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MKTY: Mechanical Technology, Inc.
Mechanical Technology Secures $2.74 Million Investment from Brookstone Partners to Support Future Growth
Mechanical Technology, Incorporated (MTI or the Company), (OTCQB: MKTY), a company engaged, through its subsidiary MTI Instruments, Inc., in the design, manufacture and sale of precision test and measurement sensors, instruments and systems that provide solutions for linear displacement, vibration measurement and system balancing and tensile measurements in markets that require the exacting measurement and control of products and processes for automated manufacturing, assembly and consistent operation of complex machinery, announces the investment of $2.74 million for future growth initiatives.
Brookstone Partners (www.brookstonepartners.com), a private equity firm in New York City, has, through Brookstone Partners Acquisition XXIV, LLC (Brookstone), acquired 3.75 million newly issued shares of common stock of MTI for $2.74 million. Following this investment, MTI intends to continue to focus on the current growth strategy in the analytical measurement market with sensors, instruments and systems. This new investment has allowed MTI’s balance sheet to improve and provides MTI with additional capital for, among other things, key strategic activities. We believe that, in turn, this will facilitate an accelerated use of the approximate $51.0 million in unused Federal net operating loss carryforwards (NOLs) incurred by MTI during the microfuel cell development period to offset future taxable income.
MCIG: MCIG, Inc.
MCIG, Inc., (OTCQB: MCIG) a diversified company servicing the legal cannabis, hemp, and CBD markets is pleased to give this corporate update to our current & future shareholders surrounding the operations of MCIG, Inc. First, let me thank the many investor emails I have received over the past few weeks that have made inquiries as to our product lines as well as our Nevada operations, it is for this reason I am providing this update ahead of what we feel is a pivotal moment for the cannabis industry.
The 2016 elections and cannabis related ballots across the United States are exceptionally important to the continued expansion of the industry and we feel MCIG, Inc. is well positioned at many different market verticals, most notable the Nevada cultivation market. Company divisions are fundamentally healthy and we expect to see revenues continues to grow as overall operations expand and are scaled to meet various forms of demand. Currently, 3 of our 4 divisions are profitable as we continue to focus on this profitability via cost cutting initiatives that continue to improve our margins. Also, our cash position has significantly improved while our expenses remain at all-time lows allowing for a good base for future growth.
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