SAN CLEMENTE, CA--(Marketwire - January 31, 2013) - Micro Imaging Technology, Inc. (OTCQB: MMTC) MIT has developed and patented the MIT 1000, a Microbial Identification System that revolutionizes the pathogenic bacteria diagnostic process and can annually save thousands of lives and tens of millions of dollars in health care costs. This technology will identify bacteria in minutes at a significantly lower cost per test compared to conventional methods.
Jeffrey Nunez, MIT's Chairman and CEO, stated, "This press release is to provide an update concerning our achievements over the past year and a look ahead for 2013."
- We received significant financial backing from our newest Board member, Gregg Newhuis, and others, allowing us to concentrate all of our efforts on moving our technology and marketing strategy forward.
- We dramatically improved our balance sheet by reducing the amount of debt accumulated over the past three years -- 2012 shows more than a 65% decrease in liabilities over the previous fiscal year.
- We substantially increased our lab capacity and operations, as well as our calculational capacity, over the past nine months which will ultimately allow us to more rapidly increase the number of pathogen identifiers in the MIT 1000 library.
- We submitted applications to the Association of Advanced Communities Research Institute (AOAC RI) for Performance Test Method Certification for the MIT 1000 for the identification of the pathogens E. coli and Salmonella.
- We invested thousands in production design with our Hawthorne,