Investors
Overview
Micro Imaging Technology (DBA: Micro Identification Technologies) is a California-based public company (OTCQB: “MMTC”) that has developed and patented a rapid microbial identification system (the “MIT 1000”) that could annually save thousands of lives and tens of millions of dollars in health care cost. The MIT 1000 System identifies pathogenic bacteria in minutes, at a significant cost savings over other identifying methods and is extremely easy to use.
The MIT 1000 has numerous applications, including food safety, water quality control, clinical diagnostics, pharmaceutical and semiconductor process monitoring. MIT has chosen to focus initially on food safety and clinical diagnostics, as recent events such as the Federal government recently passed Food Safety Modernization Act (FSMA) have created an urgent demand for quicker, more accurate and cheaper testing..
Marketplace
Worldwide revenues for bacterial testing exceed $5 billion annually, at an average growth rate of 10.2% since 2003, and is expected to surpass 6.2 billion this year. With the continued increase in food contamination, human infections, the new U.S. Food Safety Bill, and increased public concern, growth of pathogenic testing by food manufactures has increased significantly by food manufactures. In 2010, the US food manufactures conducted 213.2 million microbiological tests, a 14% increase over 2008 (Strategic Consulting 2011), which translates into significant time and expense conducting these tests.
“Bacterial pathogen contamination of food is a continuing problem”
Our new laser light scattering technology has the potential to greatly simplify pathogen testing as well as reducing test time and cost. This will be a benefit to both food manufactures and consumers.