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Micro Imaging Technology, Inc.: MIT Appoints John Ricardi to Executive Vice President in Charge of Commercialization Program

^{Published on 2009-07-23 05:51:52, Last Modified on 2009-07-23 05:52:01 - Market Wire}
 

SAN CLEMENTE, CA--(Marketwire - July 23, 2009) - Micro Imaging Technology, Inc. (OTCBB: [ MMTC ]) announced that it has promoted John Ricardi to Executive Vice President, a specialized role created by the Board of Directors where Mr. Ricardi will become MIT's primary spokesperson and lead the commercialization program for the Company's revolutionary microbe identification technology. Mr. Ricardi currently serves as Chief Operating Officer for MIT. He will maintain his current responsibilities as COO, in addition to serving the Company in this newly created position so vital to MIT's growth over the coming months and years.

John Ricardi has over 25 years of business development and operational management experience in life sciences and semiconductor industries. He joined MIT in 2007 as vice president of business development, and was shortly thereafter promoted to Chief Operating Officer. John's underlying mission since joining MIT has been to create the necessary sales and marking strategy for the MIT 1000 Rapid Microbial Identification (ID) System. He has been working closely with the technical team here at MIT to productize the system and meet the appropriate market requirements.

In his roles thus far, John has been able to complete a major part of the primary execution plan for the Company's microbe identification technology, including MIT 1000 product validation by local contract laboratories, USDA Advanced Research Service, and -- most recently -- achieving AOAC Research Institute's Performance Test Method (PTM) certification for Listeria. In addition, John was integral in securing the strategic partner in Asia, OPH, to expand our business in that region. This achievement has also garnered access for the Company to potential leaders in the food processing market in Asia to support system-based sales of the MIT 1000.

"With John's technical background, his business development experience and thorough knowledge of our intended markets, we were very pleased to add him to our team two years ago. His leadership and management skills, in combination with MIT's technical talent, has enabled MIT to achieve several key milestones in its commercialization plan," stated Michael Brennan, MIT's Chairman and CEO. "We have now moved into the next phase of our commercialization plan, and have outlined a plan to aggressively grow the business that includes organic development coupled with new strategic distribution partners and potential acquisitions."

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, by saving tens of millions of dollars and thousands of lives annually. The Company's system identifies bacteria contamination on food products in minutes, not days, and at a significant per test cost savings when compared to all existing conventional method. MIT's ID Systems does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis, thus is totally GREEN requiring only clean water and a sample of the unknown bacteria. Industry revenues for rapid testing methods in the U.S. alone currently exceed $5 billion annually, with food safety accounting for over $3 billion. This industry has expanded at a rate of 9.2 percent annually since 1998. Current growth projections are at 30 percent annually, with test demands being driven by major health, safety and homeland security issues.

The MIT 1000 System has numerous ID applications including food quality control, clinical diagnostics, pharmaceutical quality assurance, semiconductor processing control and water quality monitoring. 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. MIT has chosen to focus initial efforts on food quality control, as recent events have created an urgent demand for quicker and cheaper testing; these demands will promote a high-value return on any investment in MIT's technology.

Please visit MIT's corporate Web site: [ www.micro-imaging.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.