Medical International Technology, Inc. Acquires All of the Assets of Medical International Technology Inc. - Canada.Business Editors DENVER--(BUSINESS WIRE)--Sept. 18, 2002 Medical International Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : MDIR MDIR Medical Device Incident Report ) ("MIT-USA") announced today that it has acquired all of the assets including the equipment, intellectual property and personnel of MIT-Canada. "We are very excited to have completed the acquisition of MIT-Canada, said Karim Menassa, the President and Chairman of MIT-USA. "The need and the many benefits of needle-free injectors in the medical and the veterinarian veterinarian /vet·er·i·nar·i·an/ (vet?er-i-nar´e-an) a person trained and authorized to practice veterinary medicine and surgery; a doctor of veterinary medicine. vet·er·i·nar·i·an n. communities are obvious. We will continue to introduce the injectors to the global markets and move toward setting up a worldwide network." The acquisition was made through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of MIT-USA established in June 2002 to facilitate the acquisition of 100% of MIT-Canada. This subsidiary will be renamed Medical International Technologies (MIT-Canada) Inc. MIT-Canada, based in Montreal, Quebec, is now a wholly-owned subsidiary of MIT-USA and specializes in the research and development, production, marketing and sale of patented needle-free injectors for individual and mass vaccinations for both farm animals and humans. MIT-USA, through the acquired MIT-Canada subsidiary, is implementing its first order valued at $146,000 (U.S.) from a Canadian distributor for its needle-free jet injector A jet injector is a type of medical injecting syringe that uses a high-pressure narrow jet of the injection liquid instead of a hypodermic needle to penetrate the epidermis. for animals, the Agro-Jet MIT MIT - Massachusetts Institute of Technology II and MIT III. MIT-USA will also own the patent protection for a disposable needle-free syringe and injector recently granted to MIT Canada by the Canadian Intellectual Property Office The Canadian Intellectual Property Office (CIPO) is the patent, trademark, and copyright administration body of Canada. See also
Medical International Technology, Inc. ("MIT-USA") specializes in the development, marketing and production of various niche market applications of needle-free jet injection technology for both individual and mass vaccinations for animals and humans. The Company has introduced several models of the Agro-Jet, a needle-free injector for animal applications and the Med-Jet for human vaccinations. The Company has offices in Denver, CO and Montreal, Quebec and has established a corporate organization and infrastructure necessary for the implementation of its business plan. 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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