SOURCE: Micro Imaging Technology, Inc.

Micro Imaging Technology, Inc.

June 05, 2012 08:00 ET

MIT Announces Funding Commitments

SAN CLEMENTE, CA--(Marketwire - Jun 5, 2012) - Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC) announced that it has secured equity funding commitments from two accredited investors making it possible to move the Company's production and marketing strategies forward on a fast track. During May 2012, the Company received $350,000 of the committed funding, the majority of which comes from the Company's newest Board Member, Gregg Newhuis. The recently secured equity arrangements also include the right to purchase up to $600,000 in additional shares at $0.003 per share in the future.

"There aren't many causes one can support that have the potential to save someone's child or parent's life," stated Gregg Newhuis. "I am, therefore, extremely excited and committed to help bring our technology to the market in the very near future."

Since taking over the reins in early April, the Company's new Chairman and CEO, Jeffrey Nunez, has not only focused on streamlining product development, but on cleaning up the balance sheet by more than $1.2 million. "My first and foremost goal is to get our product to market," said Mr. Nunez, "and that translates into value for our shareholders. I would not be able to do that without a committed team of professionals, most notably David Haavig, our Chief Scientist, who is responsible for developing the MIT 100 rapid microbial identification system. And I certainly would not have been in a position to achieve some of the remarkable results we have enjoyed in the past 6 weeks without the support and confidence of Mr. Newhuis and our other major shareholders and investors. When we bring our product to a market very much in need of our technology, all of these individuals are the ones who deserve the lion's share of the credit."

MIT is a California-based public company (OTCBB: MMTC) that has developed and patented a rapid microbial identification system that can revolutionize the bacteria identification market by annually saving thousands of lives and tens of millions of dollars. The System identifies bacteria in minutes, not days, and at a significant per test cost savings when compared to any conventional method and is the recipient of the prestigious AOAC RI Certification for the identification of Listeria -- the bacteria responsible for Listeriosis, a rare but lethal food-borne infection that has a devastating fatality rate of 25 percent.

The System has numerous applications including: food safety, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. MIT has chosen to focus efforts on food quality control as recent events have created an urgent demand for quicker and cheaper testing for food safety.

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

    Jeffrey G. Nunez
    Email Contact
    Telephone: (949) 388-4546 or
    (512) 266-3507