Micro Identification Technologies Initiates Expansion Plans Enabled by Recently Completed Manufacturing and Financing Agreements With OSI Optoelectronics
Published: Jun 15, 2010
SAN CLEMENTE, CA--(Marketwire - June 15, 2010) - Micro Identification Technologies, Inc. (OTCBB: MMTC) announced today that it has initiated an internal expansion program; made possible in part by the Manufacturing Contract with OSI Optoelectronics (OSIO) to produce its systems and the Equity Placement Agreement from the private equity firm Dutchess Capital through its Dutchess Opportunity Fund, LP. Micro Identification Technologies (MIT) Chairman Michael Brennan stated, "As part of this expansion program, we will be significantly increasing our professional and scientific resources -- great career opportunities."
The Company has produced the PC-based MIT 1000 Microbial Identification System in limited quantities over the last year and had several distinguished earlier users, including the U.S. Department of Agriculture ARS, Japanese Ministry of Food Safety, University Putra Malaysia and local contract laboratories. MIT's Chairman added, "The MIT 1000 is patented, independently tested and is a certified test method for food safety. More importantly, it can annually save thousands of lives and tens of millions in healthcare costs by the rapid identification of pathogenic bacteria and other microbes." Mr. Brennan added, "We are on track with this year's goal to begin quantity deliveries in 4Q 2010, but need to increase our system support and microbiological research capabilities in conjunction with supporting the food industry's obvious safety requirements."
As published by the Washington Post last year, the House approved the first major changes to food-safety laws in 70 years, giving broad new authority to the Food and Drug Administration ("FDA") to regulate the way food is grown, harvested, processed and delivered -- The Food Safety Bill. The Washington Post also noted, "These actions follow a wave of food-borne illnesses over the past three years, involving products as varied as spinach, peanuts, cookie dough and meat, which has shaken consumer confidence and made the issue a priority for congressional leaders and the White House. Food illnesses sicken one in four Americans and kill 5,000 each year, according to government statistics. Tainted food has cost the food industry billions of dollars in recalls, lost sales and legal expenses. Under the legislation, the FDA will get new enforcement powers and be able to impose beefed-up civil and criminal penalties. One provision allows the FDA to declare food 'adulterated' simply if the grower or manufacturer has failed to follow safety standards, regardless of whether the food is actually tainted."
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 dollars. The System identifies bacteria in minutes, not days, and at a significant cost per test savings when compared to any conventional process. 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 billion -- having expanded at a rate of 9.2 percent annually since 1998. Current growth projections are at 30 percent annually with test demands driven by major health, safety and homeland security issues. www.micro-identification.com
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 has established a global network of world-class manufacturing facilities to provide extensive engineering solutions and manufacturing capabilities and services for clients worldwide. www.osi-systems.com
About Dutchess Capital:
Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Founded in 2000, funds managed by Dutchess have made over $200 million in direct investments in companies throughout North America, Europe and Asia.
For almost a decade, Dutchess has been a global leader in Equity Line ("ELOC") investments and has transacted in excess of $1.6 billion in such financings. The ELOC is a flexible financing structure by which publicly traded companies can raise capital quickly, efficiently and with less dilution than most traditional offerings.
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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