Medical International Technology Inc. Corporate Update
DENVER, CO, May 17 /PRNewswire-FirstCall/ - Medical International Technology Inc. (MDLH.OB) www.mitneedlefree.com MIT is pleased to announce its results for the first six months of 2010 (October 1 2009 to March 31 2010). Sales have increased to 353K, an improvement of 223% versus the same period a year ago and on a run rate of 1 Million annually, which will be an improvement of 150% versus last year. Gross profit improved to 254K, which is an improvement of 348% versus the same period a year ago. SG&A were 797K mainly due to additional financing and sales efforts. R&D expenses were reduced by 824K and reflect the maturity of the product line which is ready for commercialization except for two new products the company is still developing. Net loss decreased to 619K which represents a 43% reduction. Management expects this trend to continue in the coming quarters and to become profitable in 2011.
MIT President and CEO, Mr Karim Menassa, will be traveling to Asia for two weeks in May to visit his Malaysian distributor as well as his Chinese partners. Several meetings are lined up including key meetings with high-ranking government officials to discuss Chinese FDA approval. The Chinese FDA approval process is still slated for completion by July 2010 and the sales of human injectors in China are to begin in September 2010.
MIT's priorities in the next three months (April - June 2010) are to continue making significant progress in the negotiation of long-term supply agreements with large pharmaceutical companies, obtain Chinese FDA approval, and raise short-term financing. The company has developed a detailed commercialization plan and has met with Economic Development Canada to secure long-term loans to finance the execution of the plan.
Finally, MIT wishes to improve its communication with its shareholders. All future communications will be posted on the Internet site (www.mitneedlefree.com) and sent directly to anyone wishing to be on the company's distribution list. If interested, please forward your e-mail address to email@example.com
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 individual 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.
SOURCE MEDICAL INTERNATIONAL TECHNOLOGIES INC.