Major milestone achieved by our joint venture in China
11 Februar 2010 - 12:00AM
PR Newswire (US)
DENVER, CO, Feb. 10 /PRNewswire-FirstCall/ -- Medical International
Technology Inc. (MDLH.OB) http://www.mitneedlefree.com/ (MIT) is
pleased to announce that its Chinese Joint Venture has achieved a
major milestone and received the production certification to
produce Med-Jet products in China. MIT China's production
facilities were the subject of a recent visit by the SFDA. These
facilities were deemed suitable for medical device manufacturing,
including the production of disposable accessories, by the SFDA and
have therefore been granted a production certification. Clinical
trials of Med-Jet models MIT-MBX and MIT-H-III are set to begin in
the near future. The obtainment of the production certification for
human products together with the results from the clinical trials
will represent an essential stepping-stone toward the ultimate goal
of obtaining a licence to sell our Med-Jet injectors in China.
Projected Sales and Market Breakdown On February 6th 2010 we
announced in our Corporate Update that the company firmly believes
it will grow revenues well past US$ 75,000,000 annually within the
next three years. The following information will outline market
expectations by category and timeframe: Human applications: Our
initial target market for the first year is cosmetic Dermatology,
Plastic surgery, and General Practitioner for single and mass
injections, using Med-Jet models MIT MBX and MIT-H-III. The second
year, in addition to the previous models, the introduction of model
MIT-H-IV-1 and MIT-H-IV-5 will target private clinics and
hospitals. During the third year, the injector for Diabetics, MIT
P-I, and the Dental injector, MIT-H-VI, will be introduced and will
drastically increase sales to achieve and exceed its forecasted US$
55,000,000. Animal applications: Our initial target market for the
first year is the pork, cattle, and poultry markets, using our
existing and newly redesigned products for mass animal vaccination.
The second year in addition to the previous models, MIT will
introduce and market its day-old baby chicken injector, a
highly-requested product by farmers around the world. During the
third year, MIT will present 2 more new products expected to
drastically increase sales to achieve and exceed its forecasted US$
20,000,000. 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. DATASOURCE: MEDICAL INTERNATIONAL TECHNOLOGIES INC.
CONTACT: Karim Menassa, President and CEO, (514) 339-9355; Harold
Gervais, MBA, Vice-President and CFO, (514) 339-9355; Dr. Francis
Bellido, PhD, MBA, Vice-President and Chief Strategy Officer, (514)
339-9355; ; http://www.mitneedlefree.com/
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