Alan Goldberg Resigns from MTI Board

January 05, 2003 by Jeff Shepard

Mechanical Technology Inc. (MTI, Albany, NY) announced the resignation of Alan Goldberg, president of First Albany Companies Inc., from its board of directors effective December 31, 2002. As a result of the resignation and First Albany's reduction of its ownership in Mechanical Technology, announced on December 23, 2002, First Albany's investment in Mechanical Technology will no longer qualify for the equity method of accounting. Goldberg retains his seat on the board of directors of MTI MicroFuel Cells Inc.

"We regret that Alan's resignation from Mechanical Technology's board was deemed necessary, but are pleased he will continue to serve on the board of MTI MicroFuel Cells," said Dale Church, chairman and CEO of Mechanical Technology and chairman of MTI Micro's board.