| | Hi everyone,
Do any of you know anything about Mechanical Technology (MKTY)? They have signed what looks like on the surface to be a very auspicious development deal with Duracell. From the 8K:
On September 19, 2003, MTI MicroFuel Cells Inc. (MTI Micro), a subsidiary of Mechanical Technology Incorporated (MechTech), entered into a strategic alliance agreement with The Gillette Company (Gillette) whereby MTI Micro, Gillette and Gillette's Duracell business unit will develop and commercialize complementary micro fuel cell products to power future mass market, high volume, portable consumer devices.
The agreement provides for a multi-year exclusive partnership for the design, development and commercialization of a low power direct methanol micro fuel cell power system and a compatible fuel refill system. As part of the strategic alliance, both MTI Micro and Gillette will share and license from each other certain intellectual property assets, and both have the ability to earn royalties. In addition, Gillette has made an initial $1 million investment in MTI Micro common stock, with the potential of an additional investment of $4 million subject to agreed milestones. MechTech has agreed to ensure funding to MTI Micro during the first two years of the agreement.
The agreement fulfills MTI Micro's 2003 business milestone of forming a strategic partnership for the development of a fuel refill system and supports the company's multi-generation product plan aimed at providing micro fuel cell products for the mass market in consumer electronics.
This description of the agreement and the related transactions contemplated thereby is not intended to be complete and is qualified in its entirety by the terms and conditions of the agreement itself, which MechTech intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2003.
I'm just trying to gather as much info as possible before I call investor relations so that I'm as well informed as possible.
Can anyone point me to links where I might be able to better understand the competitive environment, exactly what types of user devices these things would be for, ie will they replace standard batteries say for flashlights , or would they mainly or initally go to replace lithium ion and nicad's, that kind of thing?
Any help would be greatly appreciated?
Dave |
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