Jun 01, 2009 08:00 ET
MIT 1000 Rapid Microbial Identification System Is Candidate for the Wall Street Journal's Technology Innovation Awards
Source of Article: http://www.marketwire.com/press-release/Micro-Imaging-Technology-Inc-997284.html
CLEMENTE, CA--(Marketwire - June 1, 2009) - Micro Imaging Technology, Inc. (
WSJ's three global editions are presenting the Technology Innovation Awards for technological breakthroughs in such areas as medicine, software, environment, hardware, the Internet and wireless communications. Innovations can be in the form of new products, inventions or services. WSJ defines an innovation as those items that break with conventional processes and go beyond marginal improvements in existing products and services. An innovation does not have to be commercially viable. Otherwise, they feel, a vast number of useful innovations would be excluded before they became viable.
WSJ will forward the most promising entries to an independent panel of judges which will select the winners. Each application will be judged initially on its own merits rather than in competition with other applications. This will ensure that individuals, nonprofit organizations and small companies have just as much chance of winning as big companies with large research budgets. Once the judges have selected category winners, they will choose Gold, Silver and Bronze winners for the entire competition.
Winners will be featured in The Wall Street Journal's three editions on October 12, 2009, as well as on wsj.com. Prize winners will be honored at an awards ceremony in Silicon Valley.
Micro Imaging Technology produces a rapid microbial Identification (ID) system that performs an ID test in minutes versus hours or days at a cost of pennies versus dollars. It is significantly different from all other ID methods as it does not rely on chemical or biological agents, conventional processing, fluorescent tags, or DNA analysis -- the process is totally GREEN, requiring only clean water and a sample of the unknown bacteria.
Recently the Company announced that it had submitted its Final Report to the AOAC Research Institute (AOAC RI) for Performance Test Method™ (PTM) certification for the MIT 1000 System's ID of the Listeria species. This bacterium causes the serious food-borne infection Listeriosis, which is recognized as an important public health issue in the United States where annually an estimated 2,500 persons become seriously ill and is responsible for over 500 deaths.
An AOAC RI PTM certification is a presumptive requirement for sales into the U.S. and most international food safety markets where over $3 billion dollars is spent annually in rapid ID testing.
"Last year MIT was runner-up in a field of several hundred companies in the annual Innovations in Healthcare Awards that is sponsored by Adaptive Business Leader's. We have made remarkable strides in our product development since then and it would be a terrific honor to receive this prestigious award," stated Michael Brennan, MIT's Chairman and CEO. Mr. Brennan further stated, "We humbly believe the MIT 1000 System fits the criteria for this type of award and are hopeful that the WSJ judges will agree."
About The Wall Street Journal
The Wall Street Journal, the flagship publication of Dow Jones & Company, is the world's leading business publication. Founded in 1889, The Wall Street Journal has a print and online circulation of more than 2 million, reaching the nation's top business and political leaders, as well as investors across the country. Holding 33 Pulitzer Prizes for outstanding journalism, The Wall Street Journal provides readers with trusted information and knowledge to make better decisions. The Wall Street Journal print franchise has more than 750 journalists worldwide, part of the Dow Jones network of nearly 1,900 business and financial news staff. Other publications that are part of The Wall Street Journal franchise, with a global audience of 3.8 million, include The Wall Street Journal Asia and The Wall Street Journal Europe. The Wall Street Journal Online at WSJ.com is the largest paid subscription news site on the Web with 10.9 million users each month. In 2008, the Journal was ranked No. 1 in BtoB's Media Power 50 for the ninth consecutive year. The Wall Street Journal Radio Network services news and information to more than 280 radio stations in the U.S.
About AOAC International and AOAC Research Institute:
AOAC INTERNATIONAL is a globally recognized, independent, not-for-profit association founded in 1884. To attain its vision of "worldwide confidence in analytical results," AOAC serves communities of the analytical sciences by providing the tools and processes necessary to develop voluntary consensus standards or technical standards through stakeholder consensus and working groups in which the fit-for-purpose and method performance criteria are established and fully documented. The AOAC Research Institute is part of AOAC INTERNATIONAL and maintains an up-to-the-minute list of certified Performance Tested Methods which have been independently tested, rigorously evaluated and thoroughly reviewed by the AOAC Research Institute and its expert reviewers.
About Micro Imaging Technology:
MIT is a California-based public company that has developed and patented a rapid microbial ID system that can revolutionize the pathogenic ID process and annually save thousands of lives and tens of millions of dollars. The System IDs bacteria in minutes, not days, and at a significant per test cost savings when compared to any conventional method. 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 each year since 1998. Current growth projections are at 30 percent annually with test demands driven by major health, safety and homeland security issues.
The System is laser and optically based and uses the proven principles of light scattering in conjunction with proprietary PC-based software algorithms to ID microbes and create a proprietary database. MIT, through independent testing, has proven the ability with high accuracy to ID the most dangerous and pervasive pathogens; E. coli, Listeria, Salmonella, and Staphylococcus aureus (a.k.a. Staph) and twenty (20) other species of bacterium.
The MIT 1000 System has numerous ID applications including food quality control, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. MIT has chosen to focus initial efforts on food quality control as recent events have created an urgent demand for quicker and cheaper testing -- demands that will promote a high-value return on any investment in MIT's technology.
Please visit our web site: www.micro-imaging.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.
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