Micro Imaging Technology Inc (MMTC)

[diy_investor]

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.