SAN CLEMENTE, CA--(Marketwire - August 31, 2010) - Micro Identification Technologies, Inc. (OTCBB: MMTC) is a California-based public company that has developed, patented and produces a rapid microbial identification (ID) System that revolutionizes the bacteria ID process and can annually save thousands of lives and tens of millions of healthcare dollars. The MIT 1000 System identifies bacteria in minutes, not days, and at significant cost per test savings when compared to any conventional method -- it is not reliant on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis -- 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 billion -- having expanded at a rate of 9.2 percent annually since 1998. Current growth projections are at 10.2 percent annually reaching $6.2 billion by 2013 and driven by major health, safety and homeland security issues.
MIT, to meet this growing demand, announces today that it has made significant manufacturing progress since its initiation of a manufacturing alliance with OSI Optoelectronics (OSIO), a subsidiary of OSI Systems, to produce the MIT 1000 System. OSIO has manufacturing facilities in California, Malaysia and India. "We are pleased to work with MIT as we feel their innovative product will become a valuable tool to help prevent widespread bacterial contamination in the future," stated Manoocher Mansouri, OSIO's President.
"All of OSIO's world class facilities are ISO 9001:2000 certified, FDA registered and GMP compliant making them the perfect company to fabricate MIT's systems for food safety applications as well as planned pharmaceutical and clinical diagnostic applications," stated John Ricardi, MIT's Executive Vice President and Chief Operating Officer. Mr. Ricardi further added that "While we are predicting quantity deliveries of the MIT 1000 System by the end of this year, initially the systems will be built in OSIO's California facility, as volume increases, fabrication will move to one of their lower cost overseas facilities enabling MIT to improve future profit margins." For more information on OSI Systems, visit the company's website at www.osi-systems.com
The MIT 1000 Systems, in limited production during this last year, have had several distinguished users, including the U.S. Department of Agriculture, Japanese Ministry of Food Safety, University Putra Malaysia and several local contract bioscience testing laboratories. MIT's Chairman Michael Brennan stated, "We have a small and growing backlog, are in discussions with several potential customers and are on track with this year's goal to begin quantity deliveries by year's end, and in turn need to increase our system support and microbiological research capabilities in conjunction with helping improve the food industry's safety capabilities."
To fund these activities, MIT has entered into a three-year $5,000,000 equity agreement with the Boston-based private equity firm, Dutchess Capital -- the underlying S-1 Registration Statement was recently approved by the Securities Exchange Commission (SEC). MIT's Chief Executive Officer, Michael Brennan, stated, "We have been very pleased working with Dutchess which has an excellent track record in the investment banking industry and has been a leading provider of private equity for over 10 years. Their successful background was the primary reason we selected them to be one of our partners."
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." For more information on Dutchess Capital, visit the firm's website at www.dutchesscapital.com
About Micro Identification Technologies:
The MIT 1000 System can identify bacteria in less than five minutes after culturing at a cost of less than 10 cents per test and is a certified AOAC Research Institute (RI) test method of Listeria, one of three bacteria (the others are Salmonella and E.coli) that are responsible for most of the worldwide food contamination events. The Company is in the process of preparing the MIT 1000 System to become AOAC RI certified later this year for the presence of all "three" bacteria with a single mouse click. The AOAC RI Report and Certification are 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, MRSA and other pathogenic bacteria. MIT recently performed over 300 tests for the identification of these contaminants and scored over 95 percent in accuracy. The System's database currently enables the identification of over twenty species of bacteria and is easily expandable. This 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, documents the accuracy, speed and cost effectiveness of the MIT System over conventional processes. www.namsa.com
Please visit our website: 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, referencing: "MMTC"