TORONTO and NEW YORK, June 25, 2012 /CNW/ - Micromem Technologies Inc.
("Micromem") (CNSX: MRM, OTCBB: MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc.("MAST"),
announces it has successfully completed field trials of its aerial
natural resource exploration platform. The 6 channel fully integrated
passive EM receiver (Ex, Ey, Ez, Bx, By, Bz) acquires electric and
magnetic field data at very low frequency and at very high data rate.
Recent trials validated magnetic target acquisition in 1000 meters of
sea water. Tests were run on the western US coast line by overflying a
designated grid pattern with known magnetic targets under water.
Dr. Mari Mes of NEMT, who has been acting as a geophysical consultant
stated: "I am very pleased that MAST have assimilated from various
trials and clients, the key design and functionality that will be
incorporated into the commercial exploration platform. The MAST sensor
front end to the radio/receiver is well positioned to allow the
targeted faint, pico-Tesla level magnetic signals to be accurately
detected in routine noisy environmental and atmospheric noise."
Steven Van Fleet, President of MAST stated: "We've had the developmental
design and proof of concept product reviewed, critiqued and redesigned
with the input of seven industry partners with the result that we now
have a product that is relevant to the industry after several changes
to the earlier design functionality. Through this time consuming effort
with clients, we have amassed a clear definition of what performance
specifications are required to meet business needs. We have
incorporated this invaluable feedback into our finalized product
design. I am pleased that we are now commencing commercialization of
the aerial platform. One of the key breakthroughs during this
evaluation phase has been the decision to integrate into our sensor
platform, enhanced sensor functionality allowing us magnetic
sensitivity less than 0.8 pT @ 1Hz. This sensitivity is world class for
this type of sensing platform, particularly given the fact that we
provide this in a three axis format, allowing the exploration firm
greater resolution and accuracy in mapping out exploratory grid
Joe Fuda, CEO of Micromem stated "Having this device follow right on the
heels of our recent announcement of bringing the GSI Westwind product
from hand built devices in a lab into routine assembly line production
is gratifying. To now be in a position to assess the best opportunity
to deploy the Aerial Exploration Platform is a big milestone for this
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc
responsibly analyzes the specific industry sectors to create
intelligent game-changing applications that address unmet market needs.
By leveraging its expertise and experience with sophisticated magnetic
sensor applications, MASTInc successfully powers the development and
implementation of innovative solutions for healthcare/biomedical,
natural resource exploration, government, information technology,
manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.
Safe Harbor Statement
This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in such
forward-looking statements. In particular, factors that could cause
actual results to differ materially from those in forward looking
statements include: our inability to obtain additional financing on
acceptable terms; risk that our products and services will not gain
widespread market acceptance; continued consumer adoption of digital
technology; inability to compete with others who provide comparable
products; the failure of our technology; the infringement of our
technology with proprietary rights of third parties; inability to
respond to consumer and technological demands; inability to replace
significant customers; seasonal nature of our business; and other risks
detailed in our filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date made and are not
guarantees of future performance. We undertake no obligation to
publicly update or revise any forward-looking statements. When used in
this document, the words "believe," "expect," "anticipate," "estimate,"
"project," "plan," "should," "intend," "may," "will," "would,"
"potential," and similar expressions may be used to identify
The CNSX or any other securities regulatory authority has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
press release that has been prepared by management.
Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued: 125,311,665
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
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