Micro Identification Technologies Inc. has developed, patented and is producing a rapid microbial identification system that may revolutionize the $5 billion microbial test industry. The primary use for the company’s technology is in the food safety industry, which is a $3 billion market. MMTC has multiple prominent customers, including the US Department of Agriculture and the Japanese Ministry of Food safety.
The company believes its system can annually save thousands of lives and millions of health care dollars and has good reasons to back up its belief. Its MIT 1000 system identifies bacteria in minutes, not days, and at significant cost per test savings when compared to any conventional method. Its system is not reliant on chemical or biological agents, conventional processing, fluorescent tags, gas chromatography or DNA analysis. It only requires clean water and a sample of the unknown bacteria.
In order to meet the growing demand for rapid, accurate microbial detection, Micro Identification Technologies recently entered into a three-year $5 million equity agreement with private equity firm Dutchess Capital. Chris Quin, Dutchess Vice President of business development, recently exclaimed the company’s excitement to work with MIT as they execute their business plan, develop further applications and increase market penetration.
Micro Identification Technologies has also made significant manufacturing progress since its initiation of a manufacturing alliance with OSI Optoelectronics, a subsidiary of OSI Systems, to produce the MIT 1000 system. The company is predicting that quantity deliveries of its MIT 1000 systems will begin by the end of the year. The systems will initially be built in OSI Optoelectronics’ California facilities, but as volume increases, fabrication will move to one of OSI’s overseas facilities in either India or Malaysia. This will enable the company to improve future profit margins.
For further information on Micro Identification Technologies, please visit the company’s website at www.micro-identification.com.
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