Soluna Holdings Announces LOI for the Sale of its MTI





NEW YORK, December 17, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Soluna Holdings, Inc. (Nasdaq: SLNH), a developer of green data centers for cryptocurrency mining and other computing intensive, announced today that it has entered into a non-binding letter of intent for the potential sale of its subsidiary MTI Instruments (the “LOI”) with a strategic copper in the test and measurement room.

Michael Toporek, CEO of Soluna Holdings, said: “While committed to shareholders, we would explore potential strategic transactions for our instruments business so that we could focus on a pure game of green computing, carbon free computer and cryptocurrency mining company. We have moved into the exclusive phase of a potential transaction.”

Toporek added: “MTI is a great company with a bright future that we know will continue to thrive.”

Moshe Binyamin, President and CEO of MTI Instruments, commented, “This is an exciting time in the history and evolution of MTI. This strategic buyer is a great company with complementary products in large and growing markets and MTI’s vision for accelerated growth and market focus fits perfectly with their strategy. We look forward to joining forces to further accelerate our shared growth goals. I am extremely proud of the MTI team for building our top technology and the overall business and I am very excited to realize the incredible opportunity that lies ahead.”

According to the LOI, the purchaser would acquire 100% of the common stock of MTI Instruments. In addition, neither the Company nor MTI Instruments is permitted to solicit or pursue, directly or indirectly, any unsolicited offer from any party other than Buyer for the sale of MTI Instruments for a pre-specified time. The LOI is non-binding, except for terms related to Buyer’s access to MTI Instruments’ due diligence documentation, requests by the Company or MTI Instruments of other offers to purchase MTI Instruments, expenses, confidentiality, and the transfer rights of the Buyer. The LOI represents only a mutual indication of interest with respect to the Sale and the terms of the Sale are subject to a number of contingencies, including the completion of customary due diligence and the negotiation and execution of definitive agreements. When the sale is complete, the company expects to exit its instrumentation business and focus on developing and monetizing green, carbon-free computing and cryptocurrency mining facilities.

About Soluna Holdings, Inc.

Soluna Holdings, Inc. (Nasdaq: SLNH) computer company is the leading developer of green data centers that convert surplus renewable energy into global computing resources. Soluna builds modular, scalable data centers for compute-intensive, batchable applications such as cryptocurrency mining, AI, and machine learning. Soluna offers a cost-effective alternative to battery storage or transmission lines.

Soluna’s MTI Instruments Division manufactures precision tools and test equipment for the electronics, aerospace, automotive, energy and other industries. Both Soluna and MTI Instruments use technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can be lost. Soluna’s data centers enable clean electricity owners to ‘sell. Each. megawatts.’

For more information about Soluna, please visit: www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.

About MTI Instruments

Based in Albany, New York, MTI Instruments, Inc., a wholly owned subsidiary of Soluna Holdings Inc., is a global leader in non-contact measurement instruments and condition-based monitoring systems with a growing customer base spanning more than 60 countries. MTI Instruments has a rich history of innovation developing and manufacturing sensors and systems to help customers obtain the highest level of accurate measurements to drive innovation, identify efficiencies and increase competitiveness. MTI Instruments provides comprehensive solutions to better address challenges and applications in a variety of industries, including industrial manufacturing, consumer electronics, semiconductors, solar, commercial and military aviation, automotive, transportation and R&D. For more information, visit: MTIInstruments.com.

Forward Looking Statement

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 filing of the registration statement and the ability to provide the Company with significant financial flexibility and access to additional forms of growth capital, especially non-dilutive instruments, and the successful conduct of the Company’s business strategy . The company’s actual results could differ materially from the results anticipated in these forward-looking statements due to various factors. Such risks and uncertainties include, among other things, the SEC declaring the registration statement effective or the company’s ability to raise capital using the registration statement if and when declared effective, the company’s ability to to establish and maintain its technology through the patent process, as well as its ability to potentially license patents and patent applications from others necessary to develop products; the availability of financing; 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 applications of the company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s filings with the SEC, including its registration statement and periodic reports.

Investor Relations:

Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com




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