Contact Information: CONTACT: Michael Brennan Chairman Email: Telephone: (805) 557-0614
MIT Appoints John Ricardi to Executive Vice President in Charge of Commercialization Program
| Quelle: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - July 23, 2009) - Micro Imaging Technology, Inc. (OTCBB : MMTC ) announced that it has promoted John Ricardi to Executive Vice
President, a specialized role created by the Board of Directors where Mr.
Ricardi will become MIT's primary spokesperson and lead the
commercialization program for the Company's revolutionary microbe
identification technology. Mr. Ricardi currently serves as Chief Operating
Officer for MIT. He will maintain his current responsibilities as COO, in
addition to serving the Company in this newly created position so vital to
MIT's growth over the coming months and years.
John Ricardi has over 25 years of business development and operational
management experience in life sciences and semiconductor industries. He
joined MIT in 2007 as vice president of business development, and was
shortly thereafter promoted to Chief Operating Officer. John's underlying
mission since joining MIT has been to create the necessary sales and
marking strategy for the MIT 1000 Rapid Microbial Identification (ID)
System. He has been working closely with the technical team here at MIT to
productize the system and meet the appropriate market requirements.
In his roles thus far, John has been able to complete a major part of the
primary execution plan for the Company's microbe identification technology,
including MIT 1000 product validation by local contract laboratories, USDA
Advanced Research Service, and -- most recently -- achieving AOAC Research
Institute's Performance Test Method (PTM) certification for Listeria. In
addition, John was integral in securing the strategic partner in Asia, OPH,
to expand our business in that region. This achievement has also garnered
access for the Company to potential leaders in the food processing market
in Asia to support system-based sales of the MIT 1000.
"With John's technical background, his business development experience and
thorough knowledge of our intended markets, we were very pleased to add him
to our team two years ago. His leadership and management skills, in
combination with MIT's technical talent, has enabled MIT to achieve several
key milestones in its commercialization plan," stated Michael Brennan,
MIT's Chairman and CEO. "We have now moved into the next phase of our
commercialization plan, and have outlined a plan to aggressively grow the
business that includes organic development coupled with new strategic
distribution partners and potential acquisitions."
About Micro Imaging Technology:
MIT is a California-based public company that has developed and patented a
rapid microbial ID System that can revolutionize the pathogenic ID process,
by saving tens of millions of dollars and thousands of lives annually. The
Company's system identifies bacteria contamination on food products in
minutes, not days, and at a significant per test cost savings when compared
to all existing conventional method. MIT's ID Systems does not rely on
chemical or biological agents, conventional processing, fluorescent tags,
gas chromatography or DNA analysis, thus is totally GREEN requiring only
clean water and a sample of the unknown bacteria. Industry revenues for
rapid testing methods in the U.S. alone currently exceed $5 billion
annually, with food safety accounting for over $3 billion. This industry
has expanded at a rate of 9.2 percent annually since 1998. Current growth
projections are at 30 percent annually, with test demands being driven by
major health, safety and homeland security issues.
The MIT 1000 System has numerous ID applications including food quality
control, clinical diagnostics, pharmaceutical quality assurance,
semiconductor processing control and water quality monitoring. The System
is laser-based and uses the proven principles of light scattering in
conjunction with proprietary PC-based software algorithms to ID microbes
and create a proprietary database. MIT, through independent testing, has
proven the ability with high accuracy to ID the most dangerous and
pervasive pathogens; E. coli, Listeria, Salmonella, and Staphylococcus
aureus (a.k.a. Staph) and twenty (20) other species of bacterium. MIT has
chosen to focus initial efforts on food quality control, as recent events
have created an urgent demand for quicker and cheaper testing; these
demands will promote a high-value return on any investment in MIT's
technology.
Please visit MIT's corporate Web site: www.micro-imaging.com
This release contains statements that are forward-looking in nature.
Statements that are predictive in nature, that depend upon or refer to
future events or conditions or that include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and similar
expressions are forward-looking statements. These statements are made
based upon information available to the Company as of the date of this
release, and we assume no obligation to update any such forward-looking
statements. These statements are not guarantees of future performance and
actual results could differ materially from our current expectations.
Factors that could cause or contribute to such differences include, but are
not limited to dependence on suppliers; short product life cycles and
reductions in unit selling prices; delays in development or shipment of new
products; lack of market acceptance of our new products or services;
inability to continue to develop competitive new products and services on a
timely basis; introduction of new products or services by major
competitors; our ability to attract and retain qualified employees;
inability to expand our operations to support increased growth; and
declining economic conditions, including a recession. These and other
factors and risks associated with our business are discussed from time to
time within our filings with the Securities and Exchange Commission.