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Microcap & Penny Stocks : MECHANICAL TECHNOLOGY (MKTY) -- Ignore unavailable to you. Want to Upgrade?

To: Laurens who wrote (281)	7/13/1999 1:30:00 PM
From: Ottoman	Respond to of 542

Mechanical Tech to prorate over-subscribed shares LATHAM, N.Y., July 12 (Reuters) - Mechanical Technology Inc. [MKTY-news] will distribute over-subscribed shares in its rights offering on a pro rata basis, Chief Financial Officer Cynthia Scheuer said Monday. The company said earlier today that it completed the previously announced rights offering on Friday. The company sought to raise net proceeds of about $10.6 million and received subscriptions for more than $25 million worth of stock. As previously announced, an additional 125,000 shares will be released for over-subscription, raising net proceeds from the offering to about $12.6 million. Stockholders of record as of June 4 exercised rights to purchase 801,223 shares of the company's common stock at $16 a share. The company's stock climbed to an all-time high of 35 in mid-day trading Monday before closing at 32-3/4, up 3-1/4 on volume of 88,600 shares. Scheuer said holders who subscribed to their basic rights of one share for each 16 held would receive those shares. She said any of the 801,223 shares not subscribed for, along with the additional 125,000 shares, would be distributed on a pro rata basis to those participating in the over-subscription. She was not able to say what the proration might be. Mechanical Technology is a manufacturer of advanced products that combine precision sensing capabilities with proprietary software to serve a variety of applications for the commercial and military aviation, computer equipment and energy conversion markets. Its joint venture with DTE Energy Co. [DTE-news] has used the technology to develop fuel cells for residential power generation. Investments in the venture, Plug Power, by General Electric Co [GE-news] and Sempra Energy [SRE-news] have reduced Mechanical Technology's interest in the venture to 40 percent, Scheuer said.