Micro Imaging Technology, Inc. to Receive the First Commercial Production Units of Its MIT 1000
Published: Jun 21, 2012
SAN CLEMENTE, CA--(Marketwire - June 21, 2012) - Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC) announced that the first commercial units of its Rapid Microbial Identification System will be available by the first week of July 2012 from its Hawthorne, CA-based Manufacturing Partner.
"Although we were unable to meet our 2011 manufacturing goal," stated Jeffrey Nunez, Micro Imaging's newly appointed President and CEO. "We have made tremendous strides in just the past 45 days and are very excited to be now in the production phase. We are working closely with our manufacturing partner and feel confident we will meet the specifications outlined for the first several MIT 1000 units," Nunez continued. MIT contracted with a Hawthorne, CA-based manufacturer in 2010 under an exclusive five-year manufacturing agreement to produce MIT's Rapid Microbial Identification System and received the first pre-production MIT 1000 System in late December 2010. This System, manufactured exclusively for MIT, is a stand-alone, optically-based, software driven system. The MIT 1000 can complete an identifying test in less than five (5) minutes and with a material cost of pennies -- adding further credence to MIT's claims of being able to save thousands of lives and tens of millions of dollars in health care cost with its unique technology.
Furthermore, MIT's Chief Scientist, David Haavig, PhD explains: "In the U.S., around 76 million cases of food- borne illnesses, resulting in 325,000 hospitalizations and 5000 deaths, are estimated to occur each year. The leading cause of these illnesses and deaths are three main strains of bacteria: E. coli, Salmonella, and Listeria. Rapid identification of these disease-causing pathogens in food is critical to the health and safety of all consumers."
The AOAC Research Institute (AOAC RI) awarded the Company in June 2009, Performance Tested Methods SM (PTM) certification for the rapid identification of Listeria. The AOAC RI provides an independent third party evaluation and expert reviews of methods and will award PTM certification to methods that demonstrate performance levels equivalent or better than other certified bacteria identifying methods. The MIT System underwent hundreds of individual tests, including ruggedness and accuracy, to earn AOAC RI's certification for the identification of Listeria.
About: Micro Imaging Technology, Inc.
MIT is a California-based public company that has developed and patented a Microbial Identification System that revolutionizes the pathogenic bacteria diagnostic process and can annually save thousands of lives and tens of millions of dollars in health care costs. The MIT 1000 identifies bacteria in minutes, not days, and at a significant per test cost savings when compared to any other conventional method. It does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. The process requires 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 surpass $4.7 billion by 2015 according to BCC Research. In addition, the recently passed "New" U.S. Food Safety Bill is expected to further accelerate the current annual growth rate of 6.6 percent.
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, reference MMTC: www.sec.gov.
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Web Site: www.micro-imaging.com
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