SAN CLEMENTE, CA--(Marketwire - May 26, 2010) - Micro Identification Technologies, Inc. (OTCBB: MMTC) announced that it has signed an Agreement with OSI Optoelectronics (OSIO), a subsidiary of OSI Systems (NASDAQ: OSIS) to manufacture its microbial rapid identification system, the MIT 1000. OSIO has manufacturing facilities in California, Malaysia and India. "All of OSIO's world class facilities are ISO 9001:2000 certified and FDA registered and GMP compliant making them a perfect company to fabricate MIT's systems for its current food safety applications and its planned pharmaceutical and clinical diagnostic applications," stated John Ricardi, MIT's Executive Vice President and Chief Operating Officer. In addition, OSIO fabricates the photodiode detectors that are used in the MIT 1000 and has the ability to supply other components. OSIO's vast experience in MIT's targeted markets will also enable them to assist MIT in future product designs to both accelerate and ensure those products meet the stringent requirements of those industries. "We are pleased to work with MIT as we feel their innovative product will become a valuable tool to help prevent widespread bacterial contamination," stated Manoocher Mansouri, OSIO's President.
MIT currently produces the MIT 1000 Rapid Microbial Identification (ID) System that can identify bacteria in less than five minutes after culturing at a cost less than 10 cents per test.
OSI Optoelectronics is a subsidiary of OSI Systems, Inc. They provide complete solutions and services from concept to design to production. They have extensive engineering capabilities in a variety of disciplines and have created the one "stop shop" solution for the demanding needs of their clients. Their experienced engineering team is qualified in numerous technologies that include: Silicon, III-V compound device design & fabrication, optics assembly design, Hybrids Circuit and Multi-chip Modules (MCM) design, Thick and Thin Film; Single and Double Sided Ceramic Design, Electro-Mechanical Assembly, Hardware Design, Software Development, Electronics Circuit , Assembly Design, Printed Circuit Board Design and Mechanical Design. Their expertise spans through numerous industries that include: Medical, aerospace and defense, security, communication and industrial OEM solutions and their manufacturing services are developed for scalability from prototype to volume production. Worldwide, they have 380,000 square feet of ISO 9001:2000 certified manufacturing space worldwide and operate FDA registered facilities in California, Massachusetts and Malaysia. OSIO employs strict Statistical Process Control techniques in various stages of Design reviews, Product launch, Product and Process Improvement. All of their facilities and products are RoHS (Restriction of Hazardous Substances Directive) compliant. www.osi-systems.com
About Micro Imaging Technology:
MIT is a California-based public company that has developed and patented a rapid microbial identification (ID) System that revolutionizes the pathogenic bacteria ID process and can 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. www.micro-imaging.com
MIT recently completed an extensive, almost one-year in duration, evaluation by the AOAC Research Institute which included independent rigorous testing and thorough reviews by the AOAC RI and its expert reviewers, including the U.S. Department of Agriculture. The AOAC RI Report is available from the Company. www.aoac.org
Further, 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 is easily expandable. The identification process has been verified by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized biological 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.