$10.75M Sale Price Further Accelerates Cryptocurrency Mining Activities
ALBANY, NY, April 11, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the sale of its subsidiary MTI Instruments to Vitrek LLC, a strategic buyer in the testing and measurement space.
Under the sale agreement, the buyer will acquire 100% of the common stock of MTI Instruments for $10.75 million. With the sale now complete, Soluna Holdings expects to focus solely on developing and monetizing green, carbon-free computing and cryptocurrency mining facilities. Additional information can be found in an 8k filed with the SEC: https://www.solunacomputing.com/investors/sec-filings/
Michael Toporek, CEO of Soluna Holdings, said: “MTI is a great company with a strong history and track record of success and a perfect fit for Vitrek. We are pleased to announce this strategic transaction for our instruments business, enabling us to now focus on being a pure play green computing, zero-carbon computing and cryptocurrency mining company. The added liquidity will help further accelerate our mining and increase the additional return on invested capital.”
Moshe Binyamin, President and CEO of MTI Instruments, commented, “We are excited to join the Vitrek team and mark this next step in MTI’s history and evolution. Vitrek is a strong company with complementary products in large and growing markets and MTI’s vision of accelerated growth and market focus fit perfectly with their strategy. Our combined forces will enable us to further accelerate our collective growth targets and product innovation initiatives. The MTI team has built technology of the highest level and is equally excited about this next chapter ahead of us.”
Founded in 1990, Vitrek LLC is a leading manufacturer of safety and electrical test equipment targeting a range of industries, including electronics, automotive manufacturers, R&D departments, medical device manufacturers, aerospace and military industries. Vitrek is known for offering the best equipment and first-class support at competitive rates. Vitrek is an ISO 9000 accredited manufacturing facility with SMT lines and is also an ISO 17025 accredited calibration laboratory. Vitrek operates from locations in Poway, CA, Lockport, IL and Lachine, Quebec.
As part of Vitrek’s ongoing strategy and vision to be the global leader in test and measurement instruments, Vitrek’s management evaluated MTI Instruments’ product line as well as its target markets, vision and mission and found many synergies. By joining Vitrek, the MTI team will work to accelerate Vitrek’s growth, along with growing MTI Instruments’ product footprint, well beyond what MTI Instruments could have done on its own. Being part of a larger organization will accelerate MTI’s innovation and growth and having access to Vitrek’s support resources will translate into an even better service for MTI customers.
With Vitrek and MTI sharing a number of industries and customers, Vitrek customers now have access to additional world-leading products from a single supplier they know and trust. Vitrek is known for its quality service and reliability, and the same service and ease of doing business will be extended to the MTI product line. By combining the capabilities of Vitrek and MTI, the organization can now bring even more innovative products to market faster than before.
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) 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.
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 in this document regarding the successful execution 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, our ability to establish and maintain proprietary nature of our technology through the patent process, as well as our ability to license patents and patent applications required to develop products from others ; 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 as detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.
Kirin Smith, President
PCG Advisory, Inc.