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
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
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
For further information:
For further information: Karim Menassa, President & CEO, (514) 339-9355,
email@example.com, www.mitcanada.ca, www.mitinvest.ca