MIT Initiates Expansion Plans Enabled by Recently Completed Manufacturing and Financing Agreements
June 15 2010 - 5:00AM
Marketwired
Micro Identification Technologies, Inc. (OTCBB: MMTC) announced
today that it has initiated an internal expansion program; made
possible in part by the Manufacturing Contract with OSI
Optoelectronics (OSIO) to produce its systems and the Equity
Placement Agreement from the private equity firm Dutchess Capital
through its Dutchess Opportunity Fund, LP. Micro Identification
Technologies (MIT) Chairman Michael Brennan stated, "As part of
this expansion program, we will be significantly increasing our
professional and scientific resources -- great career
opportunities."
The Company has produced the PC-based MIT 1000 Microbial
Identification System in limited quantities over the last year and
had several distinguished earlier users, including the U.S.
Department of Agriculture ARS, Japanese Ministry of Food Safety,
University Putra Malaysia and local contract laboratories. MIT's
Chairman added, "The MIT 1000 is patented, independently tested and
is a certified test method for food safety. More importantly, it
can annually save thousands of lives and tens of millions in
healthcare costs by the rapid identification of pathogenic bacteria
and other microbes." Mr. Brennan added, "We are on track with this
year's goal to begin quantity deliveries in 4Q 2010, but need to
increase our system support and microbiological research
capabilities in conjunction with supporting the food industry's
obvious safety requirements."
As published by the Washington Post last year, the House
approved the first major changes to food-safety laws in 70 years,
giving broad new authority to the Food and Drug Administration
("FDA") to regulate the way food is grown, harvested, processed and
delivered -- The Food Safety Bill. The Washington Post also noted,
"These actions follow a wave of food-borne illnesses over the past
three years, involving products as varied as spinach, peanuts,
cookie dough and meat, which has shaken consumer confidence and
made the issue a priority for congressional leaders and the White
House. Food illnesses sicken one in four Americans and kill 5,000
each year, according to government statistics. Tainted food has
cost the food industry billions of dollars in recalls, lost sales
and legal expenses. Under the legislation, the FDA will get new
enforcement powers and be able to impose beefed-up civil and
criminal penalties. One provision allows the FDA to declare food
'adulterated' simply if the grower or manufacturer has failed to
follow safety standards, regardless of whether the food is actually
tainted."
About Micro Identification
Technologies:
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
identifies bacteria in minutes, not days, and at a significant cost
per test savings when compared to any conventional process. 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-identification.com
About OSI Optoelectronics:
OSI Optoelectronics designs, manufactures and markets
optoelectronic products and provides electronics manufacturing
services (EMS) for use in a broad range of applications for
commercial, military, aerospace, industrial, healthcare and
homeland security options. Their products are widely used in
training and simulation systems, satellite and missile guidance
systems, medical imaging and diagnostic systems, among others.
OSI Optoelectronics has over 40 years of experience in the field
of optoelectronics product development and manufacturing, and has
established a global network of world-class manufacturing
facilities to provide extensive engineering solutions and
manufacturing capabilities and services for clients worldwide.
www.osi-systems.com
About Dutchess Capital:
Dutchess Capital is an investment manager which provides
creative financing for promising, growth-stage companies. Founded
in 2000, funds managed by Dutchess have made over $200 million in
direct investments in companies throughout North America, Europe
and Asia.
For almost a decade, Dutchess has been a global leader in Equity
Line ("ELOC") investments and has transacted in excess of $1.6
billion in such financings. The ELOC is a flexible financing
structure by which publicly traded companies can raise capital
quickly, efficiently and with less dilution than most traditional
offerings.
For more information, visit: www.dutchessopportunity.com, a fund
managed by www.dutchesscapital.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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