ALBANY, N.Y., Dec. 23, 2020 /PRNewswire/ — Mechanical Expertise, Included (“MTI” or the “Firm“), a publicly traded firm (OTC Pink: MKTY) headquartered in Albany, New York, in the present day launched a letter from CEO Michael Toporek, detailing the expansion plans for the EcoChain enterprise unit.
Expensive Fellow Stockholders:
This has been a dynamic and unprecedented yr for our firm. As we conclude 2020 and sit up for 2021, I needed to take a possibility to share with you some ideas about our firm and its future plans.
Throughout 2020, regardless of the challenges that we and different firms of all sizes confronted, we had some important accomplishments:
- We achieved robust ends in our devices enterprise within the face of a COIVD-19 challenged setting
- We restructured our administration
- We re-evaluated and refocused our enterprise to make use of our historic core competencies to make the most of new enterprise alternatives in new market segments
- We resumed our submitting obligations as a public firm
- We positioned ourselves for 2021 in a post-COVID-19 world
I wish to take this chance to share with you some particulars about our EchoChain enterprise. As we transfer into 2021, I am notably (albeit guardedly) optimistic about our EcoChain enterprise. Now we have spent the higher a part of 2020 ensuring that EcoChain is dedicated to disciplined, capital allocation that targets a 15% to 25% after tax return on capital invested in every facility.
To that finish, the Firm is concentrating on at the very least 50MW working or beneath contract by the tip of 2021. In fact, there are not any ensures, however as a result of we’ve got been disciplined all through 2020, we consider that we’re nicely positioned to attain these aims utilizing rigorous tried and true working disciplines.
Our rapid aims for early 2021 are to safe a 5MW facility that can allow us to broaden our footprint on the web site if we’re capable of execute throughout the subsequent a number of months. This web site will permit us to be up and operating within the first quarter as we’ve got already begun to acquire gear for the power. Further house could be as much as 50MW and we at present consider that we’ve got the power to make that operational rapidly. As soon as we’re established and the power is ours, we shall be able to combine these particulars into a proper marketing strategy for 2021.
Past this rapid alternative, we’re growing a 25MW challenge that we anticipate could have a worth per kw of lower than $0.025. It’s a greenfield challenge that shall be based mostly within the USA and assist create extra jobs right here. We’re within the technique of buying the land and negotiating a PPA. Our aim is to have this chance finalized within the first quarter of 2021. In anticipation of this we’ve got been working with our consultants to design buildings and put together for building of a world class computing facility that shall be amongst the bottom value, capital environment friendly on the earth.
With these developments, we anticipate 2021 shall be a very transformative yr for the Firm. In January we anticipate to ship to shareholders a extra detailed strategic imaginative and prescient for the EcoChain enterprise in addition to set some expectations on how we’ll construct out the enterprise in a capital environment friendly trend. We additionally anticipate to extra constantly talk with shareholders our progress on working milestones as we obtain them.
Though the main target of this letter has largely been the EcoChain enterprise, I anticipate to spotlight developments within the devices enterprise within the first quarter. Our huge theme on this main enterprise is velocity. We are going to enhance the rate of recent product introductions and upgrades for our clients. It will drive market share positive factors in our main excessive margin companies.
On behalf of our board and all of our workers, we thanks to your help in 2020 and we sit up for a dynamic 2021.
Chief Govt Officer
MTI is the mother or father firm of MTI Devices, Inc. and EcoChain, Inc. By way of MTI Devices, MTI is engaged within the design, manufacture and sale of check and measurement devices and methods that use a complete array of applied sciences to unravel advanced, actual world purposes in quite a few industries, together with manufacturing, electronics, semiconductor, photo voltaic, business and army aviation, automotive and knowledge storage. By way of EcoChain, MTI is growing a cryptocurrency mining amenities powered by renewable power that combine with the bitcoin blockchain community. For extra details about MTI, please go to https://www.mechtech.com.
Ahead-Wanting Statements for Mechanical Expertise, Included:
This communication comprises forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements mirror administration’s present expectations, as of the date of this communication, and contain sure dangers and uncertainties. Ahead-looking statements embrace statements herein with respect to the profitable execution of the Firm’s enterprise technique. The Firm’s precise outcomes may differ materially from these anticipated in these forward-looking statements because of numerous elements. Such dangers and uncertainties embrace, amongst different issues, our capability to ascertain and keep the proprietary nature of our expertise via the patent course of, in addition to our capability to presumably license from others patents and patent purposes essential to develop merchandise; the supply of financing; the Firm’s capability to implement its lengthy vary marketing strategy for numerous purposes of its expertise; the Firm’s capability to enter into agreements with any crucial companions; the influence of competitors, the acquiring and upkeep of any crucial regulatory clearances relevant to purposes of the Firm’s expertise; and administration of progress and different dangers and uncertainties which may be detailed once in a while within the Firm’s experiences filed with the Securities and Alternate Fee.
Please go to https://www.mechtech.com beneath Information & Occasions.
SOURCE Mechanical Expertise, Included