SOURCE: Micro Imaging Technology, Inc.

Micro Imaging Technology, Inc.

April 05, 2010 08:00 ET

Micro Identification Technologies Concludes a $500,000 Equity Based Private Placement

SAN CLEMENTE, CA--(Marketwire - April 5, 2010) -  Micro Identification Technologies, Inc. (OTCBB: MMTC) announced that effective on March 31, 2010 it concluded a $500,000 Convertible Redeemable Private Placement that was introduced on November 18, 2009. The prospective investors were Accredited Investors (as defined in Regulation D promulgated under the Act) and their total investment in the Placement did not exceed 10% of any investor's net worth. This equity financing was offered solely by the Company.

Micro Identification's Chief Executive Officer, Michael Brennan, stated, "We are pleased with the outcome of the Placement with the conversion of current debts of $328,500 owed to principals into the Placement, funds received from investors of $210,000 and firm commitments of a further $100,000. This places the value raised at $638,000 for the four month period and moves us a step closer to a planned larger equity financing."

About Micro Identification Technologies (MIT):

MIT is a developer of patented technologies for rapid bacterial identification (ID), a process that is significantly different from all other bacterial ID methods and is not reliant on chemical or biological processing, fluorescent tags, gas chromatography or DNA analysis. The MIT 1000 System's process is totally GREEN, requiring only water and unknown bacteria samples.

MIT, now committed to volume production, last year completed an extensive evaluation and certification 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 certification is a gold standard in food safety and the Report is available from the Company.

MIT also has demonstrated the ability to detect and identify, within several minutes and at a cost of pennies-per-test, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. The MIT 1000 System can currently ID 23 species of bacteria and is easily expandable. This ID process has been verified by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized biological testing laboratory. The NAMSA Test Report, in MIT's opinion, acknowledges the accuracy, speed and cost effectiveness of the System over conventional processes and is available from the Company.

Further information is available from MIT's SEC filings and our web site http://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.

Contact Information

  • CONTACT:
    Michael Brennan, Chairman
    Email: Email Contact
    Telephone Direct: (805) 557-0614