GlobeNewswire Inc | Oct 12, 2021 08:00AM EDT

October 12, 2021



Exceeds Hashrate Target with September up 107% over August



October 8thAnnualized Cash Contribution Run Rate Exceeds $11.6 million



ALBANY, NY, Oct. 12, 2021 (GLOBE NEWSWIRE) -- viaNewMediaWire --EcoChain, Inc. (EcoChain), a wholly-owned subsidiary of Mechanical Technology, Incorporated (MTI or the Company), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release of its September site level financials.

Michael Toporek, CEO of MTI stated, "We continue to power up our facilities to hit our 50MW target by year end. Its just a thrill to see it all come together as we turn on more hash rate almost every day. I am so proud to be a part of this amazing team. They are really getting it done. If you take the hashrate we had on line on October 8thand assume we had that on line for September our annualized cash contribution rate would be about $11.6 million. A very exciting step function in our growth which I expect will continue until we hit our targets.

KeySummaryHighlights for September 2021 and EcoChain Flash Revenue:

-- Energizing and ramping up to hit 50MW target by year-endInfrastructure set to maximize efficiency

-- By October 8,2021, reached300 PH/s running, exceeding target setin earlyMay 2021 of 216 PH/s running by end of September

-- Anaconda and Pythoncontinue to ramp MW & hashrate through Q4

-- Python saw asignificant increase in hashratein the last week of September and iscontinuing to plug-in equipment through October

($ in 000s; Unaudited) Q1 2021 Q2 2021 Q3 2021 Revenue $995 $1,657 $2,368Annualized Revenue $3,980 $6,628 $9,472 Cash Contribution Margin $744 $1,261 $1,657Annualized Cash Contribution Margin $2,976 $5,044 $6,628

A presentation and corresponding video is available on the Companys website at https://ecochainmining.com/news/monthlyflashoctober2021/

About EcoChain, Inc.

EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visitwww.ecochainmining.com.

Forward Looking Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.

Contact Information:

Lisa Brennanlbrennan@mtiinstruments.com

Investor Relations:

Kirin Smith, PresidentPCG Advisory, Inc.646.823.8656Ksmith@pcgadvisory.com