Business
Soluna Holdings Announces Sale of its MTI Instruments Business
$10.75 Million Sale Price Allows for Further Acceleration of Cryptocurrency Mining Business ALBANY, NY, April 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire --
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"$10.75 Million Sale Price Allows for Further Acceleration of Cryptocurrency Mining Business 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 MTI Instruments subsidiary to Vitrek LLC, a strategic buyer in the test and measurement space. Per the sale agreement, the Buyer is acquiring 100% of the common stock of MTI Instruments for $10.75 million. With the sale completed, Soluna Holdings expects that it will be solely focused on developing and monetizing green, zero-carbon computing and cryptocurrency mining facilities. Additional information can be found in an 8k that was filed with the SEC: https://www.solunacomputing.com/investors/sec-filings/ Michael Toporek, CEO of Soluna Holdings, stated, “MTI is a great business with a strong history and track record of success and is an ideal fit for Vitrek. We are pleased to announce this strategic transaction for our instruments business which now allows us to focus on being a pure play green computing, zero-carbon computing and cryptocurrency mining company. The added liquidity helps further accelerate our mining buildout and 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 for accelerated growth and market focus match perfectly with their strategy. Our combined forces will allow us to further accelerate our collective growth objectives and product innovation initiatives. The MTI team has built top-tier technology and is equally enthusiastic about this next chapter before us.” Vitrek LLC, founded in 1990, is a leading manufacturer of safety and electrical test equipment targeting a range of industries including electronic, automotive manufacturers, R & D departments, medical equipment manufacturers, aerospace and military industries. Vitrek is known for offering the best equipment and top-notch support at competitive rates. Vitrek is an ISO 9000 accredited manufacturing facility wit...