Micro Imaging cancels $5 million financing with Dutchess Opportunity

Company says it may soon commercialize product and initiate sales

By Toni Weeks

San Diego, June 1 - Micro Imaging Technology, Inc. said it has canceled its $5 million three-year equity financing facility arranged with Dutchess Opportunity Fund, II, LP on May4, 2010.

The company also withdrew the form S-1 registration statement it had filed with the Securities and Exchange Commission last month to cover shares it had intended to sell to Dutchess under the original agreement.

According to a press release, Micro Imaging sold almost 51 million shares of its common stock to Dutchess under the arrangement, receiving over $200,000 in net proceeds from the sales. The company was allowed to draw the funds in tranches of the greater of 200% of the average daily volume of the common stock for the three trading days prior to the put notice multiplied by the average of the closing prices for such trading days or $100,000. The purchase price was equal to 95% of the lowest daily volume-weighted average price of the company's common stock during that period.

"We are grateful to Dutchess for their support and assistance over the past two years," Micro Imaging's new chairman and chief executive officer, Jeffrey Nunez, said in the release.

"Dutchess was wonderful to work with and allowed the company to carry on its important work developing the MIT 1000 rapid microbial identification system. Fortunately, we have moved the company and product development forward to the point where we no longer require the Dutchess financing and believe we will soon be in a position to commercialize our product and initiate sales."

San Clemente, Calif.-based Micro Imaging has developed a patented rapid microbial identification system that can identify bacteria in minutes rather than days.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.