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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (12995)	9/30/1999 3:07:00 PM
From: Rande Is	Read Replies (2) \| Respond to of 57584

Our MKTY popped today. . . DTE [Detroit Power] released news this AM about the Plug Power IPO today. . . they are partners with MKTY. . .but DTE has not spiked. . . so not sure what caused the sudden interest. . . perhaps a chat room. DTE hopes to raise up to $117.3 million through the initial public offering of stock in Plug Power, which was formed in 1997 as a joint venture with Mechanical Technology Inc. of Latham, N.Y., where Plug Power also is based. Detroit-based DTE currently owns 38.2 percent of Plug Power's shares; Mechanical Technology holds 37.8 percent, and GE Power Systems owns 14.5 percent. Southern California Gas Co. of Los Angeles and private investors own the remainder of the shares. It has not yet been disclosed what percentage of Plug Power will be offered to investors. - - - - - Mechanical Technology has also announced that it has agreed to fund its obligation to purchase 3 million shares of Plug Power for $22.5 million immediately prior to the offering. This purchase will be funded with proceeds of the recent rights offering and committed credit facility. Mechanical Technology currently owns 40% of Plug Power's shares. After this purchase and the purchase of shares by Plug Power's other equity holders, Mechanical Technology will own 13,704,315 shares of Plug Power common stock, or 37% of Plug Power's outstanding shares immediately prior to the public offering. Rande Is