SOURCE: EPIC Corporation

EPIC Corporation

August 08, 2011 09:00 ET

EPIC and Micro Imaging Technology Enter Strategic Alliance and EPIC Declares Stock Dividend

AUSTIN, TX--(Marketwire - Aug 8, 2011) - EPIC Corporation (PINKSHEETS: EPOR) (the "Company") announced an equity investment in Micro Imaging Technology, Inc. ("MIT"), the execution of a master distribution agreement for MIT's products, the formation of EPIC Healthcare, LLC, and a stock dividend in its common stock.

"Our equity investment in MIT is in a convertible promissory note," said Ronald Tucker, CEO of EPIC. "The note, after six months from the issuance date, is convertible into MIT's common stock based on its fair market value as of the time of conversion."

The Company has formed EPIC Healthcare, Ltd., a single member limited liability company, and is to be the Master Distribution company for the MIT products.

"Under the distribution agreement, we are preparing a program to license MIT's hardware and software libraries for detecting over 20 different types of bacterium," said Mr. Tucker. "We believe that within the next year we will sell close to 30 licenses generating approximately $900,000 in one time license fees. In addition, we will receive a monthly maintenance fee, and a fee per test."

The Company's Board of Directors has declared a stock dividend payable in its common stock to shareholders of record as of December 30, 2011. The shareholders will receive 1 new share for each share owned (1:1).

MIT is a California-based public company that has developed and patented a Rapid Microbial Identification System that revolutionizes the pathogenic bacteria diagnostic process. This system can detect and identify, within minutes, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. The process has been verified by North American Science Associates, Inc. (NAMSA), and has been through an extensive evaluation by the AOAC RI Institute.

EPIC's business plan is to enter into agreements with companies like MIT who are developing technology to provide people with better healthcare. See www.epiccor.com.

Contact Information

  • CONTACT:
    Ronald Tucker
    CEO
    Email: Email Contact

    Telephone: (760) 771-0036