Micro Imaging Technology Receives a Substantial Exclusive Licensing Proposal From EPIC Corporation
October 25 2011 - 12:49PM
Marketwired
Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC)
announced that it has received a substantial exclusive licensing
proposal from EPIC Corporation that offers initial payments of $2
million and royalty payments in perpetuity for sales of MIT
hardware and software technologies. This follows MMTC's July 2011
announcement that EPIC had entered into an MMTC Stock Purchase
Agreement and that an EPIC principal had invested in MMTC.
Mr. Michael Brennan, MMTC's Chairman, stated, "Our Board of
Directors and outside advisors are seriously considering EPIC's
proposal and will respond in the very near future. The prospects
could be highly advantageous; providing an additional funding
source allows us to focus on our core market segment of food safety
as EPIC expands our technologies into additional markets,
including: diagnostic and clinical processes, water and beverage
quality control and environmental and clean room monitoring."
About: Micro Imaging Technology, Inc. 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 MIT 1000A 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 percent.
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 and was awarded their prestigious Certificate of
Performance Tested Status (Certificate No. 060901). The AOAC RI
Report is available from the Company. www.aoac.org
The identification process has also 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
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 over twenty (20) different species of
bacteria and its capabilities are easily expanded.
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.
Image Available:
http://www2.marketwire.com/mw/frame_mw?attachid=1776774
CONTACT: Michael Brennan Chairman Email: Email Contact
Web Site: www.micro-imaging.com Telephone: (805)
557-0614
Micro Imaging Technology (CE) (USOTC:MMTC)
Historical Stock Chart
From May 2024 to Jun 2024
Micro Imaging Technology (CE) (USOTC:MMTC)
Historical Stock Chart
From Jun 2023 to Jun 2024