Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC) announced that it has entered into a significant long-term equity alliance with EPIC Corporation (OTC: EPOR). Under the terms of the signed Memorandum of Understanding, EPIC has committed to purchasing a substantial equity position in MIT and, as a health care products supplier, will receive the benefits of MIT's revolutionary technology.
MIT has developed and patented a Microbial Identification System that revolutionizes the pathogenic bacteria identification process and can annually save thousands of lives and tens of millions in health care costs. The MIT 1000 System is believed to be the fastest and most inexpensive bacterial identification system available; identifying bacterial strains in less than five minutes, at a cost of less than 10 cents per test and extremely easy to operate. The MIT 1000 System has been certified by the AOAC Research Institute (AOAC RI) as a test method for Listeria, one of the three pathogens that are responsible for most of the worldwide food contaminations. The Company is in the process of preparing the MIT 1000 System for further certifications for the identification of both Salmonella and E. coli later this year. This will give the MIT 1000 System the certified ability to identify all "three of the major infectious pathogens" within five minutes and with a single test.
"EPIC is fortunate to become a part of Micro Imaging Technology," said Ronald Tucker, CEO of EPIC. "We believe that Micro Imaging is undervalued. The Company's balance sheet fails to reflect the value of the commercialized device for identifying bacteria and the 20 or more libraries that can be used to identify other bacterium, including MRSA."
"EPIC's business plan is to enter into agreements with companies like Micro Imaging, who are developing technologies to provide people with better healthcare. The essence of these agreements is to provide the companies with funding for regulatory approval, product commercialization, product procurement, marketing and distribution," stated Mr. Tucker.
Replying, Michael Brennan, MIT's Chairman, said, "The agreement with EPIC will provide us with needed funding now that we have entered our production stage and provides a partner that is very familiar with the healthcare industry. This will enable MIT to approach other markets in healthcare in addition to the $5 billion food safety segment."
ABOUT MICRO IDENTIFICATION TECHNOLOGIES:
MIT is a California-based public company that has developed and patented a Rapid Microbial Identification System that revolutionizes the pathogenic bacteria diagnostic process and can annually save thousands of lives and tens of millions of health care costs. The System identifies 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 $3.5 billion, which is expected to surpass $4.7 billion by 2015 according to BCC Research. In addition, the recently passed "New" U.S. Food Safety Bill is expected to further accelerate the current CAGR growth rate of 6.6%.
MIT previously completed an extensive evaluation by the AOAC RI Institute which included rigorous independent testing and thorough reviews by its expert examiners, including the U.S. Department of Agriculture. The AOAC RI Report is available from the Company. www.aoac.org
MIT has also 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 these contaminants and scored 95% accuracy. The System can currently identify 23 species of bacteria and its capabilities are easily expanded. The identification process has been verified by North American Science Associates, Inc. (NAMSA), an independent and internationally recognized microbiological 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. www.sec.gov, Referencing MMTC.
CONTACT:
Michael Brennan
Chairman
Email: Email Contact
Web Site: www.micro-imaging.com
Telephone: (805) 557-0614
