SAN CLEMENTE, CA--(Marketwire - May 10, 2010) - Micro Identification Technologies, Inc. (OTCBB: MMTC) announced today that it has obtained an equity financing commitment of up to $5,000,000 from a private equity firm, Dutchess Capital, through its Dutchess Opportunity Fund, LP. During the 36-month term of this equity commitment, Micro Identification Technologies ("MIT") may sell shares of its common stock to Dutchess Capital up to the total committed amount. MIT will determine, at its sole discretion, the amount and timing of any sales of these shares. The sales are subject to certain conditions about which additional details will be provided in an 8-K filing with the SEC.
MIT's Chief Executive Officer, Michael Brennan, stated, "We are very pleased with Dutchess' commitment. It is one of several financing strategies that will be pursued to accelerate the commercialization of our products and business growth. Dutchess has the track record and experience in the industry and has been a leader in providing equity credit lines for over 10 years which contributed significantly to selecting them as our partner."
Chris Quin, Dutchess Vice President of Business Development, stated, "We are excited to work with MIT as they continue to execute their business plan, develop further applications and increase market penetration of their laser-based, rapid microbial identification technology."
About Micro Imaging Technology:
The Company ("MIT") has developed and patented technologies for rapid bacterial identification (ID), with a unique process that differs from all other bacterial ID methods and is not reliant on conventional chemical or biological processing, fluorescent tags, gas chromatography or DNA analysis. The MIT 1000 System's process is totally GREEN, requiring only clean water and the unknown bacteria sample.
MIT during last year completed an extensive evaluation and certification assessment by the AOAC Research Institute, which included rigorous independent testing and thorough reviews by the AOAC RI and its outside expert reviewers, including the U.S. Department of Agriculture. The AOAC RI certification is the internationally recognized "Gold Standard" for food safety systems and processes. The AOAC RI Report is available from MIT.
MIT has demonstrated the ability to detect and identify, within several minutes and at a cost of pennies-per-test, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. The MIT 1000 System can currently ID 23 different species of bacteria with that number of IDs easily expanded. This ID process has also been verified by North American Science Associates, Inc. (NAMSA), an independent and internationally recognized bioscience testing laboratory. The NAMSA Test Report, in MIT's opinion, verifies the accuracy, speed and cost effectiveness of the MIT System over conventional processes and is available from the Company. Further MIT information is available from SEC filings and at: www.micro-identification.com
About Dutchess Capital:
Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Founded in 2000, funds managed by Dutchess have made over $200 million in direct investments in companies throughout North America, Europe and Asia.
For almost a decade, Dutchess has been a global leader in Equity Line ("ELOC") investments and has transacted in excess of $1.6 billion in such financings. The ELOC is a flexible financing structure by which publicly traded companies can raise capital quickly, efficiently and with less dilution than most traditional offerings.
For more information, visit: www.dutchessopportunity.com, a fund managed by www.dutchesscapital.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 MMTC;s filings with the Securities and Exchange Commission.