DENVER, Oct. 19, 2005 (PRIMEZONE) -- Medical International Technology, Inc. ("MIT") (OTCBB:MDIR) (http://www.mitcanada.ca), a developer and manufacturer of patented needle-free jet injectors for human and animal inoculation, announces the following:
ISO Certification
Following an audit, management has been advised that the European-based International Organization for Standardization has recommended that the company receive certification for its quality management system to be granted under the International Organization for Standardization's ISO:9001:2000.
Additionally, certification will be granted for the company's "Medical Device/Quality Management System" under ISO 13485:2003.
The third certification will be for the "Canadian Medical Device Conformity Assessment System" (CMDCAS) for devices to be licensed by HEALTH CANADA.
These certifications will allow the company to market and sell its MED-JET Needle-Free Injector in all countries other than the USA. The MED-JET injector has been submitted for FDA approval, which, if accepted, will allow MIT to sell the MED-Jet in the United States.
Corporate Restructure
Continuing with the restructuring of the company, the board of directors has approved, and will recommend to shareholders, the conversion of debts totaling $322,000 owed to the directors. The conversion is to be recommended at a post reverse split price of $0.25 per share, which, if the reverse split is approved, would result in the issuance of 1,288,000 shares.
The company is proceeding with its plans to affect a 1-for-10 reverse split of its issued and outstanding stock. The current estimated date for the special shareholders' meeting is November 17, 2005.
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 individual and mass vaccinations.
Karim Menassa, President On Behalf of the Board of Directors Medical International Technology, Inc.
This press release is available on the Medical International Investor Relations site for investor questions, commentary and feedback. Investors are asked to visit http://www.agoracom.com/IR/MIT. Alternatively, investors can e-mail their questions or comments directly to MDIR@agoracom.com or can ask to be placed on the Medical International investor e-mail list to receive all future press releases directly.
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 as technology 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.