Major milestone achieved by our joint venture in China
Wednesday, February 10th 2010
DENVER, CO, Feb. 10 /PRNewswire-FirstCall/ - Medical International Technology Inc. (MDLH.OB) http://www.mitneedlefree.com/ (MIT) is pleased to announce that its Chinese Joint Venture has achieved a major milestone and received the production certification to produce Med-Jet products in China.
MIT China's production facilities were the subject of a recent visit by the SFDA. These facilities were deemed suitable for medical device manufacturing, including the production of disposable accessories, by the SFDA and have therefore been granted a production certification.
Clinical trials of Med-Jet models MIT-MBX and MIT-H-III are set to begin in the near future. The obtainment of the production certification for human products together with the results from the clinical trials will represent an essential stepping-stone toward the ultimate goal of obtaining a licence to sell our Med-Jet injectors in China.
Projected Sales and Market Breakdown
On February 6th 2010 we announced in our Corporate Update that the company firmly believes it will grow revenues well past US$ 75,000,000 annually within the next three years. The following information will outline market expectations by category and timeframe:
Our initial target market for the first year is cosmetic Dermatology, Plastic surgery, and General Practitioner for single and mass injections, using Med-Jet models MIT MBX and MIT-H-III. The second year, in addition to the previous models, the introduction of model MIT-H-IV-1 and MIT-H-IV-5 will target private clinics and hospitals. During the third year, the injector for Diabetics, MIT P-I, and the Dental injector, MIT-H-VI, will be introduced and will drastically increase sales to achieve and exceed its forecasted US$ 55,000,000.
Our initial target market for the first year is the pork, cattle, and poultry markets, using our existing and newly redesigned products for mass animal vaccination. The second year in addition to the previous models, MIT will introduce and market its day-old baby chicken injector, a highly-requested product by farmers around the world. During the third year, MIT will present 2 more new products expected to drastically increase sales to achieve and exceed its forecasted US$ 20,000,000.
Medical International Technology Inc. is proud 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.