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Micro Identification Technologies, Inc. (MMTC.OB) Ramping Up

Micro Identification Technologies Inc., developer of the revolutionary MIT 1000 patented microbial ID system, is targeting a rapidly growing market resulting from increased demands in the areas of food safety, general health, and homeland security. The company has already produced the system for a number of high-end organizations, including the U.S. Department of Agriculture, the Japanese Ministry of Food Safety, and even a university in Malaysia, and recently announced the initiation of an internal expansion program. The expansion is made possible by a manufacturing contract with OSI Optoelectronics to produce the systems, and an equity placement agreement from the private equity firm of Dutchess Capital.

The MIT 1000 represents a new paradigm in the critical detection of pathological microbes that kill countless people worldwide every year. The system intelligently leverages advanced software to read the patterns generated by reflected laser light illuminating the bacteria, and can quickly identify various pathogens without the need of expensive laboratory intervention.

MIT’s Chairman, Michael Brennan, spoke of the progress made. “The MIT 1000 is patented, independently tested and is a certified test method for food safety. More importantly, it can annually save thousands of lives and tens of millions in healthcare costs by the rapid identification of pathogenic bacteria and other microbes. We are on track with this year’s goal to begin quantity deliveries in 4Q 2010, but need to increase our system support and microbiological research capabilities in conjunction with supporting the food industry’s obvious safety requirements.”

Emergence of the new technology has occurred at a time when concerns about food safety have significantly increased, and with the government approving the first major changes to food safety laws in 70 years. The Washington Post reported, “These actions follow a wave of food-borne illnesses over the past three years, involving products as varied as spinach, peanuts, cookie dough and meat, which has shaken consumer confidence and made the issue a priority for congressional leaders and the White House. Food illnesses sicken one in four Americans and kill 5,000 each year, according to government statistics. Tainted food has cost the food industry billions of dollars in recalls, lost sales and legal expenses. Under the legislation, the FDA will get new enforcement powers and be able to impose beefed-up civil and criminal penalties. One provision allows the FDA to declare food ‘adulterated’ simply if the grower or manufacturer has failed to follow safety standards, regardless of whether the food is actually tainted.”

Revenues for all rapid testing methods total over $5 billion annually, with food safety totaling over $3 billion.

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