SAN CLEMENTE, CA--(Marketwire - May 09, 2012) - Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC) announced that Gregg J. Newhuis has accepted his nomination to serve on its Board of Directors effective immediately.
"Gregg is an outstanding addition to MIT's Board," stated Jeffrey Nunez, Chairman and CEO. "His background in business and finance is a perfect fit as we expand our efforts to meet an aggressive revenue plan for the coming year. Further, Gregg's commitment to a significant investment in the Company speaks to his support for and confidence in the Company and its growth potential."
Mr. Newhuis brings over thirty years of equipment leasing, asset-based financing as well as commercial and retail banking experience to the Board. A 1981 graduate of Eastern Illinois University, he earned a Bachelor of Science degree with a major in Finance and minor in Economics.
Mr. Newhuis started his finance career in 1981 with Walter E. Heller & Co., working in the Municipal Finance and the Commercial Industries divisions. In 1987, he accepted a position with Phoenixcor Financial, a New York-based finance company, to open and manage an office for them in Hinsdale, IL. In 1991, Mr. Newhuis accepted an offer from Toshiba Machine Co., America (a seller of plastic injection molding machines, machine tools, aluminum die cast machines and robotic equipment) to start and run an in-house private label finance company. He currently continues to operate in this capacity.
Mr. Newhuis' banking experience dates back to 2001 when he was part of a group of eleven individuals that originated Advantage National Bank and Trust Company, N.A., a de novo bank located in Elk Grove Village, Il. In 2003, they successfully sold the bank to Wintrust Financial Corporation (NASDAQ: WTFC). Mr. Newhuis continues to serve on the surviving bank (Schaumburg Bank & Trust Company, N.A.) Board of Directors and more specifically on its Credit and Risk Committees.
About Micro Imaging Technology:
MIT is a California-based public company (OTCBB "MMTC") that has developed and patented a rapid microbial identification system that can revolutionize the bacteria identification market by annually saving thousands of lives and tens of millions of dollars. The System identifies bacteria in minutes, not days, and at a significant per test cost savings when compared to any conventional method and is the recipient of the prestigious AOAC RI Certification for the identification of Listeria -- the bacteria responsible for Listeriosis, a rare but lethal food-borne infection that has a devastating fatality rate of 25 percent.
The System has numerous applications including: food safety, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. MIT has chosen to focus efforts on food quality control as recent events have created an urgent demand for quicker and cheaper testing for food safety.
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.