9:03AM Mechanical Tech enters strategic alliance with Gillette (MKTY) 3.78: In an 8-K filing, co announces that on Sept 19 its MTI MicroFuel Cells unit entered into a strategic alliance agreement with The Gillette Co (G) whereby MTI Micro, Gillette and Gillette's Duracell business unit will develop and commercialize complementary micro fuel cell products to power future mass market, high volume, portable consumer devices. The agreement provides for a multi-year exclusive partnership for the design, development and commercialization of a low power direct methanol micro fuel cell power system and a compatible fuel refill system. As part of the strategic alliance, both MTI Micro and Gillette will share and license from each other certain intellectual property assets, and both have the ability to earn royalties. In addition, Gillette has made an initial $1 mln investment in MTI Micro common stock, with the potential of an additional investment of $4 mln subject to agreed milestones.
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