Company News

Summary of 2012 Annual Meeting

The 2012 Annual Meeting of MITI was held in the Corporate headquarters at 10AM on April 21st. This is a brief summary for general information. Details are being prepared for distribution to all shareholders.

All ballots and proxies were opened and examined by Board Members and it was determined that a quorum of shareholders was present.

John Bala was nominated and approved by the shareholders as the Moderator of the Annual Meeting. He reported the status of existing MITI products and of new product developments. He also reported that the Company had no funds but does have some contacts with potential investors.

Votes were counted for the four articles on the ballot and each was approved unanimously. The Board of Directors (John Bala, Richard Zapolin and John Szugda) were approved by the shareholders. The Board will consider appointing more directors (from the new investors) during the coming year. The shareholders also approved negotiation of a licensing agreement for MITI’s UV Sterilization Technology and negotiation with the City of Norwich and the State of Connecticut for loans and grants to establish operations in Norwich. They also approved using the Accounting and Audit CPA firm of Estabrook & Company, P.C. again this year. After discussing the possibility of seeking SBA grants for foreign sales, the Board was tasked to review MITI’s qualifications for those subsidies of up to $5,000,000 for expanding US overseas sales.

Finally the meeting was adjourned by the shareholders since no further business was before them.