MIT Contracts OSI Optoelectronics to Manufacture the MIT 1000 Rapid Microbial Identification System
May 26 2010 - 5:00AM
Marketwired
Micro Identification Technologies, Inc. (OTCBB: MMTC) announced
that it has signed an Agreement with OSI Optoelectronics (OSIO), a
subsidiary of OSI Systems (NASDAQ: OSIS) to manufacture its
microbial rapid identification system, the MIT 1000. OSIO has
manufacturing facilities in California, Malaysia and India. "All of
OSIO's world class facilities are ISO 9001:2000 certified and FDA
registered and GMP compliant making them a perfect company to
fabricate MIT's systems for its current food safety applications
and its planned pharmaceutical and clinical diagnostic
applications," stated John Ricardi, MIT's Executive Vice President
and Chief Operating Officer. In addition, OSIO fabricates the
photodiode detectors that are used in the MIT 1000 and has the
ability to supply other components. OSIO's vast experience in MIT's
targeted markets will also enable them to assist MIT in future
product designs to both accelerate and ensure those products meet
the stringent requirements of those industries. "We are pleased to
work with MIT as we feel their innovative product will become a
valuable tool to help prevent widespread bacterial contamination,"
stated Manoocher Mansouri, OSIO's President.
MIT currently produces the MIT 1000 Rapid Microbial
Identification (ID) System that can identify bacteria in less than
five minutes after culturing at a cost less than 10 cents per
test.
About OSIO:
OSI Optoelectronics is a subsidiary of OSI Systems, Inc. They
provide complete solutions and services from concept to design to
production. They have extensive engineering capabilities in a
variety of disciplines and have created the one "stop shop"
solution for the demanding needs of their clients. Their
experienced engineering team is qualified in numerous technologies
that include: Silicon, III-V compound device design &
fabrication, optics assembly design, Hybrids Circuit and Multi-chip
Modules (MCM) design, Thick and Thin Film; Single and Double Sided
Ceramic Design, Electro-Mechanical Assembly, Hardware Design,
Software Development, Electronics Circuit , Assembly Design,
Printed Circuit Board Design and Mechanical Design. Their expertise
spans through numerous industries that include: Medical, aerospace
and defense, security, communication and industrial OEM solutions
and their manufacturing services are developed for scalability from
prototype to volume production. Worldwide, they have 380,000 square
feet of ISO 9001:2000 certified manufacturing space worldwide and
operate FDA registered facilities in California, Massachusetts and
Malaysia. OSIO employs strict Statistical Process Control
techniques in various stages of Design reviews, Product launch,
Product and Process Improvement. All of their facilities and
products are RoHS (Restriction of Hazardous Substances Directive)
compliant. www.osi-systems.com
About Micro Imaging Technology:
MIT is a California-based public company that has developed and
patented a rapid microbial identification (ID) System that
revolutionizes the pathogenic bacteria ID process and can 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. www.micro-imaging.com
MIT recently completed an extensive, almost one-year in
duration, evaluation by the AOAC Research Institute which included
independent rigorous testing and thorough reviews by the AOAC RI
and its expert reviewers, including the U.S. Department of
Agriculture. The AOAC RI Report is available from the Company.
www.aoac.org
Further, 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 is easily expandable. The identification process has been
verified by North American Science Associates, Inc. (NAMSA), an
independent, internationally recognized biological testing
laboratory. The NAMSA Test Report is available from the Company
and, in MIT's opinion, demonstrates the accuracy, speed and cost
effectiveness of the System over conventional processes.
www.namsa.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: Michael Brennan Chairman Email: Email Contact
Telephone: (805) 557-0614
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