Microcap Investor
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
This is promising - Purdue, MMTC Strategic Research Collaboration on Rapid Detection of Pathogens
Purdue University, Micro Imaging Technology Strategic Research Collaboration on Rapid Detection of Pathogens
SAN CLEMENTE, CA--(Marketwired - Oct 1, 2013) - Micro Imaging Technology, Inc. (OTCQB: MMTC) announced today a strategic research collaboration with Purdue University to prove the concept of faster, cheaper, and easier pathogen testing for Listeria and Listeria monocytogenes in foods using laser light scattering. The partnership pairs similar laser light scattering technologies developed independently by each contributor to demonstrate the speed and accuracy of using non-biological methods to provide a simple, rapid, and cost-effective solution to food pathogen testing.
Dr. Arun Bhunia, BVSc, PhD, Professor of Food Microbiology at the Purdue University Department of Food Science, will direct the Purdue portion of the research together with Dr. Euiwon Bae, a mechanical engineer, at his facilities in West Lafayette, IN. Prof. Bhunia received his Ph.D. in Food Microbiology at the University of Wyoming. A recent recipient of Purdue's Outstanding Graduate Educator (College of Agriculture), Dr. Bhunia's research has focused on the development of novel detection and diagnostic tools for food borne pathogens employing optical and electrical biosensors, including light scattering based sensors. Dr. Bhunia's group developed Purdue's BARDOT (Bacterial Rapid Detection using Optical scattering Technology,) a colony-based bacterial screening system that very rapidly scans and detects pathogens on culture plates.
Micro Imaging Technology's Chief Scientist, Dr. David Haavig, is the Program Director of the effort and also will lead MIT's efforts in the collaboration. Coincidentally, he received his Ph.D. in Physics from Purdue University in 1983. Dr. Haavig was instrumental in developing the MIT 1000, a bacterial cell based identification system that can identify pathogenic bacteria in three (3) minutes (average) at significant cost savings per test. "The synergy of these two systems for independent detection (BARDOT) and confirmation (MIT 1000) of the presence of pathogens in food is fantastic. This is a win-win program," Dr. Haavig remarked. "It benefits MIT, Purdue and its students, as well as the entirety of the food industry and consumers worldwide. We cannot be more pleased to be working with Dr. Bhunia and his staff."
About: Purdue University
Purdue University is a major education and research institution known for discoveries in science, technology, engineering, math and beyond. Founded in 1869 in West Lafayette, Indiana, the University proudly serves its state as well as the nation and the world. More than 39,000 students from all 50 states and 130 countries, along with some 850 student organizations and Big Ten Boilermaker athletics, make for a lively environment.
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, rapid, optically-based, software driven system that can identify pathogenic bacteria and complete an identification test, after culturing, in three (3) minutes (average) at the lowest cost 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 filtered 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.
In June 2009, the AOAC Research Institute (AOAC RI) awarded the Company Performance Tested Methods SM (PTM) certification for the rapid identification of Listeria. The AOAC RI provides an independent third party evaluation and expert reviews of methods and will award PTM certification to methods that demonstrate performance levels equivalent or better than other certified bacteria identifying methods. The MIT System underwent hundreds of individual tests, including ruggedness and accuracy, to earn AOAC RI's certification for the identification of Listeria.
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.
Contact:
CONTACT:
Jeffrey Nunez
President and CEO
Email: Email Contact
Web Site: www.micro-imaging.com
Telephone: (949) 388-4546
Company should consider this company's business model. I have invested in both FSNR and SINX.
Sionix Corporation Launches New Asset Controlling Partnership Program to Fund Operating Assets and Support Recurring Revenue Model
Press Release: Sionix Corporation LOS ANGELES, CA--(Marketwire -03/07/12)- Sionix Corporation (OTC.BB: SINX.OB - News) ("Sionix" or the "Company"), a designer of patented water treatment systems, announced today its Asset Controlling Partnership Program ("ACP"). The purpose of this structure is to create a project-based vehicle for investing in, managing and operating a specific Mobile Water Treatment System ("MWTS") for a specific long term project or application. Under the ACP Program, Sionix provides and operates an MWTS, and partners with investors (which may include customers or other interested parties) to fund its operations. The Company expects the ACP Program to be implemented initially in the non-conventional shale plays where reclamation and recycling of drilling, flowback and produced water from O&G drilling and hydraulic fracturing operations have faced both regulatory and environmental challenges.
By modifying its business model to provide water treatment services rather than insist that cost-conscious customers make a large up-front investment, the operation and maintenance of Sionix MWTS equipment onsite by Sionix personnel becomes a recurring revenue source that was previously unavailable from equipment sales alone. To the extent that investor interest in a tangible asset generating cash flow and revenue sharing opportunities arise, the Company believes financing the fabrication and assembly of MWTS products will spur the deployment of Sionix products and services to not only the O&G industry, but to other vertical markets as well.
The ACP Program is anticipated to greatly reduce the need for dilutive financing that the Company has utilized in the past. "We are committed to creating and unlocking shareholder value," stated President and CFO David R. Wells. "This program greatly reduces our immediate capital expenditure needs and provides us with long term cash flow that will fund Sionix operations. This ability to self-fund future expansion is essential to scale in the industry," stated CEO James Currier. "We believe that numerous operators in the shale fields are starting to adapt the 'reuse and recycling' practice instead of the traditional deep well injection disposal method. Sionix is uniquely positioned to enjoy an early mover advantage with its recent announcement of plans to deploy its MWTS in the Williston Basin."
Currier further stated, "As development of shale resources transition from the recovery of natural gas deposits in the Marcellus Shale to the oil-bearing formations in the western states, regulatory and environmental oversight of current disposal methods of water contaminated by O&G operations and drawdowns of fresh water resources will hamper energy recovery in these rich shale deposits. The onsite treatment, recovery and recycling of these precious water resources we believe could be mandated by local, state and national regulatory authorities." As a reference point, on January 23, 2012, and effective April 1, 2012, the Industrial Commission of the State of North Dakota has approved and implemented new rules and amendments to their "General Rules and Regulations for the Conservation of Crude Oil and Natural Gas" that will significantly impact the treatment and reclamation of contaminated water resources, among other activities that pose environmental concerns.
Currier continued, "Selling the service instead of the equipment minimizes installation and training costs associated with equipment sales, and places management and operation of MWTS products squarely in the hands of our people who best know the product and technology. This ultimately reduces implementation and operating risk, and better serves the customer."
About Sionix Corporation
Sionix designs innovative and advanced MWTS intended for use in energy, government facilities, healthcare facilities, emergency water supplies during natural disasters, housing development projects, and various industrial processes including subterranean fracturing used in oil and gas drilling. These systems can be located adjacent to contaminated water sites or as a pre-treatment for reverse osmosis and other membrane applications. Industries involved in dairy, agribusiness, meat processing, mining, poultry operations, and many others can benefit from Sionix' cost-effective, easily maintained, portable water treatment systems. For more information about the company, go to www.sionix.com.
About Sionix Technology
Using a patented dissolved air flotation (DAF) technology packaged in a mobile shipping container, air bubbles between the size of 1 and 2 microns are injected and float organic contaminants to the surface where 99.95% are skimmed off, and a majority of inorganic contaminants are also captured and removed. This compares to standard DAF units which historically have been limited to using bubble sizes of 50 microns or larger. The size of these bubbles is important because the smaller the bubble, the greater the surface tension. They can then hold together longer and elevate more organic contaminants to the surface for removal.
Forward-Looking Statements
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include, but are not limited to, whether Sionix Corporation can raise capital as and when it needs to, whether the water purification systems will generate significant sales, whether it can compete successfully in its market and industry, and other factors beyond the control of Sionix Corporation, including those detailed from time to time in the reports filed with the Securities and Exchange Commission. Sionix Corporation assumes no obligation and does not intend to update these forward-looking statements.
Contact:
Company
Melissa Pagen
Director, Sales and Marketing
T: 704-971-8409
mpagen@sionix.com
Investor Relations
Nuwa Group
Kevin Fickle
T: 925-330-8315
kevin@nuwagroup.com
If the company has the task to drum up interest, they sure fell flat on the SEC quarterly filing today. To find out what the company has that is so secretive, a shareholder may have to attend the shareholder meeting next month.
Woodrow,
You provided me with the same information that I provided in the SEC link. The CEO was provided shares twice - 3 million in April 2009 and another 1 million in April 2011.
Do you have evidence that the company provided the CEO with more than 4,000,000 shares? He is reporting 4,005,000 shares. My guess is that he acquired 5,000 shares on the open market many years ago.
Here is a link to the ownership reports filed with the SEC.
http://www.sec.gov/cgi-bin/own-disp?action=getowner&CIK=0001475323
ponzi_implosion and other posters having a negative view of the company's undertakings and the management, I suggest attending the shareholder meeting in March and ask management the questions that are asked on this message board. According to the proxy, you will need to have evidence of being a shareholder.
It is likely that the sales are short exempt. Types of sales that qualify as short exempt may be found under Rules 201(c) and 201(d) of Regulation SHO.
http://taft.law.uc.edu/CCL/regSHO/rule201.html#c.
Since I was a buyer of some shares today, I'll post a comment.
I'm betting that management is not misrepresenting itself and will have a viable solution that will benefit the industry. Since management indicates January will bring more news, I added to my position. The stock price seems to have a floor at around 6¢. For the number of shares that were provided to management and others, not too many of those shares are being offered on the market.
Texas Tribune article about high water usage in fracking indicates FSNR shareholders may bode well if the Freestone Water Solutions process is viable for the oil/gas industry in curtailing water usage.
January 14, 2012
Unlocking the Secrets Behind Hydraulic Fracturing
By KATE GALBRAITH
http://www.texastribune.org/texas-environmental-news/water-supply/fracking-disclosure-texas-includes-water-volumes/
Starting Feb. 1, drilling operators in Texas will have to report many of the chemicals used in the process known as hydraulic fracturing. Environmentalists and landowners are looking forward to learning what acids, hydroxides and other materials have gone into a given well.
But a less-publicized part of the new regulation is what some experts are most interested in: the mandatory disclosure of the amount of water needed to “frack” each well. Experts call this an invaluable tool as they evaluate how fracking affects water supplies in the drought-prone state.
Hydraulic fracturing involves injecting water, sand and chemicals into underground shale formations at enormous pressure to extract oil and natural gas. Under the new rule, Texans will be able to check a Web site, fracfocus.org, to view the chemical and water disclosures.
“It’s a huge step forward from where we were,” Amy Hardberger, an Environmental Defense Fund lawyer, said of the rule.
Most fracked wells use 1 million to 5 million gallons of water over three to five days, said Justin Furnace, president of the Texas Independent Producers & Royalty Owners Association.
A June study prepared for the Texas Water Development Board suggested that less than 1 percent of the water used statewide went into fracking. Oil and natural gas groups say such numbers show their usage lags well behind that of cities.
But the data cited is a few years old, and drilling has since increased in places like the Eagle Ford Shale in South Texas. The amount of water used for fracking is “expected to increase significantly through 2020,” according to the state water plan published this month.
Dan Hardin, the water board’s resource planning director, said water use for fracking was not expected to exceed 2 percent of the statewide total.
But drilling can send water use numbers much higher in rural areas, Dr. Hardin said. For example, he projects that in 2020, more than 40 percent of water demand in La Salle County, in the Eagle Ford Shale, will go toward “mining,” a technical term that in this case means almost entirely fracking. Until recently, no water went toward mining there.
Researchers say predicting future water usage for drilling is tough, citing economic and technological uncertainties. Meanwhile, they want more data.
Jean-Philippe Nicot, a research scientist with the Bureau of Economic Geology at the University of Texas at Austin and the main author of the water board’s June study, noted that many drillers already reported water usage to the Texas Railroad Commission. (The commission’s new rule will be the first time water disclosure is required.)
Dr. Nicot would like to see more information about whether the water comes from aquifers or reservoirs, or has been recycled from other fracking operations.
Texas also needs better information about what is in water that has been in the earth and comes up in a well in addition to oil or gas, said Mark A. Engle, a geologist with the United States Geological Survey’s Eastern Energy Resources Science Center. That water can contain materials like grease and radioactive elements.
“Texas ranks pretty much dead last of any state I’ve worked with for keeping track of that sort of data,” Dr. Engle said.
kgalbraith@texastribune.org
Following the message board postings reminded me of a college course I took in the early 1970s. The course was titled General Semantics. Here is the Merriam-Webster definition.
Definition of GENERAL SEMANTICS
: a doctrine and educational discipline intended to improve habits of response of human beings to their environment and one another especially by training in the more critical use of words and other symbols
I believe that the company has an offering to the industry that may be successful, thus I added to my position today. Contrary to what others indicate, large share quantity shares are not being dumped by those who received shares for services in 2010 and 2011.
I purchased the 20k shares today at 7.6¢. I had previously acquired a larger quantity of shares as low as 6¢ and as high as 12¢.
ponzi_implosion,
I am not convinced that Encapsol was a complete scam for management. The company retained the copyright to the name and mentioned it in the 10-K that was filed at the end of September (see content below).
At present, Freestone’s management is focused on the utilization of our unique solvent EncapSol. Freestone’s acquisitions of certain oil and gas properties are necessary to conduct research and development for EncapSol, and our hydrocarbon-based product Petrozene. Minimal revenues have been earned and related expenses have been incurred from the incidental operation of these oil and gas interests, as well as miscellaneous fees associated with the corporation. Freestone continues to look for various solvents, chemicals, and technologies that might fit into Freestone’s petro-chemical line.
panther9191,
Just to prove there are other investors/shareholders watching this message board, I'll post my presence as a shareholder. My opinion is that the company will do well with the newly acquired assets.
ponzi_implosion,
The last trade yesterday was not done by a tape painter. It represented 35% of yesterday's volume and was done at the stock's high price of the day.
FINISHER,
Your naked short position range is extremely unrealistic. There has been only 5 million shares of FSNR traded within the last year.
http://www.otcmarkets.com/stock/FSNR/chart
ponzi_implosion,
The company will consider its minority position in the LLC. Here is what will happen.
interest of shareholders who, in the aggregate, own less than half the shares in a corporation. On the consolidated balance sheets of companies whose subsidiaries are not wholly owned, the minority interest is shown as a separate equity account or as a liability of indefinite term. On the income statement, the minority’s share of income is subtracted to arrive at consolidated net income.
http://www.answers.com/topic/minority-interest#ixzz1iUVef3eC
DD,
Here is the source for the transfer agent. If it is incorrect, management should have the reference corrected.
http://www.otcmarkets.com/stock/FSNR/company-info
Assuming your question was not a rhetorical question, here is FSNR's transfer agent:
http://www.pacificstocktransfer.com/
Steady T,
Here is a SEC link that provides information on restricted shares and removing the restriction legend.
http://www.sec.gov/investor/pubs/rule144.htm
For the record, I am a recent buyer of FSNR.
ponzi_implosion,
Here is a filed statement indicating that shares associated with the warrant is restricted. It is from the company's recent 10-K.
During the fiscal year ended June 30, 2011, the Company sold 3,712,500 shares for cash at an average price of $.10 a share. The Company also issued 5,300,000 shares for services with a total value of $954,000; 500,000 shares for warrants with a total value of $24,000; and 100,000 shares for demonstration equipment with a total value of $58,585. These shares are restricted pursuant to SEC Rule 144.
http://sec.gov/Archives/edgar/data/1089319/000112178111000277/fsnr_10k.htm
janeyH,
Your skepticism is always appreciated. However, in the press release by MMTC, there is mention by executives of both companies of a sale of 5 systems this year. It will probably not be in the company’s sales revenue until the fourth quarter.
Mr. Ronald Tucker, EPIC's CEO, stated, "EPIC is preparing a program to purchase MIT's hardware and license MIT's software libraries that can currently detect, almost instantly, many different types of bacterium and believe that within the next year over thirty systems will be sold, generating in excess of $1 million in initial revenue to be followed by recurring software licensing fees, support agreements and sales of consumable products. As an additional reinforcement of our commitment to MIT we have also ordered five MIT 1000 Systems for immediate delivery in a transaction roughly valued at $200,000."
Mr. Michael Brennan, MIT's Chairman, said, "We are very appreciative of EPIC's initial order. Also, as previously stated, this agreement with EPIC will provide us with needed funding now that we have emerged from our development stage and a partner that is very familiar with the healthcare industry. This will enable MIT to approach other markets in healthcare in addition to our current exclusive focus on the $3.5 billion food safety segment."
http://www.marketwire.com/press-release/micro-imaging-technology-expands-the-epic-alliance-receives-initial-purchase-order-otcbb-mmtc-1551428.htm
scan007,
I am a recent shareholder. A possibility for management's quietness could be related to the "quiet period" imposed upon issuers. Below is what the SEC has stated about the "quiet period". It is possible that the company's legal counsel has advised management against public statements until the SEC review is completed for any filed documents. If this is the situation, management could at least do press release giving status on the company's progress in getting their securities registered again.
I point out the following sentence from the SEC information as the reason I am suggesting this situation.
Most of the rules, for example, are not available to blank check companies, penny stock issuers, or shell companies.
Here is the detail from the SEC web page.
Quiet Period
The federal securities laws do not define the term "quiet period," which is also referred to as the "waiting period." However, historically, a quiet period extended from the time a company files a registration statement with the SEC until SEC staff declared the registration statement "effective." During that period, the federal securities laws limited what information a company and related parties can release to the public.
On June 29, 2005, the Commission voted to adopt modifications to the registration, communications, and offering processes under the Securities Act of 1933. Among many other provisions, the rules update and liberalize permitted offering activity and communications to allow more information to reach investors by revising the "gun-jumping" provisions under the Securities Act. The cumulative effects of these rules are as follows:
Well-known seasoned issuers are permitted to engage at any time in oral and written communications, including use at any time of a new type of written communication called a "free writing prospectus," subject to enumerated conditions (including, in some cases, filing with the Commission).
All reporting issuers are, at any time, permitted to continue to publish regularly released factual business information and forward-looking information.
Non-reporting issuers are, at any time, permitted to continue to publish factual business information that is regularly released and intended for use by persons other than in their capacity as investors or potential investors.
Communications by issuers more than 30 days before filing a registration statement will be permitted so long as they do not reference a securities offering that is the subject of a registration statement.
All issuers and other offering participants will be permitted to use a free writing prospectus after the filing of the registration statement, subject to enumerated conditions (including, in some cases, filing with the Commission). Offering participants, other than the issuer, will be liable for a free writing prospectus only if they use, refer to, or participate in the planning and use of the free writing prospectus by another offering participant who uses it. Issuers will have liability for any issuer information contained in any other offering participant's free writing prospectus as well as any free writing prospectus they prepare, use, or refer to.
The exclusions form the definition of prospectus are expanded to allow a broader category of routine communications regarding issuers, offerings, and procedural matters, such as communications about the schedule for an offering or about account-opening procedures.
The exemptions for research reports are expanded.
A number of these new rules include conditions of eligibility. Most of the rules, for example, are not available to blank check companies, penny stock issuers, or shell companies.
The rules address the treatment under the Securities Act of electronic communications, including electronic road shows and information located on or hyperlinked to an issuer's website. The rules define written communication as any communication that is written, printed, a radio or television broadcast, or a graphic communication. The definition of graphic communication and, thus, electronic road show excludes communications that are carried live and in real-time to a live audience, regardless of the means of transmission. Electronic road shows for initial public offerings of common equity or convertible equity securities will have to make a bona fide electronic road show readily available to an unrestricted audience to avoid filing the electronic road show with the Commission. No other road shows will be subject to filing.
The effective date of the rules is December 1, 2005. For more information, please see Release No. 33-8591 — Securities Offering Reform.
http://www.sec.gov/answers/quiet.htm
I picked up 7,000 more shares this morning at 10.5 cents. Last week, I tried to buy at 9 cents without any success. This morning I started at 9 cents, changed to 10 cents. After seeing action at 10.5 cents, I increased my bid. I wish I had acquired more shares last month when a seller was transacting at 6 cents.
Why you cannot get a fill at 15 cents is crazy.
janeyH, My post did not indicate that I thought there might be a non-disclosure. I have experienced confidentiality treatment issues in previous and current investments in other micro-cap companies.
ysung, what you consider fluff press releases, other shareholders, including me, consider this information to be what you may consider a hint without going over the line. I took today's press release to indicate that the next step will be production of units to be used in demonstrations by distributors and potential partners.
Another "hint" press release to me was the company's 2011 growth strategy outline provided in mid January. Here it the link to that "hint" or fluff announcement.
http://www.biospace.com/news_story.aspx?NewsEntityId=207860
I suggest being more understanding of other investors. I see no pumpers on this message board. Most of us have invested on the belief that the company will succeed in its endeavors. I like the situation that the two executive managers and a major investor has significant ownership in the company.
ysung, perhaps the company is restricted from disclosing more information due to a non-disclosure arrangement. I have been invested in the company since 2009 and expect to see production units in the next few months.
uponstocks4me, where did you obtain your information? The company is not listed as an exhibitor at Tri-Con 2011.
http://www.triconference.com/mmtc_content.aspx?id=93740
ysung,
I believe that the company will sell 40 units this year.
johny, regarding culture time, this was mentioned about the MIT 1000 in the June 2010 newsletter for rapidmicromethods.com.
Micro Identification Technologies and OSI to manufacture the MIT 1000 light scattering microbial identification system
Micro Identification Technologies, Inc. (MIT) announced that it has signed an Agreement with OSI Optoelectronics (OSIO), a subsidiary of OSI Systems to manufacture its microbial rapid identification system, the MIT 1000. The MIT 1000 is a laser-based, microbial rapid identification system capable of identifying 23 different species of pathogenic bacteria just minutes after culturing. Due to the small sample volume required, culture time is also reduced by up to 50% compared to standard testing procedures. In most cases, results can be obtained in as little as eight hours from the time the culturing process begins. The device uses the principles of light scattering to discriminate various bacteria cells that are suspended in filtered water. Incident laser light both reflects off the bacteria’s outer surface and penetrates the body of the bacterium, the light interacts with any structural features and eventually emerges from inside the cell. These light patterns are unique for each species and thereby create a signature that is captured and stored in a computer data base. The MIT 1000 features 35 photo detectors that surround the sample vial and collect light scattering intensities that are generated when a cell intersects the laser beam. Identification occurs when 10-50 organisms are analyzed, and typically takes less than 10 minutes.
http://rapidmicromethods.com/files/news.html
janeyH,
"smells like a shoe sale" - is this good or bad in your opinion?
If the company is financing its current needs through it's Securities Purchase Agreement with Tony Frank (I'm assuming this is still valid), then we should see an amendment to the Schedule 13D filed by Mr. Frank no later than February 14th, the 45th day following the end of the year.
Form 12b-25 filed for company. We will have to wait 15 calendar days or less for the filing of the company's 10-K.
http://sec.gov/Archives/edgar/data/808015/000114420411004808/v209470_nt10-k.htm
janeyH,
That trading happen after the settlement of the litigation with Divine Capital Markets, LLC and their investors. Shorted shares had to be acquired to covered.
http://sec.gov/Archives/edgar/data/808015/000114420409028870/v150551_8-k.htm
River77,
The next financial document to be filed is the 10-K. It is due at the end of this month. It should have detail of any recent dilution.
Kgem,
If Frank is financing the company's needs under his December 2008 security purchase agreement with the company, once he converts the obligation from loan to shares, his shares are priced at a discount to the bid price. It is up to him to feed shares into the market so as not to drive the price too low.
Since he has not updated his Schedule 13D with another amendment or has not filed a Form 4 recently, he may be acquiring shares and selling shares as to not change his last previous reported share holding. If he maintains a market demand/supply balance, he makes money via the 20% discount.
I have a theory on ongoing volume of trading without any substantial news, The company's ongoing financial needs may be through the securities purchase agreement that Tony Frank has with the company. Here is the beneficial ownership report filed by Frank to identify this agreement dated December 15, 2008. It was Frank's 27th amendment. The 28th (last) amendment filed February 27, 2009 has the same statement.
http://sec.gov/Archives/edgar/data/808015/000114420409002460/v137374_sc13d-a.htm
On December 15, 2008, Mr. Frank entered into a Securities Purchase Agreement with the Company to purchase $300,000 in convertible debentures. The debentures bear 10% annual interest and mature on the third anniversary of the final closing date on which the final debentures, of up to an additional $2.2 million in debentures, are sold as determined by the Placement Agent. The debentures are convertible at any time at the option of the holder into the Company’s common stock at a fair market value of 80% of the lowest closing bid price per share for the 20 trading days immediately preceding conversion. The debentures are also redeemable by the Company: 1) if before six months at 120% of the principal value, plus interest; or 2) if after six months, at 131% of principal, plus interest.
By the end of the month, we should know if additional shares have been issued since the last filing. The company's 10-K filing is due.
I believe the consumables are vials and purified water.
I considered the company’s press release today as a positive for shareholders. If investors were expecting the company to sell hundreds of Rapid Microbial Identification (RMI) systems or more in the very near term, expectations were too high for these investors. I believe the company’s goal is to get dozens of units into the marketplace so that the user community can evaluate the efficiency of the RMI system and the savings that their operations can have by changing to this new technology. If this proves successful, then unit shipments in greater quantity will happen.
Speaking of high investor expectations, I came across InfoSpi, Inc. (ISPI.PK), a blank check (shell) company earlier this month and was watching it (I have no investment in it). There was a private large quantity share sale to an individual last month at an above market price. The stock price started to move higher last week and today is up significantly (high of about 3¢). Previously, the stock has been in a three-month range of 0.4¢ to 0.6¢. The company has not yet announced its business intentions - go figure! Most new ISPI.PK investors will likely be disappointed. I think that an investment in MMTC.OB would better serve their goal of earning a great return on investment.
I do believe that MMTC.OB will succeed for shareholders and I am willing to wait for that expected outcome. Once RMI systems ship to customers, I expect the share price to move upward. From reading the press release today, it seems that Dutchess Capital LLC equity line is on hold. It will be interesting to see how the numerous announced private placement transactions have been priced. Asher Enterprises have been doing financing with many microcap companies of late. Investors will see this detail in less than two weeks with the filing of the company’s 10-K. My biggest concern is that the company’s difficulty in getting reasonable financing to fund the business plan.
Outstanding Shares Update
Kgem, here is an accounting of outstanding shares (173 million) identified in the last quarterly report, updated with management/director filings since the filing of the 10-Q.
Insider / Affiliate Shares Date of Filing
M. Brennan (director) 23,448,600 Thursday, December 02, 2010
V. Hollander (director) 20,136,436 Monday, November 01, 2010
A. Frank (major shareholder) 58,035,586 Monday, March 22, 2010
Total Float: 101,620,622 % of outstanding shares - 58.8%
Outstanding shares identified in filings: 172,954,187
I believe the company should clarify the employment status of John Ricardi. I can wait until later this month when the 10-K is submitted to the SEC.
The company's website indicates that he is the management ranks (see management bios page). Also here is a July 2009 press release indicating his promotion.
http://www.photonics.com/Article.aspx?AID=39054
Micro Imaging Promotes Ricardi
Micro Imaging Technology Inc. of San Clemente, Calif., has promoted John Ricardi to executive vice president, a position created by its board. Ricardi, who is currently chief operating officer, will lead the commercialization program for the company’s microbe identification technology. He will also retain his COO responsibilities. Ricardi has more than 25 years of business development and operational management experience in the life sciences and semiconductor industries. He joined Micro Imaging in 2007 as vice president of business development and was shortly thereafter promoted to COO. The company’s laser-based MIT 1000 system uses light scattering and computer algorithms instead of chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis to identify bacteria contamination for food quality control, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring.
Here is the information Mr. Ricardi provided on his consulting website regarding the company's product.
Managed technical team that brought new laser based life sciences system from conception to production in 1.5 years with $1.2M budget by focusing team and executing detailed program plan.
http://www.hi-tch.com/Success_Stories.html
ysung,
The company's share count is likely to be what I stated in post #2626 (Kgem, please highlight reference this post instead of the post that you have referenced). The company is obligated to issue a 10-K filing to the SEC at the end of the month. The 10-K will provide an updated share issued count.
As for the company obtaining financing, it may be that sufficient financing has been offered but the terms were not acceptable to the board of directors and the largest shareholder. Since two directors and the major shareholder own a majority of shares, there is probably a decision to minimize their (and our) dilution and pass on a large financing package. Thus, the painful process of moving the business to the next stage (minimal employees, services paid through share issuance, no PR firm, etc.).
In 2009, the company faced a lawsuit that almost collapsed the business when debt holders took ownership of the company’s patents. The company countered with their own lawsuit and the matter was settled outside of court. It is unlikely that the company will consider that type of financing in the future.
http://www.marketwire.com/press-release/Patent-Rights-Micro-Imaging-Technology-Inc-OTCBB-MMTC-Assigned-Secured-Creditors-Cease-980843.htm
The public company which last employed John Ricardi provides a good example when a company takes risky financing and obligations are not met.
http://sec.gov/Archives/edgar/data/857953/000101968709001668/jmar_8k-ex9901.htm
My belief is that the company’s technology is sufficiently developed and the market exists for the product. This places a monetary floor under the company’s value. What the value is, I am unsure. My guess is the monetary value could be $8 to $10 million. Assuming full dilution reaches 200 million shares, that is 4¢ to 5¢, well above my cost average.
Funding Battle Looms for New Food-Safety Law
Here is the URL link to the March 2010 health care cost report by Georgetown University, in case the hyperlink does not show.
http://www.producesafetyproject.org/admin/assets/files/Health-Related-Foodborne-Illness-Costs-Report.pdf-1.pdf
Funding Battle Looms for New Food-Safety Law
By Molly Peterson - Jan 4, 2011
President Barack Obama will sign a $1.4 billion food-safety bill today that marks the biggest change to oversight of the food industry since 1938 and sets up a funding fight with Republicans poised to take over the House.
The House subcommittee that monitors the U.S. Food and Drug Administration’s budget may be unwilling to spend that much on the legislation, said Representative Jack Kingston, a Georgia Republican who is in line to become chairman of the panel.
The measure, passed by Congress last month, gives the FDA more power to police domestic and international producers. It authorizes more inspections, requires most food companies to develop hazard prevention plans and gives the agency the ability to force recalls of tainted products. Implementing the law would cost about $1.4 billion over five years, according to the Congressional Budget Office.
“There’s a high possibility of trimming this whole package back,” Kingston said yesterday in a telephone interview. “While it’s a great re-election tool to terrify people into thinking that the food they’re eating is unsafe and unsanitary, and if not for the wonderful nanny-state politicians we’d be getting sick after every meal, the system we have is doing a darn good job.”
Kingston, who voted against the food-safety bill, was the subcommittee’s senior Republican last year, when Democrats held a House majority. He is in line to head the panel after the Republican-controlled House convenes tomorrow.
Hamburg Optimistic
Obama plans to sign the food-safety measure today, the White House said yesterday in an e-mailed statement. FDA Commissioner Margaret Hamburg said her agency will work closely with Congress to implement the law.
“I’m very optimistic that we will be able to move forward,” Hamburg said yesterday on a conference call.
While the U.S. has one of the safest food supplies in the world, “every day we see preventable illness, we see unnecessary hospitalizations and too many people have died from foodborne illness,” Hamburg said. “The costs of not going forward” to overhaul the system “are simply unacceptable.”
Foodborne germs sicken almost 48 million people in the U.S. each year, leading to 128,000 hospitalizations and 3,000 deaths, the Atlanta-based Centers for Disease Control and Prevention said last month.
The tally marked the agency’s first comprehensive food- poisoning estimates since 1999, when the CDC estimated that 76 million Americans contract foodborne illnesses each year, with 325,000 hospitalizations and 5,000 deaths. The CDC said the lower estimates were based on improved data and shouldn’t be viewed as reflecting a reduction in nationwide cases.
Health Care Costs
The costs of failing to overhaul the food-safety system would ultimately exceed the legislation’s implementation costs, said Erik Olson, director of food programs at the Pew Health Group in Washington. He cited a March report by Georgetown University’s Produce Safety Project that found foodborne illnesses cost the U.S. economy $152 billion in health care and related expenses.
“We will be seeking to make the case to Congress that this is an important expenditure, it’s important to public health and over the long run, it will save money,” Olson said yesterday on the FDA conference call
The Grocery Manufacturers Association was among industry groups that backed the legislation. The trade group has more than 300 members including Nestle SA of Vevey, Switzerland, and Northfield, Illinois-based Kraft Foods Inc., the world’s two biggest food companies.
“Ultimately, it is the food industry that is responsible for the safety of its products,” Pamela Bailey, president of the Washington-based group, said yesterday on the FDA conference call. “But we have long recognized that strong government oversight is a critical and necessary part of our nation’s food safety net.”
To contact the reporter on this story: Molly Peterson in Washington at mpeterson9@bloomberg.net
To contact the editor responsible for this story: Adriel Bettelheim at abettelheim@bloomberg.net
http://www.bloomberg.com/news/2011-01-04/food-safety-funding-battle-looms-as-obama-prepares-to-sign-reform-bill.html
Outstanding Shares Update
On December 6th, I talked to the company CEO and was told that share count I received from the transfer agent was grossly incorrect. Although he did not have a number at the time of the discussion, he said that the shares provided to management since the September 15th reporting of shares in the 10-Q would be a good estimate of the additional shares. This would bring the outstanding count to 172.9 million shares, not the number I received from the transfer agent which was 260.4 million shares.
After my call, I again called the transfer agent to confirm the outstanding position. I reached a different employee at the transfer agent and she would not provide me with an outstanding share number, quoting agent policy. I am quite certain that I heard the correct number earlier in the month.
I followed up my call to the CEO with an email request to have a company employee verify the outstanding position with the transfer agent and to notify me of the outcome. I have not yet heard back from the company.
Sorry for the misunderstanding. If 172.9 million shares is correct, then management and the largest shareholder (A. Frank) own 58.7% of outstanding shares.