Micro Imaging Technology, Inc. (OTC: “MMTC”) announced on July 26, 2011
that it has entered into a significant long-term equity alliance with EPIC
Corporation (OTC: “EPOR”). Further details are now available: Principals of
EPIC have made personal investments in an MMTC Convertible Debenture and EPIC
has entered into an MIT Stock Purchase Agreement. Additionally, EPIC has formed a
wholly owned subsidiary, EPIC Healthcare Systems, Ltd. for the explicit purpose
of providing a sales channel for all MIT products - which are currently only focused
at food safety applications. EPIC is committed to expand MIT’s capabilities
into additional markets, including; diagnostic and clinical processes, water
and beverage quality control and environmental and clean room monitoring.
Mr. Ronald Tucker, EPIC’s CEO stated "EPIC is
preparing a program to purchase MIT's hardware and license MIT’s software
libraries that can currently detect, almost instantly, many different types of bacterium
and believe that within the next year over thirty systems will be sold,
generating in excess of $1 million in initial revenue to be followed by
recurring software licensing fees, support agreements and sales of consumable
products. As an additional reinforcement of our commitment to MIT we have also
ordered five MIT 1000 Systems for immediate delivery in a transaction roughly
valued at $200,000.”
Mr. Michael Brennan, MIT’s
Chairman said, “We are very appreciative of EPIC’s initial order. Also, as previously
stated, this agreement with EPIC will provide us with needed funding now that
we have emerged from our development stage and a partner that is very familiar
with the healthcare industry. This will enable MIT to approach other markets in
healthcare in addition to our current exclusive focus on the $3.5 billion food
safety segment.”
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
Telephone: (805) 557-0614
