Mechanical Technology Incorporated: EcoChain, Inc. Reports Monthly Site-Level Financial Data As It Continues To Expand
ALBANY, NY, June 10, 2021 / PRNewswire / – EcoChain, Inc. (“EcoChain”), a wholly owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a renewable energy-powered cryptocurrency mining company, today announced the results at the site level of publication per month until May.
As previously announced, EcoChain has released its site-level financial flash, including revenue, adjusted cost of cryptocurrency revenue, and contribution margin.
Michael toporek, CEO of the company commented, “We are delighted to make this first monthly disclosure of EcoChain’s revenue and contribution margin by location. This is the first of what will now be regular monthly results releases. We are continuing. to disclose information consistent with our ethics of transparency and accountability to shareholders We sincerely hope that investors will find this information useful when reviewing our operational performance.
- EcoChain’s combined revenue of $ 560,000 and contribution margin of $ 440,000 for April 2021
- EcoChain’s combined revenue of $ 618,000 and contribution margin of $ 503,000 for May 2021
- EcoChain’s combined revenue of $ 2.2 million and contribution margin of $ 1.7 million for the whole year 2021
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About EcoChain, Inc.
EcoChain, Inc., a wholly owned subsidiary of Mechanical Technology, Incorporated, is engaged in the development and operation of very low cost green data centers focused on cryptocurrency mining. For more information on EcoChain, please visit www.ecochainmining.com.
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 regarding the successful execution of the Company’s business strategy. The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors. These risks and uncertainties include, among others, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to potentially license other patents and patent applications necessary for development. of products ; the availability of funding; the Company’s ability to implement its long-term business plan for various applications of its technology; the Company’s ability to enter into agreements with all necessary partners; the impact of competition, obtaining and maintaining all necessary regulatory approvals applicable to the applications of the Company’s technology; and the management of growth and other risks and uncertainties which may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.
Kirin smith, President
PCG Consulting, Inc.
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SOURCE mechanical technology, incorporated