MMTC Micro Imaging Technology Inc (CE)

Micro Imaging Technology Inc. (OTCBB:MMTC) announced that Floyd Panning has stepped down as CEO and Director effective immediately. MIT has appointed Michael Brennan as President and Chief Executive Officer and has named him to the Board of Directors. George Farquhar has been appointed as Chief Operating Officer. Panning, whose tenure began in 1997, will remain with the Company as Director of Business Development. On Aug. 2, 2006, William Farnam, who has served as Chairman of the Board since 1997, tendered his resignation, along with Randolph Heidmann, a Board member since 1991. Victor Hollander and Dr. Ralph Emerson have been appointed to fill their vacancies, with Michael Brennan named as Chairman. Michael W. Brennan has spent over 25 years within the computer industry and participated in the founding of four companies that successfully became publicly held corporations through IPOs on Nasdaq; three in the U.S.: Computer Automation (CAI), Symmetricom Inc. (SYMM), and Interscience (INTR); and one on the London International Stock Exchange (Optim, PLC). Additionally, Brennan was a founder of Color Imaging Inc. (CIMG), took the company public and served as Chairman and CEO during its first three years which witnessed sustained revenue growth to over $40 million. Brennan has a B.S. degree in electrical engineering from the University of Southern California, an MBA from Pepperdine University and is a faculty member of the University of Phoenix. Ralph W. Emerson has product development and research affiliations with some of the world's leading companies including Cargill Inc., Helena Chemical, Spectrum Brands, and the 3M Corp. Formerly he was a consultant to the CEO/President of Grain Processing Corp. (GPC), Senior Science Consultant to Central Pet and Garden, a Sr. Vice President of Jourgensen Chemical/NL Industries managing chemical programs with the Department of Defense. Moreover, he has held senior academic and research positions within the University of California at UCLA, UCI, and UC Davis. His applied research has produced several U.S. patents and international patents in the disciplines of bioscience. Additionally, he is a partner and founder of FREM Biosciences Inc., a Director of the Kary Mullis Research Foundation, and Director of the Agriculture and Animal Sciences division of Altermune - a U.S. Defense Advanced Research Project Agency funded program. Dr. Emerson is a graduate of UCLA and did his graduate work at Harvard University, the Harvard School of Public Health and the Sloan School at the Massachusetts Institute of Technology. Currently, he is an elected member of the Harvard University Club of Boston, the New York Academy of Sciences and the American Society of Microbiology. George R. Farquhar is a successful, creative manager in finance and general operations for public, private and start-up companies. Farquhar, during the past 30 years, has served as Chief Financial Officer, Chief Operations Officer as well as President of two corporations, each reporting over $100 million in annual revenues. He worked for five years for Price Waterhouse, an international CPA firm. For the last 15 years Farquhar has been a business consultant for public companies. He recently managed a start-up high-tech public company's R & D and manufacturing operations and helped bring its initial product to market. Farquhar earned an MBA degree in finance from the University of Southern California and is a CPA. Victor A. Hollander, who will serve as Audit Committee Chairman, was licensed to practice public accounting in California in 1958. In 1965 he established and was the partner in charge of the Los Angeles office of a large New York certified public accounting firm where he specialized in audit and securities matters. In 1978 he left the firm and ultimately formed the accounting firm of Hollander, Gilbert & Co., and in February 2001 this firm was merged with the Los Angeles accounting firm Good Swartz Brown & Berns LLP. Hollander joined Weinberg & Company in 2002 as Managing Director of the West Coast Group. Hollander, during his professional career, has been active in local, state and national professional activities. He has served on various Los Angeles Chapter, California Society of Certified Public Accountants and American Institute of Certified Public Accountant's securities, ethics, accounting and auditing committees. Hollander specializes in securities, mergers and acquisitions. "On behalf of the Company, I want to thank Floyd and our outgoing Board members for their valuable guidance during these past years. I look forward to working with management and our new Board members to realize the potential of the MIT brand and technology," said Brennan. About Micro Imaging Technology: The Company has developed and patented 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. The MIT System is non-biological and does not rely on biological agents, conventional chemical processing, fluorescent tags, gas chromatography or DNA analysis. MIT has demonstrated the ability to detect and identify, within several minutes, the microbes Escherichia coli, Listeria, Salmonella Staphylococcus aureus, Shigella and other pathogenic bacteria. The identification process has been verified by North American Science Associates Inc. (NAMSA), an independent, internationally recognized biological testing laboratory. The Test Report, in the Company's opinion, demonstrated the accuracy, speed and efficiency of the MIT system over conventional processes and 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.