Micro Imaging announces the settlement with Divine Capital regarding issuance of convertible debentures

Micro Imaging Technology, Inc. (OTCBB: MMTC) has announced that it and Divine Capital Markets, LLC have settled all claims and counterclaims asserted in a lawsuit pending in New York State Supreme Court arising from the issuance of convertible debentures. Neither side admitted any liability in connection with the settlement. As part of the settlement, a group of debenture holders agreed to extinguish their existing rights under their debentures in exchange for the immediate issuance of 5,899,997 unrestricted common shares of Micro Imaging stock. The settlement also provided for the release of any legal claim or interest by the debenture holders with respect to patents and patent rights which have been held by Micro Imaging.

Micro Imaging's Chief Executive Officer, Michael Brennan, declared, "We are pleased to put this behind us so we can concentrate our efforts on continuing the growth of our Company. Further information is available by viewing MIT's latest Form 10Q filing with the SEC on September 21, 2009; Disclosure Item 1 - Legal Proceedings."