SAN CLEMENTE, CA--(Marketwire - Mar 11, 2013) - Micro Imaging Technology, Inc. (
As previously disclosed by the Company, Alpine filed a civil action in the Texas District Court alleging that the Company breached certain provisions of a March 7, 2012 Securities Purchase Agreement executed with Alpine to sell up to $2.0 million of 7% Senior Secured five-year Convertible Debentures convertible into shares of common stock at a conversion rate of $.003 per share. The purchase and sale of the first $1.0 million Debenture was scheduled to close on or before April 6, 2012 and was subject to, among other things, Alpine closing the necessary equity funding to consummate the transactions. No money was ever received by the Company from Alpine.
In January 2013, the Company learned that Alpine had also filed a lien against the Company's patents with the California Secretary of State under the Uniform Commercial Code in May 2012. On or about January 29, 2013, the Company filed suit against Alpine in the Orange County, California Superior Court alleging, among other claims, that the UCC filing was unauthorized. The lawsuit also names the managing director and managing member of Alpine as Defendants and alleges that they made false promises, intentional misrepresentations and breached the contract which was the subject of the Texas suit. The Company is seeking damages of $1.6 million.
"We can't be more pleased with the outcome in Texas," stated Jeffrey Nunez, President of Micro Imaging. "The judge upheld our position that the Texas court had no jurisdiction over this matter and dismissed the case against the Company." "Meanwhile," Nunez concluded, "we intend to vigorously pursue our legal remedies against Alpine here in the California court and we are very confident that we will prevail on the merits should this matter go to trial."
The Company was represented by Julie Springer and Geoff Weisbart of the Austin, Texas law firm of Weisbart Springer Hayes, LLP. Nunez also commented "We could not be more pleased with the work and talents of Ms. Springer and Mr. Weisbart. They did a very fine job in this case and in court, and we look forward to their support in the continuation of the pursuit of the Company's legal remedies against Alpine in California."
About: Micro Imaging Technology, Inc.
Micro Imaging Technology, Inc. is a California-based public company that is also registered to do business under the name Micro Identification Technologies. MIT has developed and patented the MIT-1000, a stand-alone, optically-based, software driven system that can detect pathogenic bacteria and complete an identification test, after culturing, in less than five (5) minutes for pennies per test when compared to any other conventional method. It does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. The process requires only clean particle-free 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, which is expected to surpass $4.7 billion by 2015 according to BCC Research. In addition, the recently passed "New" U.S. Food Safety Bill is expected to further accelerate the current annual growth rate of 6.6 percent.
You can find more information about our company and about Micro Identification Technologies™. Please visit our newly enhanced website at www.micro-identification.com.
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, reference MMTC: www.sec.gov.