DENVER, CO, Feb. 6 /PRNewswire-FirstCall/ -- Medical International Technology Inc. (MDLH.OB) http://www.mitneedlefree.com/ (MIT) is pleased to provide the following corporate update.
Strengthening the Management team:
Last week, the President and Chief Executive Officer, Mr. Karim Menassa, announced the nomination of company CFO, Mr. Harold Gervais, MBA. The company is also very pleased to announce that it is in the final stages of hiring of a Chief Strategy Officer; a specific announcement will soon follow.
Moreover, the creation of a multi-functional Advisory Board, which, when completed, will be composed of many individuals from diverse backgrounds, will serve to strengthen the management of Medical International Technology Inc. in support to the President and Chief Executive Officer Mr. Karim Menassa. The company's goal is to increase efficiency and take further advantage of the opportunities ahead in the global market of needle-free jet-injector for human and animal applications.
Expanding the product line:
Medical International Technology Inc. has been considerably expanding financial resources in R&D in the last 5 years, having spent several millions of dollars. MIT already has 5 products for the human market and 9 products for the animal market. The company will soon be unveiling two new additions to its human product line and one for its animal line.
MIT's patented technology has received approval in several countries world wide. These three new products are no exception. The company will continue working towards obtaining FDA approval, which is expected in the last quarter of this year.
MIT products pipeline is already defined for 2010/2011; the realisation of these new products design will be achieved by new finance to MIT and or a partnership with Medical and Pharmaceutical Companies.
Chinese Joint Venture:
In June of 2009, the company entered in a Joint Venture with Chinese partners. Mr. Menassa recently traveled to China to review operations, meet with key suppliers as well as meet with government officials to secure significant contracts. A more specific announcement on this topic will soon follow.
Financial projections:
Armed with this new information from China and the possibilities in the North American and world markets, the company revised its financial projections. Mr. Karim Menassa believes that the market is there, ready, and largely untapped and we have a unique technology to significantly penetrate the market. The additions to the management team and the new financing the company is trying to secure should re-affirm MIT's status of world leader in needle free injections.
The company firmly believes it will grow revenues well past US$ 75,000,000 annually within the next three years.
Medical International Technology Inc. is proud to continue providing a safe and effective means to help prevent the spread of deadly diseases to both humans and animals through the use of the Med-Jet(R) and Agro-Jet(R) needle-free injection system.
About Medical International Technology, Inc.
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 individuals and mass vaccinations.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing a technological changes, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Medical International Technology Inc. takes no obligation to update or correct forward-looking statements.
MEDICAL INTERNATIONAL TECHNOLOGIES INC.
CONTACT: Karim Menassa, President and CEO & Harold Gervais, MBA,
Vice-President and CFO, (514) 339-9355, pr@mitcanada.ca
