Micro Imaging Technology ('ELTP') Reports a Profit for Its Fiscal Year Which Ended October 31, 2005.LAGUNA HILLS, Calif. -- Micro Imaging Technology (the "Company" or "MIT MIT - Massachusetts Institute of Technology "), formerly Electropure Inc. ("ELTP ELTP Emergency Leave Transfer Program (US government) "), reported through its Form 10-KSB Annual Report for the year ended October 31, 2005, a profit of $1,117,988 or earnings of $0.08 per share on a fully diluted basis. These earnings compare with a loss of $(1,402,864) for the prior year, or a loss of $(0.11) per share, fully diluted. The Company disclosed that the FY 2005 earnings were derived from two one-time and unrelated transactions that were approved by the Company's shareholders in October 2005: The sale of substantially all of the assets of its Electropure EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. Inc. subsidiary related to the manufacture of water treatment products, and the sale of the Company's facilities located in Laguna Hills. The Company intends to apply the proceeds from the two transactions to further research and development efforts. The Company, as a condition of the asset sale, changed its name to Micro Imaging Technology Inc. and dissolved its EDI subsidiary. The Company has applied to the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). for a new trading symbol Trading symbol See: Ticker symbol . Additionally, the Company has leased new facilities in San Clemente, Calif., which will be dedicated to research and development activities. About Micro Imaging Technology: The Company is considered to be a research and development operation and initiated "Proof-of-Principle" testing in 1998 and by the end of 1999 had developed a patented laser-based technology for rapid 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. 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 demonstrated the ability to detect and immediately identify the microbes Escherichia coli Escherichia coli (ĕsh'ərĭk`ēə kō`lī), common bacterium that normally inhabits the intestinal tracts of humans and animals, but can cause infection in other parts of the body, especially the urinary tract. , 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. The Company recently contracted with an independent and internationally recognized biological testing laboratory to design and perform a verification test that compares the accuracy, speed and efficiency of MIT's rapid microbe identification system with conventional processes. The comparative tests were in a double-blind experiment, meaning that the independent laboratory technicians, using the MIT system and well-recognized alternative processes, were not aware of the various microbes' identification. The Test Report, in the Company's opinion, verified the accuracy, speed and efficiency of the MIT system over conventional gas chromatographic chro·mat·o·graph n. An instrument that produces a chromatogram. tr.v. chro·mat·o·graphed, chro·mat·o·graph·ing, chro·mat·o·graphs To separate and analyze by chromatography. and biological processes. The Report is available from the Company. This release contains statements that are forward-looking in nature. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions are forward-looking statements. These statements are made based upon information available to the Company as of the date of this 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; 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 within our filings with the Securities and Exchange Commission. |
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