SAN CLEMENTE, Calif., July 1 /PRNewswire-Asia/ -- Micro Imaging Technology, Inc. (OTC Bulletin Board: MMTC) announced that it has entered into a strategic business development relationship with OPH Ltd., Hong Kong. OPH will be instrumental in securing a manufacturing partner for the Company in Asia. In addition, OPH will develop this market for the MIT 1000 Rapid Microbial Identification System through its distribution channels. OPH will work closely with existing Micro Imaging Technology (MIT) distributors and jointly with MIT to identify and select other strategic partners to expand the Company's MIT 1000 business in Asia.
"The MIT 1000 technology is truly a revolutionary development in rapid detection of microbial pathogens," said David Harris, chairman of OPH Ltd. Mr. Harris further stated, "We are very pleased and excited to partner with MIT in delivering these exceptional technological benefits to Asian producers and consumers. The speed, accuracy and cost-savings provided by the MIT 1000 System will improve the operational efficiencies and bottom line for food and pharmaceutical manufacturers and, most importantly, will contribute to the advancement of the overall safety of their global supply chains."
MIT recently received Performance Test Method (PTM) Certification for the Identification of Listeria from the AOAC Research Institute (RI) and is now focused on accelerating the commercialization of the MIT 1000. "OPH has helped numerous companies quickly and successfully expand their businesses to Asia. Given our objectives of establishing a global presence and lowering product cost, we see the partnership with OPH as a significant first step in our international growth goals," stated Michael Brennan, MIT's Chairman and CEO.
Recent market research information showed that over $4.5 Billion was spent in 2008 for rapid identification in the industrial microbiology market according to Strategic Consulting Inc. (SCI), and is expected to reach $6.2 Billion by 2013. SCI has provided food processing, beverage, pharmaceutical, personal care and other industries with market metrics for over 20 years.
About OPH Ltd.:
OPH is the parent company to GMC Group Limited management consulting firm, GlobalFinancialWire.com corporate communications service, and UltraFuture public relations service. GMC Group (http://www.globalmarketschina.com ) will be taking the lead in coordinating and implementing the strategic planning and business development program for MIT. Since 1999, OPH and its affiliates have helped manufacturing and technology companies expand their business in Asia and secure equity funding for expansion. OPH estimates that they have helped companies raise over $15 Million (US) and expand businesses by over $100 Million (US) in that period.
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. It does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. The process is totally GREEN requiring only clean water and a sample of the unknown bacteria. Revenues for all rapid testing methods exceed $5 billion annually -- with food safety accounting for over $3.5 billion and are expanding at an average rate of 10.2 percent annually since 2003.
The System is laser 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.
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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.
