Michael J. Luciano entered into a purchase agreement to acquire MPM Mining Inc. from MPM Technologies Inc. (OTCBB: MPML) on February 18, 2011. Under the terms of the transaction, Michael J. Luciano, Chairman of the Board of Directors and Chief Executive Officer of MPM Technologies Inc. will acquire MPM Mining Inc. in exchange for cancellation of approximately $14 million of the MPM Technologies' outstanding indebtedness and retirement of all the shares and options to purchase MPM Technologies' common stock currently held by Michael J. Luciano. The deal is subject to certain conditions and contingencies, including receipt of adequate financing by Michael J. Luciano and receipt of shareholder approval. The deal is expected to close on or before May 18, 2011. Michael J. Luciano cancelled the acquisition of MPM Mining Inc. from MPM Technologies Inc. (OTCBB: MPML) on February 18, 2012.