MIT Changes Its Name to Micro Identification Technologies
SAN CLEMENTE, Calif., Feb. 19 /PRNewswire-FirstCall/ — Micro Imaging Technology, Inc. (OTC: Bulletin Board: 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 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.
SOURCE Micro Identification Technologies