SOURCE: Micro Imaging Technology, Inc.

Micro Imaging Technology, Inc.

October 06, 2009 08:00 ET

Micro Imaging Technology Obtains Equity Financing Commitment of up to $3,000,000 From Ascendiant Capital

SAN CLEMENTE, CA--(Marketwire - October 6, 2009) - Micro Imaging Technology, Inc. (OTCBB: MMTC) has developed and patented technologies for rapid bacterial identification (ID), a unique process that differs 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 the unknown bacteria sample. The Company ("MIT") announced today that it has obtained an equity financing commitment of up to $3,000,000 from a private equity firm, Ascendiant Capital Group, LLC.

During the 36-month term of this equity financing commitment, MIT may sell shares of its common stock to Ascendiant up to the total commitment amount. MIT will determine, in its sole discretion, the amount and timing of any sales of these shares. The sales are subject to certain conditions of which additional details will be provided in an 8-K filing with the SEC.

MIT's Chief Executive Officer, Michael Brennan, stated, "We are very pleased with Ascendiant's equity financing commitment and it is one of several financing strategies that will be pursued to accelerate the commercialization of our products and business growth."

About Micro Imaging Technology:

MIT recently completed an extensive evaluation and certification assessment by the AOAC Research Institute, which included rigorous independent testing and thorough reviews by the AOAC RI and its outside expert reviewers, including the U.S. Department of Agriculture. The AOAC RI certification is the internationally recognized gold standard in food safety and the AOAC RI Report is available from MIT.

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 different species of bacteria with this ID number easily expanded. This ID process has been verified by North American Science Associates, Inc. (NAMSA), an independent and internationally recognized bioscience testing laboratory. The NAMSA Test Report, in MIT's opinion, defines the accuracy, speed and cost effectiveness of the MIT System over conventional processes and is available from the Company. Further MIT information is available from SEC filings and at: www.micro-imaging.com

About Ascendiant:

Established in 2001 and located in Irvine, CA, Ascendiant Capital Group, LLC provides investments and guidance to public and private emerging growth companies. Additional information is offered at: www.ascendiant.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: (805) 557-0614