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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 SAN
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. CONTACT: |
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