Contact Information: CONTACT: Michael Brennan Chairman Email: Telephone: (805) 557-0614
MIT 1000 Launches Campaign to Obtain Strategic Distribution and Manufacturing Partners
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - June 16, 2009) - Micro Imaging Technology, Inc. (OTCBB : MMTC ) announced that it has launched a campaign to obtain strategic
partners for both distribution and manufacturing of its MIT 1000 Rapid
Microbial Identification (ID) System.
By recently obtaining Performance Test Method (PTM) Certification for the
ID of Listeria from the AOAC Research Institute (RI), the first step in
MIT's commercialization strategy has been accomplished, allowing the
Company to initiate sales into the targeted food safety market. MIT next
plans to improve its market position with additional Certifications and
product improvements. In parallel, the Company plans to create a worldwide
distribution network and establish a high quality (e.g. ISO 9000)
manufacturing process.
MIT will use its expertise to enhance the System and improve its market
position by securing additional AOAC RI PTM Certifications for the ID of E.
coli and Salmonella this year. The MIT 1000 will then be certified for the
identification of the three bacteria that are responsible for most of the
food bacterial contamination events worldwide. To accelerate profitable
growth, MIT plans to complement its internal efforts with strategic
partners rather than organically grow the Company. Discussions have been
initiated with several worldwide distribution leaders in the food industry
and a local, well known, global ISO 9000 manufacturer that could also
assist in reducing the System's material cost.
"Our goal is to have our strategic partners in place later this year
enabling us to obtain several million dollars of profitable revenue in the
food safety market next year. In addition, we plan to have strategic
partners assist us in entering the pharmaceutical and clinical diagnostic
markets in 2011," stated Michael Brennan, MIT's Chairman and CEO.
Over $3 billion is spent for rapid microbial identification in the food
safety market annually and is rising at nearly 10 percent per year.
Expansion to the pharmaceutical and clinical diagnostic markets is
estimated to add over $2 billion to MIT's addressable market.
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. It does not rely on
chemical or biological agents, conventional processing, fluorescent tags,
gas chromatography or DNA analysis. The process is totally GREEN requiring
only clean water and a sample of the unknown bacteria. 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
annually 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 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.