Contact Information: CONTACT: Michael Brennan Chairman Email: Telephone: (805) 557-0614
MIT 1000 Rapid Microbial Identification System Is Candidate for the Wall Street Journal's Technology Innovation Awards
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - June 1, 2009) - Micro Imaging Technology, Inc. (OTCBB : MMTC ) announced that it has submitted its application for the Wall Street
Journal's (WSJ) Technology Innovation Awards.
WSJ's three global editions are presenting the Technology Innovation Awards
for technological breakthroughs in such areas as medicine, software,
environment, hardware, the Internet and wireless communications.
Innovations can be in the form of new products, inventions or services. WSJ
defines an innovation as those items that break with conventional processes
and go beyond marginal improvements in existing products and services. An
innovation does not have to be commercially viable. Otherwise, they feel, a
vast number of useful innovations would be excluded before they became
viable.
WSJ will forward the most promising entries to an independent panel of
judges which will select the winners. Each application will be judged
initially on its own merits rather than in competition with other
applications. This will ensure that individuals, nonprofit organizations
and small companies have just as much chance of winning as big companies
with large research budgets. Once the judges have selected category
winners, they will choose Gold, Silver and Bronze winners for the entire
competition.
Winners will be featured in The Wall Street Journal's three editions on
October 12, 2009, as well as on wsj.com. Prize winners will be honored at
an awards ceremony in Silicon Valley.
Micro Imaging Technology produces a rapid microbial Identification (ID)
system that performs an ID test in minutes versus hours or days at a cost
of pennies versus dollars. It is significantly different from all other ID
methods as it does not rely on chemical or biological agents, conventional
processing, fluorescent tags, or DNA analysis -- the process is totally
GREEN, requiring only clean water and a sample of the unknown bacteria.
Recently the Company announced that it had submitted its Final Report to
the AOAC Research Institute (AOAC RI) for Performance Test Method™ (PTM)
certification for the MIT 1000 System's ID of the Listeria species. This
bacterium causes the serious food-borne infection Listeriosis, which is
recognized as an important public health issue in the United States where
annually an estimated 2,500 persons become seriously ill and is responsible
for over 500 deaths.
An AOAC RI PTM certification is a presumptive requirement for sales into
the U.S. and most international food safety markets where over $3 billion
dollars is spent annually in rapid ID testing.
"Last year MIT was runner-up in a field of several hundred companies in the
annual Innovations in Healthcare Awards that is sponsored by Adaptive
Business Leader's. We have made remarkable strides in our product
development since then and it would be a terrific honor to receive this
prestigious award," stated Michael Brennan, MIT's Chairman and CEO. Mr.
Brennan further stated, "We humbly believe the MIT 1000 System fits the
criteria for this type of award and are hopeful that the WSJ judges will
agree."
About The Wall Street Journal
The Wall Street Journal, the flagship publication of Dow Jones & Company,
is the world's leading business publication. Founded in 1889, The Wall
Street Journal has a print and online circulation of more than 2 million,
reaching the nation's top business and political leaders, as well as
investors across the country. Holding 33 Pulitzer Prizes for outstanding
journalism, The Wall Street Journal provides readers with trusted
information and knowledge to make better decisions. The Wall Street Journal
print franchise has more than 750 journalists worldwide, part of the Dow
Jones network of nearly 1,900 business and financial news staff. Other
publications that are part of The Wall Street Journal franchise, with a
global audience of 3.8 million, include The Wall Street Journal Asia and
The Wall Street Journal Europe. The Wall Street Journal Online at WSJ.com
is the largest paid subscription news site on the Web with 10.9 million
users each month. In 2008, the Journal was ranked No. 1 in BtoB's Media
Power 50 for the ninth consecutive year. The Wall Street Journal Radio
Network services news and information to more than 280 radio stations in
the U.S.
About AOAC International and AOAC Research Institute:
AOAC INTERNATIONAL is a globally recognized, independent, not-for-profit
association founded in 1884. To attain its vision of "worldwide confidence
in analytical results," AOAC serves communities of the analytical sciences
by providing the tools and processes necessary to develop voluntary
consensus standards or technical standards through stakeholder consensus
and working groups in which the fit-for-purpose and method performance
criteria are established and fully documented. The AOAC Research Institute
is part of AOAC INTERNATIONAL and maintains an up-to-the-minute list of
certified Performance Tested Methods which have been independently tested,
rigorously evaluated and thoroughly reviewed by the AOAC Research Institute
and its expert reviewers.
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
and annually save thousands of lives and tens of millions of dollars. The
System IDs bacteria in minutes, not days, and at a significant per test
cost savings when compared to any conventional method. Revenues for all
rapid testing methods exceed $5 billion annually -- with food safety
accounting for over $3 billion -- having expanded at a rate of 9.2 percent
each year since 1998. Current growth projections are at 30 percent annually
with test demands driven by major health, safety and homeland security
issues.
The System is laser and optically 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.
The MIT 1000 System has numerous ID applications including food quality
control, clinical diagnostics, pharmaceutical quality assurance,
semiconductor processing control and water quality monitoring. MIT has
chosen to focus initial efforts on food quality control as recent events
have created an urgent demand for quicker and cheaper testing -- demands
that will promote a high-value return on any investment in MIT's
technology.
Please visit our 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.