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

To: Fisherman1 who wrote (501)	1/11/2000 11:06:00 AM
From: Glenn Petersen	Respond to of 542

FYI (sorry, no URL): Mechanical Technology May Sell Some Plug Power Shares, CFO Says Albany, New York, Jan. 10 (Bloomberg) -- Mechanical Technology Inc.'s chief financial officer said the company may sell some of its 32 percent stake in fuel-cell maker Plug Power Inc., whose shares have almost quadrupled since late October. Plug Power's rise has boosted the stock of Mechanical Technology by more than 81 percent in the last four days of trading. Mechanical Technology, a maker of sensing instruments and computer-based balancing systems for aircraft engines, formed Plug Power last year with Detroit utility company DTE Energy Inc., which also owns a 32 percent interest in Plug. Plug Power shares climbed with those of rivals because of analyst and press reports predicting a surge in fuel-cell usage as pressure to cut pollution grows. Mechanical Technology may sell Plug Power shares to pay off a $22.5 million loan, said Cynthia Scheuer, Mechanical Technology's chief financial officer. ``Today, we wouldn't have to sell many shares to pay it off,' she said. Albany, New York-based Mechanical Technology owns 13.7 million shares of Plug Power, according to a Securities and Exchange Commission filing. Its stake is valued at $805.7 million, based on today's closing prices, up from $205.5 million when Plug Power had its initial public offering in October. Mechanical Technology isn't planning to sell all its shares, Scheuer said. Plug Power shares fell 20 3/16, or 26 percent, to 58 13/16 today after more than doubling on Friday. Mechanical Technology rose 3 5/8 to 39 1/8. Mechanical Technology also owns a 16 percent interest in SatCon Technology Corp., a Cambridge, Massachusetts-based company that develops equipment used in fuel cells, Scheuer said. SatCon's shares rose 3 1/4 to 14 3/4 today and have risen 67 percent over the last four days of trading. Automakers and electric utilities are under pressure to cut pollution. Fuel cells produce electricity with hydrogen, a process that emits only water vapor . Jan/10/2000 17:11