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MIT to Add Industry Experts to Its Science Advisory Board
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - July 29, 2009) - Micro Imaging Technology, Inc. (OTCBB : MMTC ) announced that, as part of its commercialization strategy, it will
add industry experts to the Company's Science Advisory Board (SAB) to
enable future product development to more closely align with industry needs
in the food safety and clinical diagnostics markets.
The SAB is managed by Ralph Emerson, a Harvard fellow, who is also a member
of MIT's Board of Directors. Through his company, Emovations LLC, Mr.
Emerson has research and development affiliations with such leading
agricultural and food processing corporations as Cargill, Nestle, Purina,
and DSM.
Also a member of the SAB is Dr. Kary Mullis, who received a Nobel Prize in
chemistry in 1993 for his invention of the polymerase chain reaction (PCR),
a technique used to amplify a piece of DNA and generate millions of copies
of a particular DNA sequence. Amongst other applications, this process
enables the diagnosis of infectious diseases and the identification of
various types of bacterial contamination. The SAB also includes Dr. Eric
Ackerman, a senior scientist at Sandia National Labs, who specializes in
biology and nanotechnology.
As part of the Plan, the SAB will be expanded to include industry experts
in food safety and later in clinical diagnostics to complement its targeted
sales strategy. The mission of the SAB is to provide future product
development guidance that aligns with key industry future needs and
collaborate with other experts that can collectively assist the Company in
becoming a prominent leader in the reduction of widespread microbial
contamination.
"Our SAB has been instrumental in the early development of the MIT 1000
Rapid Microbial Identification (ID) System. With the abundance of food
bacterial contamination events in the past few years, the need for faster,
cheaper ID systems is ever increasing. We believe the MIT 1000 System is
the beginning of a new breed of ID systems that, with the help of the SAB,
will enable MIT to create a valuable tool set for industry," stated Michael
Brennan, MIT's Chairman and CEO.
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 conventional and other rapid methods. 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 test 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.