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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 3, 1997
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Mechanical Technology Incorporated
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation or organization)
0-6890 14-1462255
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(Commission File Number) (I.R.S. Employer Identification No.)
968 Albany-Shaker Road, Latham, New York 12110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 785-2211
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Item 5. Other Events.
On January 3, 1997, the Registrant issued a press release
announcing that it has reached an agreement with First Albany
Companies Inc. (FAC) to satisfy an approximate $4.1 million obligation
($3.0 million principal and $1.1 million in accrued interest). Under
the terms of the agreement, MTI will issue one million shares of
common stock to FAC in satisfaction of all principal and interest
obligations under the First Commercial Credit Corporation arrangement.
A copy of this press release is filed herewith as Exhibit 20.5 and is
incorporated herein by reference.
Item 7. Financial Statements, ProForma Financial Information and
Exhibits.
(a) None.
(b) None.
(c) The following exhibit are filed herewith:
20.5 Press release issued by the Registrant, dated
January 3, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MECHANICAL TECHNOLOGY INCORPORATED
Date: January 15, 1997 By: /s/ R. Wayne Diesel
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R. Wayne Diesel
Chief Executive Officer