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Mechanical Technology, Incorporated Announces Tax Treatment of Special Dividend

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ALBANY, N.Y., June 28, 2019 /PRNewswire-PRWeb/ -- Mechanical Technology, Incorporated ("MTI" or the "Company"), a publicly traded company (OTC:MKTY) headquartered in Albany, New York, announced today the tax treatment, for federal tax purposes, of the special cash dividend of $0.37 per share of outstanding common stock previously payable by the Company on March 20, 2019 (the "Dividend"). This announcement was made to update shareholders with respect to the estimated tax treatment of the Dividend provided by the Company to shareholders on March 12, 2019 and to otherwise assist shareholders with tax reporting requirements related to dividend distributions of taxable income by the Company.

Distributions to shareholders with respect to the Dividend are classified as follows on a per common stock share basis:

Total Distribution Amount    Ordinary Dividend Classification    Return of Capital Classification
                 $0.37                                      $0.16                                             $0.21

Please note that the precise tax impact of the Dividend on specific shareholders depends upon a shareholder's individual tax situation. Shareholders are strongly urged to consult their personal tax advisors to discuss the tax implications of the Dividend.

Please visit https://www.mechtech.com under News & Events.

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About MTI
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 comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. For more information about the Company, please visit https://www.mechtech.com.
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Contact Information:
Lisa Brennan
518-218-2592
lbrennan@mtiinstruments.com

 

SOURCE Mechanical Technology, Incorporated

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