SOURCE: Micro Imaging Technology, Inc.

February 13, 2007 05:00 ET

Micro Imaging Technology Announces a New Investor

SAN CLEMENTE, CA -- (MARKET WIRE) -- February 13, 2007 -- Micro Imaging Technology, Inc. (OTCBB: MMTC) is pleased to announce a Private Placement of 2.76 million shares of the Company's common stock to Ms. Brenda Bladow, a private investor, for a price of $0.50 per share. The Company realized $1,380,000 from the transaction. In addition, the Company's largest shareholder, Mr. Anthony Frank, has agreed to convert approximately $1.5 million of a convertible debt into the Company's common stock at a conversion price of $0.25 per share.

Michael Brennan, MIT's Chairman, stated that "The new funding provides needed financial support as the Company begins delivering, after years of development, its revolutionary computer-based system for the rapid identification, within minutes, of microbes, including; E. coli, Listeria, Salmonella and other pathogens. Additionally, the conversion of the convertible debt into equity basically removes all debt, other than trade debt, from the Company's Balance Sheet.

Ms. Brenda Bladow:

Ms. Brenda Bladow is an innovative, challenge seeking entrepreneur. In 1995 she earned a degree in Business Administration with an emphasis in Marketing from Seattle Pacific University. Shortly thereafter she became a Jack in the Box franchisee with her former partner. They owned and operated 18 successful restaurants in the Northern Nevada region. With her in-depth knowledge of the food industry and heightened awareness and concern of pathogens and bacteria reaching the consumer -- her visit and discussions with MIT's staff proved to her the viability of MIT's solution and business prospects.

Mr. Anthony Frank:

Mr. Frank has been a majority shareholder of MIT for a number of years. Mr. Frank is a former US Postmaster General and chairman of the board and chief executive officer of First Nationwide Bank, at the time the second-largest consumer banking operation in America. In preparation for his successful business career, Mr. Frank received his bachelor's and MBA degrees from Dartmouth College.

Micro Imaging Technology (MIT):

MIT has developed and patented a laser-based technology for rapid microbe detection and identification. The system measures scattered light intensity as individual bacteria cells pass through a laser beam. The intensity pattern of the scattered light is a direct consequence of the size, shape and external and internal optical characteristics of the microbe. The MIT system is non-biological, does not rely on biological agents, conventional chemical processing, fluorescent tags, gas chromatography or DNA analysis and combines extremely low test costs and fast completion times with very simple operating procedures.

MIT has demonstrated the ability to detect and identify, within minutes, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, Shigella and other pathogenic bacteria and protozoa; including Cryptosporidium and Giardia. The identification process has been tested and verified by North American Science Associates, Inc. (NAMSA), an independent and internationally recognized testing and certification laboratory. The NAMSA Test Report, available from the Company, confirms the accuracy, speed and efficiency of the MIT system over conventional processes.

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 that are available from the Securities and Exchange Commission:

Contact Information

    Michael Brennan
    Micro Imaging Technology, Inc.
    Email: Email Contact
    Telephone: (805) 557-0614