Micro Imaging Technology and EPIC Corporation Announce a Significant Equity Alliance
July 26 2011 - 8:00AM
Marketwired
Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC)
announced that it has entered into a significant long-term equity
alliance with EPIC Corporation (OTC: EPOR). Under the terms of the
signed Memorandum of Understanding, EPIC has committed to
purchasing a substantial equity position in MIT and, as a health
care products supplier, will receive the benefits of MIT's
revolutionary technology.
MIT has developed and patented a Microbial Identification System
that revolutionizes the pathogenic bacteria identification process
and can annually save thousands of lives and tens of millions in
health care costs. The MIT 1000 System is believed to be the
fastest and most inexpensive bacterial identification system
available; identifying bacterial strains in less than five minutes,
at a cost of less than 10 cents per test and extremely easy to
operate. The MIT 1000 System has been certified by the AOAC
Research Institute (AOAC RI) as a test method for Listeria, one of
the three pathogens that are responsible for most of the worldwide
food contaminations. The Company is in the process of preparing the
MIT 1000 System for further certifications for the identification
of both Salmonella and E. coli later this year. This will give the
MIT 1000 System the certified ability to identify all "three of the
major infectious pathogens" within five minutes and with a single
test.
"EPIC is fortunate to become a part of Micro Imaging
Technology," said Ronald Tucker, CEO of EPIC. "We believe that
Micro Imaging is undervalued. The Company's balance sheet fails to
reflect the value of the commercialized device for identifying
bacteria and the 20 or more libraries that can be used to identify
other bacterium, including MRSA."
"EPIC's business plan is to enter into agreements with companies
like Micro Imaging, who are developing technologies to provide
people with better healthcare. The essence of these agreements is
to provide the companies with funding for regulatory approval,
product commercialization, product procurement, marketing and
distribution," stated Mr. Tucker.
Replying, Michael Brennan, MIT's Chairman, said, "The agreement
with EPIC will provide us with needed funding now that we have
entered our production stage and provides a partner that is very
familiar with the healthcare industry. This will enable MIT to
approach other markets in healthcare in addition to the $5 billion
food safety segment."
ABOUT MICRO IDENTIFICATION
TECHNOLOGIES:
MIT is a California-based public company that has developed and
patented a Rapid Microbial Identification System that
revolutionizes the pathogenic bacteria diagnostic process and can
annually save thousands of lives and tens of millions of health
care costs. The System identifies bacteria in minutes, not days,
and at a significant per test cost savings when compared to any
conventional method. It does not rely on chemical or biological
agents, conventional processing, fluorescent tags, gas
chromatography or DNA analysis. The process is totally GREEN
requiring 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 CAGR 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, 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. www.sec.gov, Referencing MMTC.
CONTACT: Michael Brennan Chairman Email: Email Contact
Web Site: www.micro-imaging.com Telephone: (805)
557-0614
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