Micro Identification Technologies, Inc. (MMTC.OB) Announces Plans for Expansion Enabled by Completed Manufacturing and Financing Agreements

In the company’s news today,

Micro Identification Technologies, Inc. announced that it has begun an internal expansion program, which was made possible in part by the Manufacturing Contract signed with OSI Optoelectronics (OSIO) to produce its systems and the Equity Placement Agreement from the private equity firm Dutchess Capital through its Dutchess Opportunity Fund, LP. Micro Identification Technologies (MIT) Chairman Michael Brennan commented, “As part of this expansion program, we will be significantly increasing our professional and scientific resources — great career opportunities.”

Over the last year MIT produced the PC-based MIT 1000 Microbial Identification System in limited quantities and had several distinguished earlier users, including the U.S. Department of Agriculture ARS, Japanese Ministry of Food Safety, University Putra Malaysia and local contract laboratories. MIT’s Chairman stated, “The MIT 1000 is patented, independently tested and is a certified test method for food safety. More importantly, it can annually save thousands of lives and tens of millions in healthcare costs by the rapid identification of pathogenic bacteria and other microbes.” Mr. Brennan added, “We are on track with this year’s goal to begin quantity deliveries in 4Q 2010, but need to increase our system support and microbiological research capabilities in conjunction with supporting the food industry’s obvious safety requirements.”

The House recently approved the first major changes to food-safety laws in 70 years, giving broad new authority to the Food and Drug Administration (“FDA”) to regulate the way food is grown, harvested, processed and delivered — The Food Safety Bill. The Washington Post noted, “These actions follow a wave of food-borne illnesses over the past three years, involving products as varied as spinach, peanuts, cookie dough and meat, which has shaken consumer confidence and made the issue a priority for congressional leaders and the White House. Food illnesses sicken one in four Americans and kill 5,000 each year, according to government statistics. Tainted food has cost the food industry billions of dollars in recalls, lost sales and legal expenses. Under the legislation, the FDA will get new enforcement powers and be able to impose beefed-up civil and criminal penalties. One provision allows the FDA to declare food ‘adulterated’ simply if the grower or manufacturer has failed to follow safety standards, regardless of whether the food is actually tainted.”

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Forward-Looking Statement:

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