MMTC - Micro Imaging Technology, Inc
Micro Identification Technologies Inc. ("MIT"), formerly Micro Imaging Technology is a development stage public company (OTCBB "MMTC"), objectives are to become a global leader in developing, supporting and marketing rapid systems and processes that detect and identify microbial organisms. MIT has developed and patented a technology (United States Patent: 6,421,121) for rapid microbe identification. The 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. 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. By measuring scattered light at specific angles, the system detects and differentiates objects the size of bacteria, protozoa, yeasts and molds.
MIT 1000 from Micro Identification Technologies (MIT) is a laser-based, rapid microbial identification system capable of identifying 23 different species of pathogenic bacteria - just minutes after culturing. Due to the small sample volume required, culture time is also reduced by up to 50% compared to standard testing procedures. In most cases, results can be obtained in as little as eight hours from the time the culturing process begins.
The device uses the principles of light scattering to discriminate various bacteria cells that are suspended in filtered water. Incident laser light both reflects off the bacteria's outer surface and penetrates the body of the bacterium, the light interacts with any structural features and eventually emerges from inside the cell. These light patterns are unique for each species and thereby create a signature that is captured and stored in a computer data base.
The MIT 1000 features 35 photo detectors that surround the sample vial and collect light scattering intensities that are generated when a cell intersects the laser beam. The scattering values collected by the detectors are statistically analyzed by MIT's proprietary software that contains an extensive database of values for each bacteria seen by the photo detectors. Identification occurs when 10-50 organisms are analyzed, and typically takes less than 10 minutes.
==== Link Certificate: http://www.aoac.org/testkits/2011_060901_certificate.pdf
==== Link Patent: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=17&p=1&f=G&l=50&d=PTXT&S1=6421121&OS=6421121&RS=6421121
==== Link to Patent Details: http://www.patentgenius.com/patent/6421121.html
"(PR-03/17/2011) Adding Biotek ( http://www.biotek.com/ ) to our distribution network provides MIT with sales channels throughout the major countries in Asia. MIT already has distributors in China, Taiwan, South Korea, Japan, and Vietnam," stated Michael Brennan, MIT's Chairman. Further, "Biotek has the capability of measuring and adding bacterial identities that are indigenous to their region and have committed to expand the ID capacity of the MIT 1000 System -- which is very exciting for us." http://ih.advfn.com/p.php?pid=nmona&article=46914249
BioTek 2010 sales outpace market growth again: http://www.vermontbiz.com/news/march/biotek-2010-sales-outpace-market-growth-again/
Several Biotek executives, including Director Weng Cheong Fong, visited MIT's laboratories earlier this week for additional training and during the session committed to accepting five MIT 1000 Systems by late summer and ten additional units early in 2012.
"(PR-04/18/2011) The first production MIT 1000 Systems delivered from OSIO recently passed all evaluations tests with excellent results and are now in daily use in the MIT laboratory," stated MIT's Chief Scientist David Haavig, PhD, and added, "OSIO is the perfect company to fabricate MIT's Systems for our initial food safety applications and planned future expansion into pharmaceutical and clinical diagnostics requirements."
"MIT contracted with OSIO in 2010 to manufacture MIT's Rapid Microbial Identification System -- their world-class manufacturing facilities in California, Malaysia and India are all ISO 9001:2000 certified, FDA registered and GMP compliant, making them the perfect supplier. With an order for one hundred Systems -- we have made a strong commitment to OSIO and the food safety industry -- and look forward to great results," observed Michael Brennan, MIT's Chairman. http://ih.advfn.com/p.php?pid=nmona&article=47333791
"(PR-07/26/2011) EPIC ( http://www.epiccor.com/History.html )is fortunate to become a part of Micro Imaging Technology," said Ronald Tucker, CEO of EPIC. "We believe that Micro Imaging is undervalued. The Company's balance sheet fails to reflect the value of the commercialized device for identifying bacteria and the 20 or more libraries that can be used to identify other bacterium, including MRSA." http://ih.advfn.com/p.php?pid=nmona&article=48570323
"EPIC's business plan is to enter into agreements with companies like Micro Imaging, who are developing technologies to provide people with better healthcare. The essence of these agreements is to provide the companies with funding for regulatory approval, product commercialization, product procurement, marketing and distribution," stated Mr. Tucker.
Shares Outstanding: 301,494,076 a/o July 15, 2011
This includes the 40million shares sold to ( http://dutchesscapital.com ) link to SEC filling: http://ih.advfn.com/p.php?pid=nmona&article=48460476
Float: 199,873,454 a/o July 15, 2011
Authorized Shares: 500,000,000 a/o July 15, 2011
Par Value 0.01
Insider / Affiliate Shares Owned (56%), Date of Filing
M. Brennan (director): 23,448,600 Thursday, December 02, 2010
V. Hollander (director): 20,136,436 Monday, November 01, 2010
A. Frank (major shareholder): 58,035,586 Monday, March 22, 2010
52Wk High 0.0320
52Wk Low 0.0010
Michael W. Brennan
Chairman and President
Michael W. Brennan, Chairman and President, has spent over twenty-five years within the computer industry and participated in the founding of four companies that successfully became publicly held corporations through IPOs: three on NASDAQ; Computer Automation (CAI), Symmetricom, Inc. (Datum - SYMM) and Interscience (INTR) and one on the London International Stock Exchange, Optim, Plc.
Academically, Mr. Brennan has a B.S. degree in electrical engineering from the University of Southern California, an MBA from Pepperdine University and is an adjunct faculty member of the University of Phoenix.
Victor A. Hollander
Director and Chief Financial Officer
Victor A. Hollander, Director and Audit Committee Chairman, was licensed to practice public accounting in California in 1958. In 1965, he established and was the partner in charge of the Los Angeles office of a large New York certified public accounting firm where he specialized in audit and securities matters. In 1978, he left and formed the accounting firm of Hollander, Gilbert & Co, and in 2002, he joined Weinberg & Company as Managing Director of the West Coast Group. Mr. Hollander, during his professional career, has been active in local, state and national professional activities and has served on various securities, ethics, accounting and auditing committees.
Executive Vice President and Chief Operating Officer
John Ricardi, Executive Vice President and Chief Operation Officer, joined MIT in August 2007. Mr. Ricardi brings 30 years of experience in commercializing and developing businesses for high technology products and systems. Mr. Ricardi most recently served as Vice President and General Manager of the Sensor Products Division at San Diego-based JMAR Technologies where he led the development and commercialization of the company's water monitoring system from its conception. Mr. Ricardi holds Bachelors and Masters Degrees in Electrical Engineering from Northeaster University in Boston, Massachusetts.
David L. Haavig, PhD
Vice President and Chief Scientist
David Haavig, PhD, Vice President and Chief Scientist, joined MIT in May 1998 as director of research and development. Dr. Haavig has over 30 years experience in instrument design and computer software with applications in optical measurements and analysis. Dr. Haavig, prior to joining MIT, was Technical Director and Principal Investigator on numerous government programs at McDonnell Douglas and San Diego-based Science Applications International Corporation. Dr. Haavig received his Bachelor of Science degree in Physics from the University of Seattle and his Master of Science and PhD in Physics from Purdue University.
Vice President and Chief Accounting Officer
Catherine Patterson, Vice President and Chief Accounting Officer, became MIT's Secretary in May 1989, and held the position of Treasurer from August 1984 to February 1986 and was appointed Chief Financial Officer in June 1990. Ms. Patterson developed an extensive background in legal and financial capabilities while employed by General Motors.
George R. Farquhar
George R. Farquhar, CPA consultant, is a successful executive in finance and general operations and during the past 30 years, has served as Chief Financial Officer, Chief Operations Officer as well as President of two corporations, each reporting over $100 million in annual revenues and has been employed by MIT for over eight years in two appointments. Mr. Farquhar earned an MBA degree in finance from the University of Southern California and worked for five years with Price Waterhouse.
Micro Identification Technologies
970 Calle Amanecer, Ste. F
San Clemente, CA 92673
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$=$=$=$=Importance of the Patent=$=$=$=$
Breakthrough patents, which explore whole new areas of technology, or are the first to find answers to long-standing problems, are the most valuable. Examples of such patents are Edison's light bulb, Benz's automobile engine, Cohen's polymerase chain reaction (PCR) patent, the first photocopier, or possibly an invention yet to come, such as a definitive cure for AIDS.
In these cases, the patents would be so innovative that they give the owner a complete monopoly over an entire industry and are extremely valuable, often worth billions of dollars. Although most patents never reach these heady heights they are nevertheless valuable in that they can force a competitor to start innovating to keep pace with new and improved technologies and products in the market, or conversely to a license from a patent owner who has will to do so. Incremental patents, which make only small advances over existing products, are usually the least valuable though this may not be always so. A question that is often asked in relation to an incremental or breakthrough patent when endeavoring to put a price on it is 'How much would my competitors pay to use my protected product or process?'
20-year potential monopoly. Patents that are just beginning their life and which have longer to run on the their potential monopoly position understandably will have more value. It is rare that a patent nearing the end of its term will cause a great threat to its competitors. It is almost certain that they will have devised technologies or products of their own by then that will not interfere with the patent owners monopoly position. In addition, one has to take into consideration the potential business life of a patent, i.e., the duration which a patent is likely to be economically useful, if other subsequent patents are providing better alternatives to it.
Patent Significance. Every patent has its own significance in a particular area and will usually form part of an overall IP strategy either to maximize its earning potential or to allow other patents to maximize theirs. Examples of such patents are those that are used to block other key players from gaining a foothold in a market. Yet other examples are those patents that are additional to an original patent and rely on the protected matter in the original patent to successfully operate. It not uncommon for drug companies or telecom companies to take out further patents protecting a strong first generation of patents, thus securing a big chunk of a market and the ability to negotiate licenses and royalties from the protected, but much desired technology. http://www.wipo.int/sme/en/documents/valuing_patents.htm
admin wrote 854 Days Ago (positive)1MMTC Technical Stock Chart_ 8/8/2011 by BullWarriorStocks.com