product Development at Plug Power, Inc., leading the development of the world's
first residential PEM fuel cell system. Acker has also held managerial and
scientific positions at Texaco, where he developed new fuels and testing
techniques. Acker received his Ph.D. from Yale in applied physics and
engineering and is the author of numerous articles and patents.
About MTI MicroFuel Cells
MTI Micro recently unveiled its third prototype fuel cell system, half the size
of its October 2001 prototype and with a breakthrough design and system
architecture as well as higher energy content. Other recent progress includes
a notice of award for two key patents with 30 patents pending or in process;
the hiring of a chief operating officer; and the creation of a new operation in
Silicon Valley. MTI Micro maintains a supplier/partner relationship with
DuPont, which holds a six percent stake in the company, and is in discussions
with original equipment manufacturers (OEMs), distribution and channel partners
as it moves towards its goal of a 2004 market entry with a micro fuel cell
power source for portable electronic devices.
MTI MicroFuel Cells Inc. is a subsidiary of Mechanical Technology, Inc.,
(Nasdaq:MKTY), which also has a second operating company, MTI Instruments,
Inc., involved in the design and manufacturing of precision instrumentation.
Other companies in which Mechanical Technology owns an interest include: Beacon
Power Corporation, which develops flywheel energy storage systems; Plug Power
Inc., a leading manufacturer of fuel cells; and SatCon Technology Corporation,
which develops power electronics and energy management products. For more
information: www.mechtech.com.
Statements in this press release which are not historical fact including
statements regarding managements intentions, hopes, beliefs, expectations,
representations, projections, plans or predictions of the future are forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include statements regarding the prospects
for the development, manufacturing and market potential of Direct Methanol
Micro Fuel Cells (DMFCs). It is important to note that the Company's actual
results may differ materially from those in any such forward-looking
statements. Factors that could cause actual results to differ materially
include, among others, risks related to financing, uncertainties in
development, manufacturing, competition and consumer demand for DMFCs, and the
risk factors listed from time to time in the Company's SEC reports including
but not limited to, the annual report on Form 10-K for the year ended September
2001, and the Company's Quarterly Report for the Third Quarter 2002.
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SOURCE Mechanical Technology
CO: MTI MicroFuel Cells Inc.; Mechanical Technology Inc.
ST: New York
SU: PER
http://www.prnewswire.com
11/18/2002 08:10 EST