Contact Information: CONTACT: Michael Brennan Chairman Email: Telephone: (805) 557-0614
MIT Issues Its Report Card of Accomplishments
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA--(Marketwire - February 17, 2009) - Since taking the reins in late 2006,
Chairman and Chief Executive Officer, Michael W. Brennan, has moved Micro
Imaging Technology, Inc. (OTCBB : MMTC ) on a steady path toward success.
Under Mr. Brennan's stewardship, the Company has raised over $2.8 million
in working capital which has been key to moving the MIT technology forward,
while strengthening the Company's balance sheet by retiring over $3.7
million in debt. "We're always looking for capital to get us to that next
step," stated Brennan. "What company isn't these days, when even the big
conglomerates are stumbling in this economy? What's important to note,
however, is that the people who work for and support MIT intend for this
Company to be around for the long haul. They have made it possible for MIT
to not only improve its balance sheet by 50% in the past 2 fiscal years,
but to complete the development of a product that has the real potential to
save many, many lives."
Last year, MIT reported that its patented MIT 1000 technology for rapid
microbe detection and identification had scored high marks in its testing
by North American Science Associates, Inc. (NAMSA), an independent,
internationally recognized biological testing laboratory. Results of
testing in late 2008 by the USDA's chief scientific center, Agricultural
Research Service, further support the performance and accuracy of the MIT
1000 System. "Now, in collaboration with the USDA - ARS, our System is
currently undergoing the final phase of Performance Test Method
certification by the Association of Advanced Communities Research Institute
(AOAC RI)," Mr. Brennan stated. AOAC is an independent, science-based
provider and facilitator in the development, use and harmonization of
validated analytical methods and laboratory quality assurance programs and
services. "We expect that our MIT 1000 System will perform admirably, in
terms of accuracy, repeatability and robustness of performance, during AOAC
RI's testing to identify the often fatal pathogens, Listeria, E.coli and
Salmonella," Brennan said.
"The food industry is our initial targeted market," stated John Ricardi,
MIT's VP and Chief Operating Officer. "It's a market that spends over $3
billion annually in rapid identification testing and due to all of the
recent food product contaminations, we expect that number to continue its
upward trend. We strongly believe the MIT 1000 System will achieve AOAC
RI performance test method certification this quarter, thus meeting the
pre-requisite for sales into the US and most international food protection
markets. This totally 'GREEN' technology does not require the use of
reagents, chemicals or DNA processing to perform an ID test, only clean
water. With a cost of just pennies per test and its ability to complete an
ID test in less than 5 minutes, this System has generated high interest in
potential customers. We are anxious to get it into the customers' hands."
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 Performance Tested Methods. Performance Tested
Methods have been independently tested, rigorously evaluated, and
thoroughly reviewed by the AOAC Research Institute and its expert
reviewers.
About Micro Imaging Technology:
The Company has developed and patented a technology for rapid microbe
detection and identification. This System measures scattered light
intensity as individual microbes pass through a laser beam. The intensity
pattern of the scattered light is a direct consequence of the size, shape
and external and internal optical characteristics of the microbe. The MIT
System is non-biological and does not rely on biological agents,
conventional chemical processing, fluorescent tags, gas chromatography or
DNA analysis.
MIT has demonstrated the ability to detect and identify, within several
minutes, the microbes Escherichia coli, Listeria, Salmonella,
Staphylococcus aureus, and other pathogenic bacteria. MIT recently
performed over 300 tests for the identification of the aforementioned
contaminants and scored 95% accuracy. The System can currently identify 23
species of bacteria and its ID capability is easily expanded.
The identification process has been verified by North American Science
Associates, Inc. (NAMSA), an independent, internationally recognized
biological testing laboratory. The NAMSA Test Report, in the Company's
opinion, demonstrated the accuracy, speed and efficiency of the MIT System
over conventional processes and is available from the Company.
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.