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  • Stock Alert for Micro Imaging Technology Inc. (MMTC)
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    Penny Stock Shares Swing to Loss; Micro Imaging Review

    Penny Stock Shares Swing to Loss; Micro Imaging Review

    Micro Imaging Technology Inc. (PINK: MMTC) shares dropped 16% in today’s late trading, erasing earlier gains of nearly 10% on the day. In the last five trading sessions, Micro Imaging shares gained more than 250%.The huge gains in Micro Imaging shares have come after the developer of Rapid Microbial Identification System on Monday announced that it entered into a strategic alliance with EPIC Corporation. As part of the strategic alliance EPIC will make an equity investment in Micro Imaging, execute a master distribution agreement for Micro Imaging’s products and create a master distribution company for Micro Imaging’s products.

    Ronald Tucker, CEO of EPIC, said that the investment in Micro Imaging is a convertible promissory note that is convertible into Micro Imaging common stock six months from the issuance date. The note will be converted at the fair market value of Micro Imaging common stock at the time of conversion.

    EPIC will also create a master distribution company, EPIC Healthcare LLC, for distributing Micro Imaging’s products. Tucker said that EPIC is preparing a program to license Micro Imaging’s hardware and software libraries for detecting more than 20 different types of bacterium.

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