SAN CLEMENTE, CA -- (Marketwire) -- 08/18/11 -- Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC) announced on July 26, 2011 that it has entered into a significant long-term equity alliance with EPIC Corporation (OTC: EPOR). Further details are now available: Principals of EPIC have made personal investments in an MMTC Convertible Debenture and EPIC has entered into an MIT Stock Purchase Agreement. Additionally, EPIC has formed a wholly-owned subsidiary, EPIC Healthcare Systems, Ltd., for the explicit purpose of providing a sales channel for all MIT products -- which are currently only focused at food safety applications. EPIC is committed to expand MIT's capabilities into additional markets, including diagnostic and clinical processes, water and beverage quality control and environmental and clean room monitoring.
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."
ABOUT MICRO IDENTIFICATION TECHNOLOGIES:
MIT is a California-based public company that has developed and patented 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. The System identifies bacteria in minutes, not days, and at a significant per test cost savings 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 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%.
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, MRSA 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, reference MMTC: www.sec.gov.
When I re read this announcement, the part about the required certs was so misleading.Should have been easily completed early in December. What went wrong.
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