Mechanical Technology, Incorporated Announces Change in Issuer's Certifying Accountant

ALBANY, N.Y., Sept. 21, 2018 /PRNewswire-PRWeb/ -- Mechanical Technology, Incorporated ("MTI" or the "Company"), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announces a change in its certifying accountant.

Upon deregistration of our common stock with the Securities and Exchange Commission earlier this year, MTI transitioned its common stock listing to the OTC Pink - Current Information Tier of the OTC Markets. Subsequently, in conjunction with the audit requirements as specified in the OTC Pink Basic Disclosure Guidelines, MTI opened up competitive bidding for audit and tax services due to the change in scope of compliance obligations. After receiving approval by the Company's Audit Committee, MTI officially engaged Wojeski & Company CPAs, P.C. ("Wojeski"), a Public Company Accounting Oversight Board ("PCAOB") registered firm, on September 20, 2018 as the Company's new certifying accountant for the fiscal year ended December 31, 2018.

"MTI is thrilled to partner with the Wojeski organization as we begin the next phase of our journey," stated Rick Jones, President, Chief Executive Officer and Chief Financial Officer of MTI. "Dave and his exceptional team have audited our retirement plan since 2007 and we now look forward to also working with their financial audit and tax teams in the years to come." David Wojeski, Partner at Wojeski also commented, "We are pleased to work with an established company like MTI, which aligns well with our firm's expertise."

Wojeski replaces UHY LLP (UHY), who had served as the Company's independent registered public accounting firm since 2012 but had not yet been retained as the Company's certifying accountant for the current year. The report of UHY for the fiscal years ended December 31, 2017 and 2016 contained no adverse opinions, disclaimer of opinion or qualification or modification as to uncertainty, audit scope or accounting principles. Furthermore, there were no disagreements between the Company and UHY on any accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction of UHY would have caused it to make reference to the subject matter of the disagreement in connection with its report.

Please visit https://www.mechtech.com under News & Events.

About MTI
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument's products use a comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. For more information about the Company, please visit https://www.mechtech.com.

Contact Information:
Lisa Brennan
518-218-2592
lbrennan(at)mtiinstruments(dot)com

SOURCE Mechanical Technology, Incorporated