Dallas, Texas (December 30, 2011) – StockGuru Shines it Spotlight on Micro Imaging Technology, Inc. (OTCBB: MMTC) (OTCQB: MMTC). Yesterday the Company issued a press release and 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.” The Company closed on December 29, 2011, at $0.0057, trading in a fifty-two week range of $0.0195 – 0.001.
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 Michael Brennan, MIT’s Chairman, states that, “The Company has considered EPIC’s recent proposal which superseded the earlier proposed equity alliance — and has rejected it.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.
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.
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.
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