TORONTO, NEW YORK, June 19, 2012 /CNW/ - Micromem Technologies Inc.
("Micromem") (CNSX: MRM, OTCBB: MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc. ("MAST"),
announces that it has finalized open loop testing of the "Speed
control circuit" with GSI Westwind and have completed the original
development contract. A MAST lead board designer was on site recently
in Poole England to assist in the final open loop testing and validate
open loop performance. MAST is providing additional circuit boards for
GSI Westwind for closed loop compatibility with their third party drive
partners. All work on the base development contract has been completed.
MAST has now been requested to provide first production articles for GSI
approval. Due to the very small form factor of our circuit board, GSI
Westwind has been able to optimize their spindle further. The first
production articles will actually be even smaller in diameter than the
original development board. In addition MAST will be incorporating an
innovative method of securing the outgoing signal wires to accommodate
the extremely small available routing space. Production volume pricing
has been issued to GSI Westwind.
Joseph Fuda states "The accomplishment of this milestone validates not
only our business model but now sets Micromem on the road to revenue
not just charging for research and development projects but right to
commercialization, Micromem is now in business." Joseph Fuda also said
" Considering the pipeline of customers and projects that the company
has become involved in, the success we have now accomplished shows well
for our ability to deliver not only on proof of concepts but to bring
in new products into the market that never existed before."
Micromem will be releasing the terms of the commercial agreement in a
separate press release.
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.
NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued: 125,311,665
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Investor Contact: Jason Baun; Chief Information Officer; Tel. 416-364-2023