Massachusetts Institute of Technology (MIT) Commits to Volume Production for the MIT 1000 Rapid Microbial Identification System Manufactured by OSI Optoelectronics
SAN CLEMENTE, CA--(Marketwire - April 18, 2011) - Micro Imaging Technologies, Inc. (PINKSHEETS: MMTC) announced that it has committed to ordering one hundred MIT 1000 Systems with an immediate requirement for twenty Systems. The MIT 1000 System is produced for MIT exclusively by OSI Optoelectronics (OSIO), a subsidiary of OSI Systems and is believed to be the fastest and most inexpensive bacterial identification system available; identifying bacteria strains in less than five minutes after culturing, at a cost of less than 10 cents per test and extremely easy to use. The MIT 1000 System has been certified by the AOAC Research Institute (AOAC RI) as a test method for Listeria, one of three bacteria (the others are Salmonella and E.coli) that are responsible for the majority of the worldwide food contamination events. The Company is in the process of preparing the MIT 1000 System for AOAC RI certifications for the identification of both Salmonella and E. coli later this year. This will give the MIT 1000 System the ability to identify all "three" bacteria within five minutes in a single test.
"The first production MIT 1000 Systems delivered from OSIO recently passed all evaluations tests with excellent results and are now in daily use in the MIT laboratory," stated MIT's Chief Scientist David Haavig, PhD, and added, "OSIO is the perfect company to fabricate MIT's Systems for our initial food safety applications and planned future expansion into pharmaceutical and clinical diagnostics requirements."
"MIT contracted with OSIO in 2010 to manufacture MIT's Rapid Microbial Identification System -- their world-class manufacturing facilities in California, Malaysia and India are all ISO 9001:2000 certified, FDA registered and GMP compliant, making them the perfect supplier. With an order for one hundred Systems -- we have made a strong commitment to OSIO and the food safety industry -- and look forward to great results," observed Michael Brennan, MIT's Chairman.
About OSI Optoelectronics:
OSI Optoelectronics designs, manufactures and markets optoelectronic products and provides electronics manufacturing services (EMS) for use in a broad range of applications for commercial, military, aerospace, industrial, healthcare and homeland security applications. Their products are widely used in training and simulation systems, satellite and missile guidance systems, medical imaging and diagnostic systems.
OSI Optoelectronics has over 40 years of experience in the field of optoelectronics product development and manufacturing, and has established a global network of world-class manufacturing facilities to provide extensive engineering solutions, manufacturing capabilities and services for clients worldwide.
About Micro Identification Technologies:
MIT is a California-based public company that has developed and patented a Rapid Microbial Identification System that revolutionizes the pathogenic bacteria recognition process and can annually save thousands of lives and tens of millions of health care dollars. The System identifies 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 suspected bacteria. Revenues for all rapid testing methods exceed $5 billion annually -- with food safety accounting for over $3.5 billion, which is expected to surpass $4.7 billion by 2015 according to BCC Research. In addition, the recently passed "New" U.S. Food Safety Bill is expected to further accelerate the current annual growth rate of 6.6 percent. Further information is available at the Company's web site: www.micro-identification.com
MIT previously completed an extensive evaluation by the AOAC RI Institute which included rigorous independent testing and thorough reviews by its expert examiners, including the U.S. Department of Agriculture. The AOAC RI Report is available from the Company. www.aoac.org
MIT has also 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 these contaminants and scored over 95 percent in accuracy. The System can currently identify 23 species of bacteria and its capabilities are easily expanded. The identification process has also been verified by North American Science Associates, Inc. (NAMSA), an independent and internationally recognized microbiological testing laboratory. The NAMSA Test Report is available from the Company and, in MIT's opinion, demonstrates the accuracy, speed and cost effectiveness of the System over conventional processes. www.namsa.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. www.sec.gov, Referencing MMTC.