SOURCE: Micro Imaging Technology, Inc.

Micro Imaging Technology, Inc.

February 17, 2009 08:00 ET

MIT Issues Its Report Card of Accomplishments

SAN CLEMENTE, CA--(Marketwire - February 17, 2009) - Since taking the reins in late 2006, Chairman and Chief Executive Officer, Michael W. Brennan, has moved Micro Imaging Technology, Inc. (OTCBB: MMTC) on a steady path toward success. Under Mr. Brennan's stewardship, the Company has raised over $2.8 million in working capital which has been key to moving the MIT technology forward, while strengthening the Company's balance sheet by retiring over $3.7 million in debt. "We're always looking for capital to get us to that next step," stated Brennan. "What company isn't these days, when even the big conglomerates are stumbling in this economy? What's important to note, however, is that the people who work for and support MIT intend for this Company to be around for the long haul. They have made it possible for MIT to not only improve its balance sheet by 50% in the past 2 fiscal years, but to complete the development of a product that has the real potential to save many, many lives."

Last year, MIT reported that its patented MIT 1000 technology for rapid microbe detection and identification had scored high marks in its testing by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized biological testing laboratory. Results of testing in late 2008 by the USDA's chief scientific center, Agricultural Research Service, further support the performance and accuracy of the MIT 1000 System. "Now, in collaboration with the USDA - ARS, our System is currently undergoing the final phase of Performance Test Method certification by the Association of Advanced Communities Research Institute (AOAC RI)," Mr. Brennan stated. AOAC is an independent, science-based provider and facilitator in the development, use and harmonization of validated analytical methods and laboratory quality assurance programs and services. "We expect that our MIT 1000 System will perform admirably, in terms of accuracy, repeatability and robustness of performance, during AOAC RI's testing to identify the often fatal pathogens, Listeria, E.coli and Salmonella," Brennan said.

"The food industry is our initial targeted market," stated John Ricardi, MIT's VP and Chief Operating Officer. "It's a market that spends over $3 billion annually in rapid identification testing and due to all of the recent food product contaminations, we expect that number to continue its upward trend. We strongly believe the MIT 1000 System will achieve AOAC RI performance test method certification this quarter, thus meeting the pre-requisite for sales into the US and most international food protection markets. This totally 'GREEN' technology does not require the use of reagents, chemicals or DNA processing to perform an ID test, only clean water. With a cost of just pennies per test and its ability to complete an ID test in less than 5 minutes, this System has generated high interest in potential customers. We are anxious to get it into the customers' hands."

About AOAC International and AOAC Research Institute:

AOAC International is a globally recognized, independent, not-for-profit association founded in 1884. To attain its vision of "worldwide confidence in analytical results," AOAC serves communities of the analytical sciences by providing the tools and processes necessary to develop voluntary consensus standards or technical standards through stakeholder consensus and working groups in which the fit-for-purpose and method performance criteria are established and fully documented.

The AOAC Research Institute is part of AOAC International and maintains an up-to-the minute list of Performance Tested Methods. Performance Tested Methods have been independently tested, rigorously evaluated, and thoroughly reviewed by the AOAC Research Institute and its expert reviewers.

About Micro Imaging Technology:

The Company has developed and patented a technology for rapid microbe detection and identification. This System measures scattered light intensity as individual microbes 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 and does not rely on biological agents, conventional chemical processing, fluorescent tags, gas chromatography or DNA analysis.

MIT has demonstrated the ability to detect and identify, within several minutes, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. MIT recently performed over 300 tests for the identification of the aforementioned contaminants and scored 95% accuracy. The System can currently identify 23 species of bacteria and its ID capability is easily expanded.

The identification process has been verified by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized biological testing laboratory. The NAMSA Test Report, in the Company's opinion, demonstrated the accuracy, speed and efficiency of the MIT System over conventional processes and is available from the Company.

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