TORONTO and NEW YORK, June 29, 2012 /CNW/ - Micromem Technologies Inc.
("Micromem") (CNSX: MRM) (OTCBB: MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc. ("MAST"),
announces that on Monday June 25, 2012 work began on its executed
product development agreement with a major automotive company, for a
suite of nanotechnology based sensors aimed at improving the automobile
owner's real time visibility of engine oil analytical measurements.
MAST will deliver as part of this contract a proof of concept sensor
package that will fit into a hollowed out oil pan plug, scavenge power
inductively from the engine environment and communicate wirelessly to
the auto maker's control unit. Unlike traditional approaches to
understanding how engine oil degrades with usage over time, involving
prediction of when an auto owner should change the oil, or, use of
viscosity and other single vector sensors that can be used to infer the
quality of the oil, the MAST sensor provides analytical measurement in
the oil stream in a similar manner as would be measured in a certified
Steven Van Fleet, President of MAST, states "For the last three years we
have been understanding how to deploy nanotechnology in a sensor
platform to fully characterize how engine oil properties degrade with
different driving habits, and how various contaminants, that make their
way into the engine oil stream, impacts oil performance. We plan to
integrate our validated technology that we are deploying in the crude
oil production process, specifically our sensor platform that is
capable of detecting the presence of a 4 nanometer magnetic particle at
concentrations below 1 part per billion. By embedding a 'lab on a chip'
inside an oil pan plug and at the same time eliminating both power and
communication wiring, we are providing a very easily integrated
solution platform to our client. We plan to team with the automotive
manufacturer in providing more pertinent information to the auto driver
and help educate them on how to make informed decisions as to oil
changes and/or driving habits. An additional business differentiator,
particularly for manufacturers of high performance engines, will be the
ability to extend the time between oil changes, therefore lowering
operating costs. Our product offering will take two form factors, the
above mentioned nanotechnology platform in a oil pan plug, and, a
slightly larger form factor for in line installation on larger power
Joseph Fuda, CEO of Micromem, states "We have requested and anticipate
approval to release the client's name. It is gratifying to be
contracted by a company listed in the top 10 of the Fortune 100
American companies and ranked a top 20 of the Fortune 100 global
companies. This calibre of client is just one of several in this league
that has selected Micromem to deliver on sophisticated high performance
technology." Joseph Fuda further states that "On the results of our
recent successes, I am confident that this will be another project that
Micromem will accomplish."
Micromem is confident the required specifications will be met, which at
this time are subject to confidentiality to maintain competitive
advantage. Micromem is scheduled to demonstrate the proof of concept
over the next three months to be followed by ASIC chip manufacturing
cycle to shrink the overall form factor.
The commercial arrangement between Micromem and our client is also
subject to confidentiality and will not be disclosed at this time.
However, once in routine production, the opportunities for Micromem are
OEM sales wherein our product will be sold with a new vehicle sale.
Secondly, plans are in the works to offer the product as a retrofit for
late model vehicles. In addition, emerging market opportunity for this
product will be vehicles exported to China, India and the like. Our
product will provide much needed oil quality data in countries with
questionable oil quality specifications, and this real time information
will allow the automaker to make changes to their vehicle warranties.
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: 125,531,665
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Investor Contact: firstname.lastname@example.org; Tel. 416-364-2023
Subscribe to receive News Releases by Email on our website's home page. www.micromeminc.com