Trading on the OTCBB, Micro Imaging Technology, Inc. is a company who aims to become a global leader in developing, supporting, and marketing rapid systems and processes that detect and identify microbial organisms. Headquartered in San Clemente, California, they have developed and patented a technology for rapid microbe identification (ID). The Company’s technology is a non-biological identification process that is extremely fast, easy to use, and does not rely on conventional chemical or biological processing, fluorescent tags, gas chromatography, or DNA analysis.
Micro Imaging Technology, Inc.’s technology is the MIT 1000 System (System). The System ID process is totally “Green”, requiring only water and a sample of the unknown bacteria. The System measures scattered light intensity as individual microbes 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 1000 System is capable of identifying 23 different species of pathogenic bacteria.
Micro Imaging Technology, Inc. recently performed over 300 tests for the identification of Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. They scored 95 percent accuracy. The identification process has received verification by North American Science Associates, Inc. (NAMSA). They are an independent, internationally recognized biological testing laboratory.
In July, Micro Imaging Technology, Inc. announced that they entered into a strategic business development relationship with OPH Ltd. Hong Kong. OPH will work to help secure a manufacturing partner for the Company in Asia. OPH will also develop this market for the MIT 1000 Rapid Microbial Identification System through their distribution channels. They will work to accomplish this by working closely with existing Micro Imaging Technology distributors and jointly with Micro Imaging Technology to identify and select other strategic partners to expand the Company’s MIT 1000 business in Asia.
Yesterday, Micro Imaging Technology, Inc. announced that they and Divine Capital Markets, LLC have settled all claims and counterclaims asserted in a lawsuit pending in New York State Supreme Court. The lawsuit arose from the issuance of convertible debentures. Neither side admitted any liability in connection with the settlement.