Electropure Inc. ('ELTP') Announces a Name Change and a Significant Restructuring.LAGUNA HILLS, Calif. -- Electropure Inc. ("ELTP ELTP Emergency Leave Transfer Program (US government) ") (Pink Sheets:ELTP) announced that a majority of shareholders, subject to a Proxy Notice given on Sept. 27, 2005, gave consent to the following actions:
1. To approve the sale of substantially all of the assets owned by
and used in the operations of Electropure EDI Inc. to
SnowPure LLC and to immediately dissolve and terminate the
corporate existence of Electropure EDI Inc. (a wholly-owned
subsidiary of Electropure Inc.).
2. To amend the bylaws and articles of incorporation of
Electropure Inc. to change its corporate name to Micro
Imaging Technology Inc.
3. To approve the sale of the land and building owned by
Electropure Holdings LLC to an unaffiliated third party.
E[acute accent]Electropure's board unanimously approved and the majority of shareholders gave consent to each of the transactions which were completed in October 2005. Substantially all the proceeds from the transactions will be invested in furthering product evolution of a non-biological microbe microbe /mi·crobe/ (mi´krob) a microorganism, especially a pathogenic one such as a bacterium, protozoan, or fungus.micro´bialmicro´bic mi·crobe n. identification process developed by Electropure's wholly-owned subsidiary, Micro Imaging Technology (MIT MIT - Massachusetts Institute of Technology ). The MIT technology is extremely easy and fast to use and does not rely on conventional chemical processing, fluorescent tags, or DNA analysis DNA analysis Any technique used to analyze genes and DNA. See Chromosome walking, DNA fingerprinting, Footprinting, In situ hybridization, Jeffries' probe, Jumping libraries, PCR, RFLP analysis, Southern blot hybridization. for rapid microbe identification. The company received a U.S. patent on the technology in 2002 and believes it may have significant market potential and could provide growth and long-term benefits for its shareholders. E[acute accent]MIT initiated "Proof-of-Principle" testing in 1998 and by the end of 1999 had developed and continues to improve a laser-based technology for rapid microbe detection and identification. 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 the scattered light at specific angles, the system can detect and differentiate objects the size of bacteria. MIT has constructed prototype systems that have demonstrated the ability to detect and immediately identify the microbes E. coli E. coli: see Escherichia coli. E. coli in full Escherichia coli Species of bacterium that inhabits the stomach and intestines. E. coli can be transmitted by water, milk, food, or flies and other insects. , Listeria Listeria /Lis·te·ria/ (lis-ter´e-ah) a genus of gram-negative bacteria (family Corynebacterium); L. monocyto´genes causes listeriosis. Lis·te·ri·a n. , Salmonella Staphylococcus aureus Staphylococcus au·re·us n. A bacterium that causes furunculosis, pyemia, osteomyelitis, suppuration of wounds, and food poisoning. Staphylococcus aureus Staphylococcus pyogenes , Shigella shigella Any of the rod-shaped bacteria that make up the genus Shigella, which are normal inhabitants of the human intestinal tract and can cause dysentery, or shigellosis. Shigellae are gram-negative (see gram stain), non-spore-forming, stationary bacteria. S. and other pathogenic bacteria Pathogenic bacteria Bacteria that produce illness. Mentioned in: Gastroenteritis . In 2003, a subsequent patent was awarded, which will be further expanded as research and development progresses. The process has also been verified by an independent laboratory. E[acute accent]Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 1995: Information and announcements in this release involve Micro Imaging Technology's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and forward-looking statements included in this release are based upon information available to Micro Imaging Technology as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to dependence on suppliers; short product life cycles and reductions in unit selling prices; delays in development or shipment of new products; lack of market acceptance of our new products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; difficulties in assimilating companies previously acquired; inability to expand our operations to support increased growth; and declining economic conditions, including a recession. These and other factors and risks associated with our business are discussed from time to time in Micro Imaging Technology's financial reports filed with the SEC. |
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