MIT Changes Its Name to Micro Identification Technologies
19 Febrero 2010 - 5:00AM
PR Newswire (US)
For Leading Microbial Testing Pioneer, Change Reflects Expanded
Technology Offerings SAN CLEMENTE, Calif., Feb. 19
/PRNewswire-FirstCall/ -- Micro Imaging Technology, Inc.
(OTC:BulletinOTC:Board:OTC:MMTC) today announced that it has
changed is company name to Micro Identification Technologies to
better reflect the extensive capabilities of its ID technology
software. The company currently produces the MIT 1000 Rapid
Microbial Identification (ID) System that can identify bacteria in
less than five minutes with a laser that uses the principles of
light scattering and with proprietary PC-based software algorithms
to test bacteria samples at less than $.10 per test. "Our company's
mission is to become an advanced identifier for a variety of
applications spanning several industries and we felt our name
should reflect this objective," stated Michael Brennan, MIT's
Chairman and CEO. MIT's primary focus is in food safety where over
the past few years a vast amount of food contamination events have
been recorded. The Center for Disease Control reports that over
325,000 food contamination events causing 5,000 deaths annually.
MIT's technology can also be used for applications in clinical
diagnostics, pharmaceutical and semiconductor processing as well as
drinking water testing. Each of these applications will be pursued
over the next few years. The technology is also adaptable to
perform identification in air. About Micro Identification
Technologies Micro Identification Technologies is a
California-based public company that has developed and patented a
rapid microbial identification (ID) System that revolutionizes the
pathogenic bacteria ID process and can annually save thousands of
lives and tens of millions of dollars. The system can identify
bacteria in minutes at significant savings. It does not rely on
chemical or biological agents, conventional processing, fluorescent
tags, gas chromatography or DNA analysis. Revenues for all rapid
testing methods exceed $5 billion annually - with food safety
accounting for over $3 billion - having expanded at a rate of 9.2
percent annually since 1998. Current growth projections are at 30%
annually with test demands driven by major health, safety and
homeland security issues. For more information, please visit
http://www.micro-identification.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. DATASOURCE: Micro Identification Technologies
CONTACT: Corporate, Michael Brennan, Chairman of Micro Imaging
Technologies, +1-805-557-0614, ; or Media, Teena Touch for Market
Media Connect, +1-415-310-3125, , for Micro Identification
Technologies Web Site: http://www.micro-identification.com/
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