DENVER, Nov. 14, 2005 (PRIMEZONE) -- Medical International Technology Inc. (MIT) (OTCBB:MDIR) (http://www.mitcanada.ca), a developer and manufacturer of patented needle free jet injectors for human and animal inoculation, announces:
SALES TO THE POULTRY INDUSTRY IN CHINA TO COMBAT BIRD FLU
The Company announces the sale of our AGRO-JET MIT IIP low pressure needle-free injectors designed for animal use to our Chinese Distributor for the poultry industry.
The AGRO-JET Needle-Free injector will be used to inoculate poultry in China to prevent and eliminate cross contamination. At present time the world's poultry industry is using a needle/syringe to inoculate the birds. This current method of using needles to inject a few hundred birds before changing the needle increases the risk for cross contamination between injected birds and more importantly increases the risk of infecting the person inoculating with an accidental needle prick.
Outbreaks of Influenza H5N1 have occurred among poultry in eight countries in Asia (Cambodia, China, Indonesia, Japan, Laos, South Korea, Thailand, and Vietnam). It is believed that these outbreaks are ongoing. Most recently, Influenza H5N1 has been reported among poultry in Turkey and Romania. Human infections of Influenza A (H5N1) have been reported in Cambodia, Indonesia, Thailand, and Vietnam.
"We are pleased to be able to provide an injection solution to the poultry industry," stated Mr. Karim Menassa, President and CEO of Medical International Technology Inc. "We hope that with the use of our product, we can inoculate as many poultry as possible in China and the rest of the world and help in the fight to contain the spread of this deadly disease to humans."
ISO CERTIFICATION RECEIVED -- HUMAN USE TO START
Further to our news release of October 19, 2005, MIT has now received;
1. Full certification for our Quality Management System granted under the International Organization for Standardization's ISO:9001:2000,
2. Full certification for our "Medical Device-Quality Management System" under ISO 13485:2003, as well as
3. Certification for the "Canadian Medical Device Conformity Assessment System" (CMDCAS), for devices to be licensed by HEALTH CANADA.
These certifications will now allow the Company to market and sell our MED-JET Needle-Free Injector for human use in all countries other than the USA. The MED-JET injector has been submitted for FDA approval, which, if accepted, will allow MIT to sell the MED-JET in the United States. MIT does sell our injectors for animal use in the USA.
$500,000 FINANCING
MIT is completing a private placement consisting of 20,000,000 units at a pre-reverse split price of $0.025 per unit for an aggregate investment of $500,000. Each unit includes a Series A warrant for 20,000,000 shares at a pre-reverse split price of $0.075 per share and a Series B warrant for 20,000,000 shares at a pre-reverse split price of $0.10 per share.
$250,000 FINANCING
MIT is now closing an additional private placement consisting of 10,000,000 units at a pre-reverse split price of $0.025 per unit for an aggregate investment of $250,000. Each unit includes a Series A warrant for 10,000,000 shares at a pre-reverse split price of $0.075 per share and a Series B warrant for 10,000,000 shares at a pre-reverse split price of $0.10 per share.
COMPANY RESTRUCTURING UPDATE
The Company is progressing well with our plans to affect a 1 for 10 reverse split of our issued and outstanding stock. The confirmed date for the Special Shareholders' Meeting is November 17, 2005. To date, the Company has received our new CUSIP number (58457X 20 2) and shareholder votes supporting the reverse split totalling in excess of 65% of the issued shares. Accordingly, we expect to receive our new trading symbol shortly after the meeting and expect it to be effective on or shortly after November 21, 2005.
MIT CANADA, with offices in Montreal, is a subsidiary of Denver, Colorado-based Medical International Technology, Inc. (MIT USA), which specializes in the development, production, marketing and sale of needle-free injectors both for humans and animals, for individual and mass vaccinations.
Karim Menassa, President On Behalf of the Board of Directors Medical International Technology, Inc.
This press release is available on the Medical International Investor Relation's site for investor questions, commentary and feedback. Investors are asked to visit http://www.agoracom.com and select the Medical International Investor Relations HUB. Alternatively, investors can e-mail their questions or comments directly to MDIR@agoracom.com or ask to be placed on the Medical International Technology investor e-mail list to receive all future press releases directly.
About Medical International Technology, Inc. (http://www.mitcanada.ca)
MIT CANADA, with offices in Montreal, is a subsidiary of Denver, Colorado-based Medical International Technology, Inc. (MIT USA), which specializes in the development, production, marketing and sale of needle-free injectors both for humans and animals, for individual and mass vaccinations.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing of a technological change, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K Medical International Technology, Inc.. takes no obligation to update or correct forward-looking statements.