MIT is pleased to announce that it has signed the Joint Venture agreement with its Chinese partners and has received an initial order of 120 units for Animal vaccination
Thursday, May 21 2009
DENVER, CO, May 21 /CNW Telbec/ - Medical International Technology Inc. (MDLH. PK) (http://www.mitcanada.ca http://www.mitinvest.ca), MIT is pleased to announce that it has signed the Joint Venture Agreement with its Chinese partners.
MIT president Mr. Karim Menassa has returned from his most recent trip to China having completed the negotiations and finalized an agreement for a joint venture. MIT has also received an initial order of 120 Agro-Jet(R) for vaccination of livestock and poultry from the joint venture.
The name of the joint venture company is "Jiangsu Hualan MIT Medical Technology (MIT China) Ltd" and will be located in Taizhou city in the Jiangsu province. This prime location, supported by the central government, will become the most important medical city in China through the relocation of the pharmaceutical and medical devices corporations. MIT Canada will have 49% equity in "Jiangsu Hualan MIT Medical Technology (MIT China) Ltd". The total investment by both parties will be US$ 1.4 million dollars.
All the legal documents for the incorporation and licenses for the manufacturing of all MIT products are being finalized and we expect to start assembling the Agro-Jet models in China beginning in September 2009 for the sales to the Chinese market. MIT Canada will continue to produce and supply most of the components for the joint venture.
This joint venture agreement will help Medical International Technologies (MIT Canada) Inc. become a world leader in the Needle-Free technology and reduce the world's dependence on needles. Moreover, it will ensure that MIT injectors become an indispensable, environmentally friendly product for single and mass vaccination and biologics injectables for doctors and users around the world. MIT's mission is to help make the world needle-free.
Medical International Technology Inc. is pleased 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.
Karim Menassa, President On Behalf of the Board of Directors Tel: 514-339-9355 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. |
