Medical International Technologies Gets Approval for its Needle-Free Injection Technology from the Japanese MAFF.DENVER -- Medical International Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MDIR MDIR Medical Device Incident Report ), a developer and marketer of patented needle-free jet injectors for human and animal inoculation inoculation, in medicine, introduction of a preparation into the tissues or fluids of the body for the purpose of preventing or curing certain diseases. The preparation is usually a weakened culture of the agent causing the disease, as in vaccination against , today announced that on September 15th, 2004, the Japanese Ministry of Agriculture, Fishery and Forestry (MAFF MAFF [formerly] Ministry of Agriculture, Fisheries and Food, in the UK. See DEFRA. ) has endorsed its needle-free injection technology and has granted MIT's Japanese Distributor "Frontier International Co. Ltd" permission to market and sell freely MIT's AGRO-JET needle-free injectors in Japan. The AGRO-JET line of needle-free injectors is manufactured by MIT MIT - Massachusetts Institute of Technology Canada (a subsidiary of Medical International Technology, Inc.) Frontier International had initially signed a 3-year agreement with MIT in September 2003, valued at $1.2 million for the distribution of the AGRO-JET. However, due to new regulations imposed by MAFF in January 2004 on new technology imports, it was forced to suspend the sales pending clearance from MAFF and the issuance of an official import permit. In anticipation for that permit, Frontier had placed a large order for the AGRO-JET last June with predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: deliveries over the 4th quarter of 2004, the first of which has already been completed on September 16th, 2004. Now, with the official permit on hand, it is expected that Frontier International will resume its purchase schedule as agreed to in the current Distribution Agreement. "We are all elated at the news as this is a very important and major milestone for MIT given the difficulty to penetrate the Japanese market and the long and tedious process which has lasted 9 months before Frontier International finally obtained the official import permit," said Mr. Menassa, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MIT. "The endorsement of MAFF is yet more proof that MIT'S injection technology is gaining acceptance around the world," stated Mr. Menassa. "The Global poultry and livestock markets (including cattle, swine, sheep, etc.) represent several billion dollars and the potential for MIT's AGRO-JET is huge," Mr. Menassa, added. MIT CANADA, with offices in Montreal, is a subsidiary of Denver, Colorado-based Medical International Technology, Inc. (MIT USA), which specializes in the development, production, marketing and sale of needle-free injectors both for humans and animals, for individual and mass vaccinations This press release contains certain "forward-looking" statements, as defined in the U.S. 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 of 1995 that involves a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , competition and other factors that may be identified from time to time in the Company's public announcements. |
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