Micro Imaging Technology, Inc. (OTCQB: MMTC) MIT has developed and patented the MIT 1000, a Microbial Identification System that revolutionizes the pathogenic bacteria diagnostic process and can annually save thousands of lives and tens of millions of dollars in health care costs. This technology will identify bacteria in minutes at a significantly lower cost per test compared to conventional methods.
Jeffrey Nunez, MIT's Chairman and CEO, stated, "This press release is to provide an update concerning our achievements over the past year and a look ahead for 2013."We received significant financial backing from our newest Board member, Gregg Newhuis, and others, allowing us to concentrate all of our efforts on moving our technology and marketing strategy forward. We dramatically improved our balance sheet by reducing the amount of debt accumulated over the past three years -- 2012 shows more than a 65% decrease in liabilities over the previous fiscal year. We substantially increased our lab capacity and operations, as well as our calculational capacity, over the past nine months which will ultimately allow us to more rapidly increase the number of pathogen identifiers in the MIT 1000 library. We submitted applications to the Association of Advanced Communities Research Institute (AOAC RI) for Performance Test Method Certification for the MIT 1000 for the identification of the pathogens E. coli and Salmonella. We invested thousands in production design with our Hawthorne, California-based manufacturing partner, OSI Optoelectronics -- and received our first three commercial, ready-for-sale MIT 1000 systems in November 2012. We announced in December receipt of U.S. Patent Office approval for our new trademark Micro Identification Technologies® under which we plan to market the MIT 1000. We invested a great deal of time and dollars last year on our new branding -- our new logo, enhanced website and marketing materials. We also invested a great deal of time, effort and dollars in our intellectual property security and proprietary software technology this past year.
"Have we hit every mark," Nunez asks rhetorically. "Of course not, obviously. We are disappointed that we are not further along in the AOAC certification process on E. coli and Salmonella. But we've done it in proof-of-principle testing so we know it will happen, it's not a matter of if, it's a matter of when. And we're very optimistic that will be this year," he stated. Nunez continued, "Perhaps one of our greatest and most important achievements this past year has been the development of our MIT 1000 software infrastructure. This has significantly improved our ability to maintain and protect sensitive data while simplifying our customers' access to our primary product: our identifiers. This advance ensures that the keys to our technology kingdom remain safely in our hands, securing and safeguarding our proprietary technology."
"Meanwhile," Nunez added, "we haven't been sitting on our hands. We have participated in many relevant trade shows this past year and made numerous valuable contacts in the food safety arena. These contacts have already generated interest from prominent testing laboratories and university research programs interested in collaborative endeavors. Discussions are in the very early formative stages, but we intend to consider every opportunity available to enhance our business and growth strategy. We believe that 2013 is going to be a very exciting year for MIT."
About: Micro Imaging Technology, Inc.
Micro Imaging Technology, Inc. is a California-based public company that is also registered to do business under the name Micro Identification Technologies. MIT has developed and patented the MIT-1000, a stand-alone, optically-based, software driven system that can detect pathogenic bacteria and complete an identification test, after culturing, in less than five (5) minutes for pennies per test when compared to any other conventional method. It does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. The process requires only clean particle-free 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 annual growth rate of 6.6 percent.
You can find more information about our company and about Micro Identification Technologies. Please visit our newly enhanced website at www.micro-identification.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, reference MMTC: www.sec.gov.