Micro Imaging Technology Repudiates Any EPIC Alliance
December 29 2011 - 8:00AM
Marketwired
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 (also traded on the
OTC market). EPIC was unable to execute under the terms of that
alliance and proposed a completely different structure which was
fully disclosed by the Company in a Press Release dated October 25
and an 8-K filling dated October 28, 2011. Wherein the Company
stated: "It has received an offer from EPIC for the exclusive
licensing of its products and technology, which we have not
accepted but are investigating and evaluating."
Recently, EPIC released its unaudited and not dated Consolidated
Financial Statements for the Years Ending September 30, 2011 and
2011. Under Note 8 - Other Events: EPIC claims it has entered into
a distribution agreement and a contract to purchase 150 million
shares of the Company's Common Stock.
Mr. Michael Brennan, MIT's Chairman, states that, "The Company
has considered EPIC's recent proposal which superseded the earlier
proposed equity alliance -- and has rejected it. Therefore,
contrary to EPIC's statements -- the Company does not consider it
has any agreements with EPIC at this time other than a Convertible
Debenture purchased by EPIC principals, which the Company, on
several occasions, has offered to repurchase. We wish EPIC all the
best going forward."
Additional information regarding EPIC can be gleaned at their
web site.
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 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. 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.
CONTACT: Michael Brennan Chairman Email: Email Contact
Web Site: www.micro-imaging.com Telephone: (805)
557-0614
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