Latest News
Mechanical Technology Closes Acquisition of GigaWatt Assets
Friday 22 May 2020

US-based measurement instruments and systems maker Mechanical Technology, Inc's (OTC: MKTY) EcoChain, Inc subsidiary has closed its acquisition of the intellectual property of Giga Watt, Inc. and certain other property and rights of GigaWatt associated with GigaWatt's operation of a crypto-mining operation located in Washington State, the company said.

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 USD 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.

EcoChain, Inc., a wholly-owned subsidiary of MTI, is developing a pilot cryptocurrency mining facility powered by renewable energy to integrate with the bitcoin blockchain network.

MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument's products use a range of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage.
Details
Date Published: 22/05/2020

Options