SAN CLEMENTE, CA--(Marketwire - January 18, 2011) - Micro Identification Technologies, Inc. (OTCBB: MMTC) (MIT) supplies the patented MIT 1000 Rapid Microbial Identification System which can identify bacteria in less than five minutes after the culturing of a bacteria sample and at a cost of less than 10 cents per test. The MIT 1000 System can simultaneously test for Listeria, Salmonella and E.coli, the three bacteria that are responsible for most of the worldwide food contamination events.
Michael Brennan, MIT's Chairman, stated, "This Company Press Release is to provide an update concerning achievements over the past year, and our growth strategy for 2011."
2010 Major Achievements:
- Agreed to a $5 million Equity Line with Dutchess Capital LLC.
- Filed an S-1 with the SEC and received effective notification to provide registered shares to sell to Dutchess; the timing, price and amount is at the Company's option.
- Entered into several private placement transactions with Asher Enterprises, Inc.
- Completed technology development for the MIT 1000 System.
- The Company established an international network of distributors with nine (9) signed distribution agreements.
- Engaged OSI Optoelectronics (OSIO), a subsidiary of OSI Systems, to manufacture the MIT 1000.
- Received and commenced testing of the first production MIT 1000 Systems from OSIO.
2011 Growth Strategy:
- Grow core business and distribution network -- sell a minimum of forty MIT 1000 Systems.
- Expand bioscience and system support capabilities.
- Receive additional AOAC Certifications for food related pathogens.
- Increase the high-margin consumable and support products offerings.
- License technologies in emerging markets.
- Form strategic alliances with other rapid microbial ID testing companies for distribution and further product development.
- Consider strategic partnerships or acquisitions of independent food testing laboratories.
- Expand product line to include identification to sub-species (strain) level.
ABOUT MICRO IDENTIFICATION TECHNOLOGIES:
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 health care 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 $3.5 billion that is expected to exceed $4.7B by 2015 according to BCC Research. In addition, the recently passed new U.S. Food Safety Bill is expected to increase the current CAGR growth rate of 6.6%. www.micro-identification.com
MIT previously completed an extensive evaluation by the AOAC Research Institute which included rigorous independent 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. www.sec.gov, Referencing MMTC.