Mechanical Technology Incorporated Announces Closing of Previously Announced GigaWatt Acquisition
ALBANY, N.Y., May 21, 2020 /PRNewswire/ -- Mechanical Technology, Incorporated ("MTI"), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announced today that EcoChain, Inc. ("EcoChain"), a wholly-owned subsidiary of MTI, has closed its acquisition of the intellectual property of Giga Watt, Inc. ("GigaWatt") and certain other property and rights of GigaWatt associated with GigaWatt's operation of a crypto-mining operation located in Washington State. The acquisition was approved by the United States Bankruptcy Court for the Eastern District of Washington and was consummated by EcoChain on May 20, 2020. As previously announced by MTI, EcoChain purchased the subject GigaWatt assets for cash consideration of $200,000 and will be assuming certain contractual obligations of GigaWatt related to existing leases and utility power supply. EcoChain intends to sell certain acquired equipment that is determined to be excess in nature so as to reduce EcoChain's overall transaction costs. EcoChain expects that the newly acquired assets will form the cornerstone of EcoChain's new pilot cryptocurrency mining operation.
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SOURCE Mechanical Technology, Incorporated