Also, First Albany is named as stakeholder, turning it around in 1996:
From last years S-2, a rights offering
edgar-online.com
THE DATE OF THIS PROSPECTUS IS JULY 22, 1998.
PROSPECTUS SUMMARY
The following summary should be read in conjunction with, and
is qualified in its entirety by, the more detailed information and
consolidated financial statements, including the related notes,
appearing elsewhere and incorporated by reference herein.
THE COMPANY
During the last two and a half years, MTI has undergone
significant change. In May 1996, First Albany Companies, Inc.
("FAC") acquired a substantial interest in MTI and led a series of
financial and strategic transactions that have significantly
changed MTI's operations and fiscal well-being. In July 1996, MTI
received an infusion of capital through a private placement of its
Common Stock. In December 1996, MTI and FAC succeeded in
restructuring a significant outstanding debt of the Company by
swapping the debt for Common Stock. This allowed the Company to
receive an unqualified opinion in 1996 from its Independent
Auditors, Coopers & Lybrand, L.L.P., for the first time since 1992.
On June 27, 1997, the Company transferred a portion of the
Technology Division to Plug Power, L.L.C. ("Plug Power") to form a
joint venture between the Company and Edison Development Corp.
("EDC"). Plug Power has focused exclusively on the research and
development of an economically viable Proton Exchange Membrane
("PEM") fuel cell. On September 30, 1997, the Company sold all of
the assets of its L.A.B. Division to Noonan Machine Company of
Franklin Park, Illinois. The proceeds from this sale were used to
pay down outstanding debt and build working capital. On March 31,
1998, the Company sold the remainder of its Technology Division to
a subsidiary of Foster-Miller, Inc., a Waltham, Massachusetts-based
technology company. These divestitures have enabled the Company to
better focus on its profitable test and measurement business.
Today, MTI is a very different Company, substantially
streamlined in focus, but with many challenges remaining. MTI is
a manufacturer of advanced test and measurements products that
combine precision sensing capabilities with proprietary software
and systems to serve a variety of applications for commercial and
military customers. The Company has two principal business units:
the Advanced Products Division ("Advanced Products"), which
produces sensing instruments and computer-based balancing systems,
and Ling Electronics, Inc. ("Ling"), a developer and manufacturer
of vibration test systems and power conversion products. MTI is
also a member of Plug Power, which hopes to be the first commercial
manufacturer of PEM fuel cells for residential and other
applications.
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