DENVER, CO, June 4 /PRNewswire-FirstCall/ - Medical International Technology Inc. (MDLH. PK) (http://www.mitcanada.ca http://www.mitinvest.ca), is pleased to announce that after many months of negotiations with its Chinese counterpart, it has negotiated and reached a joint venture agreement with one of the largest Chinese medical corporations. An initial one-million dollar joint investment will permit the formation of an assembly line of MIT's MED-JET(R) and AGRO-JET(R) product lines. Thereafter, a further 10 million dollars will be invested within the next three to five years for full manufacturing to satisfy the Chinese market.
This venture will help MIT mass-produce all of its jet-injector models for Human and Animal applications. The initial target will be the Chinese market, which will lead to opportunities in many other countries. All documentation with regards to achieving this agreement has started and MIT estimates that it will take two to three months to complete.
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 systems.
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 forward-looking statements.
SOURCE MEDICAL INTERNATIONAL TECHNOLOGIES INC.