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
pr@mitcanada.ca
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.