SOURCE: Micro Imaging Technology, Inc.

Micro Imaging Technology, Inc.

June 16, 2009 07:30 ET

MIT 1000 Launches Campaign to Obtain Strategic Distribution and Manufacturing Partners

SAN CLEMENTE, CA--(Marketwire - June 16, 2009) - Micro Imaging Technology, Inc. (OTCBB: MMTC) announced that it has launched a campaign to obtain strategic partners for both distribution and manufacturing of its MIT 1000 Rapid Microbial Identification (ID) System.

By recently obtaining Performance Test Method (PTM) Certification for the ID of Listeria from the AOAC Research Institute (RI), the first step in MIT's commercialization strategy has been accomplished, allowing the Company to initiate sales into the targeted food safety market. MIT next plans to improve its market position with additional Certifications and product improvements. In parallel, the Company plans to create a worldwide distribution network and establish a high quality (e.g. ISO 9000) manufacturing process.

MIT will use its expertise to enhance the System and improve its market position by securing additional AOAC RI PTM Certifications for the ID of E. coli and Salmonella this year. The MIT 1000 will then be certified for the identification of the three bacteria that are responsible for most of the food bacterial contamination events worldwide. To accelerate profitable growth, MIT plans to complement its internal efforts with strategic partners rather than organically grow the Company. Discussions have been initiated with several worldwide distribution leaders in the food industry and a local, well known, global ISO 9000 manufacturer that could also assist in reducing the System's material cost.

"Our goal is to have our strategic partners in place later this year enabling us to obtain several million dollars of profitable revenue in the food safety market next year. In addition, we plan to have strategic partners assist us in entering the pharmaceutical and clinical diagnostic markets in 2011," stated Michael Brennan, MIT's Chairman and CEO.

Over $3 billion is spent for rapid microbial identification in the food safety market annually and is rising at nearly 10 percent per year. Expansion to the pharmaceutical and clinical diagnostic markets is estimated to add over $2 billion to MIT's addressable market.

About Micro Imaging Technology:

MIT is a California-based public company that has developed and patented a rapid microbial ID System that can revolutionize the pathogenic ID process and annually save thousands of lives and tens of millions of dollars. The System IDs bacteria in minutes, not days, and at a significant per test cost savings when compared to any conventional method. It does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. The process is totally GREEN requiring 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 billion -- having expanded at a rate of 9.2 percent annually since 1998. Current growth projections are at 30 percent annually with test demands driven by major health, safety and homeland security issues.

The System is laser based and uses the proven principles of light scattering in conjunction with proprietary PC-based software algorithms to ID microbes and create a proprietary database. MIT, through independent testing, has proven the ability with high accuracy to ID the most dangerous and pervasive pathogens: E. coli, Listeria, Salmonella, and Staphylococcus aureus (a.k.a. Staph) and twenty (20) other species of bacterium.

The MIT 1000 System has numerous ID applications including food quality control, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. MIT has chosen to focus initial efforts on food quality control as recent events have created an urgent demand for quicker and cheaper testing -- demands that will promote a high-value return on any investment in MIT's technology.

Please visit our web site: www.micro-imaging.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