Micro Identification Technologies, Inc. today announced that it has secured an equity financing commitment of up to $5,000,000 from a private equity firm, Dutchess Capital through its Dutchess Opportunity Fund, LP. During the 3-year term of this equity commitment, Micro Identification Technologies will be able to sell shares of its common stock to Dutchess Capital up to the total committed amount. Although MIT will be able to determine at its sole discretion the amount and timing of any sales of these shares, the sales are subject to certain conditions which will be provided in an 8-K filing with the SEC.
MIT’s Chief Executive Officer, Michael Brennan, stated, “We are very pleased with Dutchess’ commitment and is one of several financing strategies that will be pursued to accelerate the commercialization of our products and business growth. Dutchess has the track record and experience in the industry and has been a leader of providing equity credit lines for over 10 years which contributed significantly to selecting them as our partner.”
Chris Quin, Dutchess Vice President of business development commented, “We are excited to work with MIT as they continue to execute their business plan, develop further applications and increase market penetration of their laser-based, rapid microbial identification technology.”
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