In what must seem like an early Christmas gift for Micro Identification Technologies Inc. (MMTC.OB), the U.S. Senate passed legislation Tuesday significantly increasing the ability of the government to put pressure on food processors and importers for safer food. Although the Senate bill has a number of limitations, and still faces uncertain prospects in the House, it represents a major push for more inspections, spurred by the recent spate of food contamination recalls.
Micro Identification Technologies, creator of the world’s first and only automated bacteria identification system, the patented MIT1000, has already been lining up funding and resources for production and marketing in preparation for increased demand. Their one-of-a-kind system, based on laser light and advanced pattern recognition software, dramatically cuts the time and cost involved in accurately identifying a variety of pathogenic bacteria. Though the system can be used in a wide range of environments and applications, their initial target is the food processing industry.
The Senate bill applies largely to fruits and vegetables and requires major players in the food chain to create detailed food safety plans. The FDA would create new safety regulations, including tougher standards for imports, and could require the recall of tainted foods, versus simply pressuring businesses to do voluntary recalls. The bill would also greatly increase required inspections of domestic and foreign food facilities.
All of this plays perfectly for MIT, which offers an automated way for inspections to be completed quickly and on-site at a cost far below traditional approaches. It is estimated that revenues for such rapid testing methods have expanded at an annual rate of over 9% since 1998, and already exceed $5 billion annually, figures that could easily be surpassed when or if the Senate bill becomes law.
For more information, visit www.micro-identification.com
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