SAN CLEMENTE, CA--(Marketwire -06/01/12)- Micro Imaging Technology, Inc. (MMTC) (MMTC) announced that it has cancelled the Investment Agreement it signed with Dutchess Opportunity Fund, LP in May 2010 for equity financing of up to $5,000,000 over a 36-month term. The Company also withdrew the Form S-1 Registration Statement that it had filed earlier this month to cover shares it had intended to sell to Dutchess under the original agreement.
Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Since signing the Agreement, the Company sold nearly 51 million shares of its common stock to Dutchess under the equity financing arrangement and received over $200,000 in net proceeds from the sales. "We are grateful to Dutchess for their support and assistance over the past two years," stated Jeffrey Nunez, MIT's new Chairman and CEO. "Dutchess was wonderful to work with and allowed the Company to carry on its important work developing the MIT 1000 rapid microbial identification system," Nunez continued. "Fortunately, we have moved the Company and product development forward to the point where we no longer require the Dutchess financing and believe we will soon be in a position to commercialize our product and initiate sales."
About Micro Imaging Technology:
MIT is a California-based public company (MMTC) that has developed and patented a rapid microbial identification system that can revolutionize the bacteria identification market by annually saving thousands of lives and tens of millions of dollars. The System identifies bacteria in minutes, not days, and at a significant per test cost savings when compared to any conventional method and is the recipient of the prestigious AOAC RI Certification for the identification of Listeria -- the bacteria responsible for Listeriosis, a rare but lethal food-borne infection that has a devastating fatality rate of 25 percent.
The System has numerous applications including: food safety, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. MIT has chosen to focus efforts on food quality control as recent events have created an urgent demand for quicker and cheaper testing for food safety.
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.
Jeffrey G. Nunez
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Telephone: (949) 388-4546 or (512) 266-3507