Massachusetts Institute of Technology (MIT) Receives First Production Rapid Microbial Identification Systems Manufactured by OSI Optoelectronics
Published: Jan 04, 2011
SAN CLEMENTE, CA--(Marketwire - January 04, 2011) - Micro Identification Technologies, Inc. (OTCBB: MMTC) (MIT) announced that it received the first production MIT 1000 System from OSI Optoelectronics (OSIO), a subsidiary of OSI Systems on December 24, 2010 and stated that initial test results are superb. 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 John Ricardi, MIT's Executive Vice President and Chief Operating Officer. Mr. Ricardi further added that, "While initially the Systems will be constructed in OSIO's Hawthorne-California facility, as volume increases, fabrication will move to one of their lower labor cost facilities in either Malaysia or India and thus provide the capability for MIT to maintain or improve future profit margins and price competiveness."
Mr. Ricardi continued, "OSIO fabricates the photodiode detectors that are used in the MIT 1000 and plans to supply other components. In addition, their experience with MIT's System and targeted markets enables them to both accelerate and help us to ensure that our current and future product designs meet the stringent requirements of those industries -- capabilities that will insure deliveries of Systems early in 2011."
The MIT 1000 Rapid Microbial Identification 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 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 Company is in the process of preparing the MIT 1000 to become AOAC RI certified later this year for the presence of all "three" bacteria with a single mouse click.
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 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.
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