DENVER, Dec. 8, 2005 (PRIMEZONE) -- Medical International Technology Inc. (OTCBB:MDLH) announces that it has closed on two previously reported financings. The private placement reported on November 14 consisted of 2,000,000 units at a price of $0.25 per unit for an aggregate investment of $500,000. Each unit includes a Series A warrant for 2,000,000 shares at a price of $0.75 per share and a Series B warrant for 2,000,000 shares at a price of $1.00 per share.
MIT closed on a second private placement also announced November 14. This private placement, which was to consist of 1,000,000 units for $250,000, was increased to 1,224,000 units for $306,000. Each unit includes a Series A warrant for 1,224,000 shares at price of $0.75 per share and a Series B warrant for 1,224,000 shares at a price of $1.00 per share.
Proceeds of the private placements will be used primarily to increase production and marketing capabilities to meet order backlogs.
MIT CANADA, with offices in Montreal, is a subsidiary of 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 inoculations.
Karim Menassa, President On Behalf of the Board of Directors
The statements which are not historical facts contained in this news 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 and technological changes, 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.
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