SAN CLEMENTE, CA--(Marketwire - February 28, 2011) - Micro Identification Technologies, Inc. (OTCBB: MMTC) (MIT) previously announced on January 4, 2011 that it had received the first production MIT 1000 System from OSI Optoelectronics (OSIO), a subsidiary of OSI Systems. MIT now announces that after rigorous evaluation and performance testing in its laboratories, the System passed all tests and is now ready for volume production.
MIT contracted with OSIO in 2010 to manufacture MIT's Rapid Microbial 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, FDA registered and GMP compliant making them a perfect company to fabricate MIT's Systems for its food safety applications and its planned pharmaceutical and clinical diagnostic applications," stated Michael Brennan, MIT's Chairman.
The MIT 1000 Rapid Microbial Identification System can identify bacteria in less than five minutes after culturing and at a cost of less than 10 cents per test. The MIT 1000 is a certified AOAC Research Institute (RI) test method for Listeria, one of three bacteria (the others are Salmonella and E.coli) that are responsible for most of the worldwide food contamination events. The AOAC Research Institute reviewed the MIT 1000 System's:
- User Software,
- Bacteria Identification Test Procedures,
- System User Documentation, and after a lengthy independent test cycle,
- Certified the MIT 1000 System for Listeria Identification and Accuracy, and
- System Ruggedness.
MIT is in the process of preparing for Identification and Accuracy Certifications for E.coli and Salmonella. When ready, the Certification testing is expected not to exceed two months.
ABOUT OSI OPTOELECTRONICS:
OSI Optoelectronics designs, manufactures and markets optoelectronic products and provides electronics manufacturing services (EMS) for use in a broad range of applications for commercial, military, aerospace, industrial, healthcare and homeland security options. Their products are widely used in training and simulation systems, satellite and missile guidance systems, medical imaging and diagnostic systems, among others.
OSI Optoelectronics has over 40 years of experience in the field of optoelectronics product development and manufacturing, and have established a global network of world-class manufacturing facilities to provide extensive engineering solutions and manufacturing capabilities and services for clients worldwide.
ABOUT AOAC INTERNATIONAL AND AOAC RESEARCH INSTITUTE (RI):
AOAC International is a globally recognized, independent, not-for-profit association founded in 1884. To attain its vision of "worldwide confidence in analytical results," AOAC serves communities of the analytical sciences by providing the tools and processes necessary to develop voluntary consensus standards or technical standards through stakeholder consensus and working groups in which the fit-for-purpose and method performance criteria are established and fully documented. The AOAC Research Institute is part of AOAC International and maintains an up-to-the minute list of Performance Tested Methods which have been independently tested, rigorously evaluated and thoroughly reviewed by the AOAC Research Institute and its expert reviewers.
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 can ID 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 which is expected to exceed $4.7 billion by 2015 according to BCC Research. In addition, the recently passed U.S. Food Safety Bill is expected to increase the current annual growth rate (CAGR) to over 6.6 percent.
MIT previously completed an extensive evaluation by the AOAC Research Institute which included rigorous independent testing and thorough examinations by the AOAC RI and its expert reviewers, including the U.S. Department of Agriculture. The AOAC RI Report is available from the Company.
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 also been verified by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized bioscience 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. For further information visit MIT's web site at: www.micro-identification.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.