Contact Information: CONTACT: Michael Brennan Chairman Email: Telephone: (805) 557-0614
Micro Imaging Technology Signs Partner to Expand Sales and Manufacturing to Asia
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - June 29, 2009) - Micro Imaging Technology, Inc. (OTCBB : MMTC ) announced that it has entered into a strategic business development
relationship with OPH Ltd. Hong Kong who will be instrumental in securing
a manufacturing partner for the Company in Asia. In addition, OPH will
develop this market for the MIT 1000 Rapid Microbial Identification System
through its distribution channels by working closely with existing Micro
Imaging Technology (MIT) distributors and jointly with MIT to identify and
select other strategic partners to expand the Company's MIT 1000 business
in Asia.
"The MIT 1000 technology is truly a revolutionary development in rapid
detection of microbial pathogens," said David Harris, chairman of OPH Ltd.
Mr. Harris further stated, "We are very pleased and excited to partner with
MIT in delivering these exceptional technological benefits to Asian
producers and consumers. The speed, accuracy and cost-savings provided by
the MIT 1000 System will improve the operational efficiencies and bottom
line for food and pharmaceutical manufacturers and, most importantly, will
contribute to the advancement of the overall safety of their global supply
chains."
MIT recently received Performance Test Method (PTM) Certification for the
Identification of Listeria from the AOAC Research Institute (RI) and is now
focused on accelerating the commercialization of the MIT 1000. "OPH has
helped numerous companies quickly and successfully expand their businesses
to Asia. Given our objectives of establishing a global presence and
lowering product cost, we see the partnership with OPH as a significant
first step in our international growth goals," stated Michael Brennan,
MIT's Chairman and CEO.
Recent market research information showed that over $4.5 Billion was spent
in 2008 for rapid identification in the industrial microbiology market
according to Strategic Consulting Inc. (SCI), and is expected to reach $6.2
Billion by 2013. SCI has provided food processing, beverage,
pharmaceutical, personal care and other industries with market metrics for
over 20 years.
About OPH Ltd.:
OPH is the parent company to GMC Group Limited management consulting firm,
GlobalFinancialWire.com corporate communications service, and UltraFuture
public relations service. GMC Group (www.globalmarketschina.com) will be
taking the lead in coordinating and implementing the strategic planning and
business development program. Since 1999, OPH and its affiliates have
helped manufacturing and technology companies expand their business in Asia
and secure equity funding for expansion. OPH estimates that they have
helped companies raise over $15 Million (US) and expand businesses by over
$100 Million (US) in that period.
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 $3.5 billion and are expanding at an average rate of
10.2 percent annually since 2003.
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.