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Micro Imaging Technology, Inc.: Micro Imaging Technology, Inc. Concludes the Divine Capital Markets, LLC Litigation

^{Published on 2009-09-24 05:29:10 - Market Wire}
 

SAN CLEMENTE, CA--(Marketwire - September 24, 2009) - Micro Imaging Technology, Inc. (OTCBB: [ MMTC ]) has announced that it and Divine Capital Markets, LLC have settled all claims and counterclaims asserted in a lawsuit pending in New York State Supreme Court arising from the issuance of convertible debentures. Neither side admitted any liability in connection with the settlement. As part of the settlement, a group of debenture holders agreed to extinguish their existing rights under their debentures in exchange for the immediate issuance of 5,899,997 unrestricted common shares of Micro Imaging stock. The settlement also provided for the release of any legal claim or interest by the debenture holders with respect to patents and patent rights which have been held by Micro Imaging.

Micro Imaging's Chief Executive Officer, Michael Brennan, declared, "We are pleased to put this behind us so we can concentrate our efforts on continuing the growth of our Company. Further information is available by viewing MIT's latest Form 10Q filing with the SEC on September 21, 2009; Disclosure Item 1 - Legal Proceedings."

About Micro Imaging Technology:

The Company has developed and patented a technology for rapid microbe identification (ID) the MIT 1000 System ("System"). The System ID process is significantly different from all conventional ID methods and does not rely on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis -- the process is totally GREEN requiring only water and a sample of the unknown bacteria. [ www.micro-imaging.com ]

MIT recently completed an extensive, almost one-year in duration, evaluation by the AOAC Research Institute which included independent rigorous testing and thorough reviews by the AOAC RI and its expert reviewers, including the U.S. Department of Agriculture. The AOAC RI Report is available from the Company. [ www.aoac.org ]

Further, MIT has demonstrated the ability to detect and identify, within several minutes, the microbes Escherichia coli, Listeria, Salmonella, Staphylococcus aureus, and other pathogenic bacteria. MIT recently performed over 300 tests for the identification of the aforementioned contaminants and scored 95% accuracy. The System can currently identify 23 species of bacteria and is easily expandable. The identification process has been verified by North American Science Associates, Inc. (NAMSA), an independent, internationally recognized biological testing laboratory. The NAMSA Test Report, in MIT's opinion, demonstrated the accuracy, speed and cost effectiveness of the System over conventional processes and is also available from the Company. [ www.namsa.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.