Micro Identification Technologies Inc., creator of the MIT 1000, the world’s first and only non-biological automated system for identifying bacteria, announced today that it has entered into a securities purchase agreement with a privately held New York investment banking firm.
The terms of the agreement call for an 8% note set to mature on May 18, 2011. In addition, the note is convertible into common shares, in total or in part, prior to the maturity date, commencing 180 days following the date of the note. The company will be hosting a Webinar 9/29/10 at 4:00 PM EDT (1:00 PDT) to provide information regarding its current business plans.
This funding is in addition to the recent announcement of an equity financing commitment from Dutchess Capital. MIT expects to receive more funding from this or other firms in upcoming months as part of an effort to accelerate a planned production launch and marketing campaign later this year. MIT’s Chairman and CEO, Michael Brennan, stated, “This funding will significantly help MIT achieve its near term goals and, together with expected future funding, will enable MIT to exceed its short and medium term plans.”
The MIT 1000 effectively revolutionizes bacterial identification by replacing traditional requirements for biological processing and subjective evaluation with a quick and totally automated process that produces results in minutes, versus days. Instead of using complex chemical or biological agents, fluorescent tags, gas chromatography, or DNA analysis, the MIT 1000 uses the unique patterns generated by reflected laser light from a small sample of the bacteria. The patterns are analyzed by the company’s software to provide a quick and accurate identification, and at a far lower cost.
For more information, visit www.micro-identification.com.
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