Contact Information: FOR FURTHER INFORMATION, CONTACT: Michael Brennan Chairman Micro Imaging Technology, Inc. Email: Email Contact Telephone: (805) 557-0614
Micro Imaging Technology Announces a New Investor
| Source: Micro Imaging Technology, Inc.
SAN CLEMENTE, CA -- (MARKET WIRE) -- February 13, 2007 -- Micro Imaging Technology, Inc. (OTCBB : MMTC ) is pleased to announce a Private Placement of 2.76 million shares of
the Company's common stock to Ms. Brenda Bladow, a private investor, for a
price of $0.50 per share. The Company realized $1,380,000 from the
transaction. In addition, the Company's largest shareholder, Mr. Anthony
Frank, has agreed to convert approximately $1.5 million of a convertible
debt into the Company's common stock at a conversion price of $0.25 per
share.
Michael Brennan, MIT's Chairman, stated that "The new funding provides
needed financial support as the Company begins delivering, after years of
development, its revolutionary computer-based system for the rapid
identification, within minutes, of microbes, including; E. coli, Listeria,
Salmonella and other pathogens. Additionally, the conversion of the
convertible debt into equity basically removes all debt, other than trade
debt, from the Company's Balance Sheet.
Ms. Brenda Bladow:
Ms. Brenda Bladow is an innovative, challenge seeking entrepreneur. In 1995
she earned a degree in Business Administration with an emphasis in
Marketing from Seattle Pacific University. Shortly thereafter she became a
Jack in the Box franchisee with her former partner. They owned and operated
18 successful restaurants in the Northern Nevada region. With her in-depth
knowledge of the food industry and heightened awareness and concern of
pathogens and bacteria reaching the consumer -- her visit and discussions
with MIT's staff proved to her the viability of MIT's solution and business
prospects.
Mr. Anthony Frank:
Mr. Frank has been a majority shareholder of MIT for a number of years. Mr.
Frank is a former US Postmaster General and chairman of the board and chief
executive officer of First Nationwide Bank, at the time the second-largest
consumer banking operation in America. In preparation for his successful
business career, Mr. Frank received his bachelor's and MBA degrees from
Dartmouth College.
Micro Imaging Technology (MIT):
MIT has developed and patented a laser-based technology for rapid microbe
detection and identification. The system measures scattered light intensity
as individual bacteria cells pass through a laser beam. The intensity
pattern of the scattered light is a direct consequence of the size, shape
and external and internal optical characteristics of the microbe. The MIT
system is non-biological, does not rely on biological agents, conventional
chemical processing, fluorescent tags, gas chromatography or DNA analysis
and combines extremely low test costs and fast completion times with very
simple operating procedures.
MIT has demonstrated the ability to detect and identify, within minutes,
the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus,
Shigella and other pathogenic bacteria and protozoa; including
Cryptosporidium and Giardia. The identification process has been tested and
verified by North American Science Associates, Inc. (NAMSA), an independent
and internationally recognized testing and certification laboratory. The
NAMSA Test Report, available from the Company, confirms the accuracy, speed
and efficiency of the MIT system over conventional processes.
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 that are available from the Securities and Exchange
Commission: www.sec.gov.