TORONTO, Sept. 17 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) is
pleased to announce that it has engaged Global Communication Semiconductors,
Inc. (GCS), for its next stage of MRAM development. GCS is a California based
compound semiconductor pure-play wafer foundry that provides services to the
RF wireless communication sector, telecommunication and high-speed networking,
optoelectronics and photonics industries. As the premier gallium arsenide
foundry in North America, GCS provides foundry services to leading companies
in a variety of industries ranging from RF wireless and infrastructure,
optical fiber communication, aerospace and defense to medical devices.
"We are very pleased to be working with Micromem and taking its
technology from the laboratory and moving it towards commercialization and
ultimately production," said Jerry Curtis, President and CEO of GCS.
This is a milestone achievement for Micromem as it takes the company's
technology out of the laboratory and shifts it into a manufacturing facility.
GCS will design and build a commercial MRAM device utilizing Micromem's
patented technology. Micromem and GCS will work closely with specific
potential partners, using their specifications, to design a commercial product
that can be brought to market. Micromem anticipates on commencing fabrication
by the end of this year.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 73,268,799
SEC File No: 0-26005
About Global Communication Semiconductors, Inc.
Global Communication Semiconductors, Inc., based in Torrance, California,
an ISO 9001-2000 certified company, provides compound semiconductor foundry
services to the RF wireless communication, telecommunication and high-speed
networking, optoelectronics and photonics industries. GCS currently offers a
broad portfolio of advanced RF processes (InGaP HBT, PHEMT, IPD and SAW), and
various optoelectronics processes for products such as GaAs and InGaAs PIN PD
and imaging array, APD, VCSEL, Laser, modulator, QWIP and LED. Additional
information can be found at www.gcsincorp.com
About Micromem Technologies Inc.
Micromem Technologies, Inc. (www.micromeminc.com) is focused on the
development of magnetic random access memory (MRAM) technology. We believe
that once fully developed, this technology will be suitable for various
applications including, without limitation, Radio Frequency Identification
(RFID) It is anticipated that RFID will be Micromem's first market objective.
Micromem's primary technology was developed pursuant to an exclusive world
wide commercial license issued by the University of Toronto ("UT"). Pursuant
to the terms of the license, Micromem can buy out the balance of its financial
obligations with respect to the patents and technology licensed by UT for a
fixed fee. The MRAM development work was undertaken in accordance with
research collaboration agreements among Micromem, the University of Toronto,
Dr. Harry Ruda and OCE Inc., a not-for-profit corporation supported through
the Ontario Ministry of Economic Development and Trade's (MEDT) Ontario
Centres of Excellence program.
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding products and opportunities,
demand and acceptance of new or existing products, capital resources and
future financial results are forward-looking. Forward-looking statements
involve risks and uncertainties, which may cause Micromem's actual results in
future periods to differ materially from those expressed or suggested herein.
These uncertainties and risks include, without limitation, the inherent
uncertainty of research, product development and commercialization, the impact
of competitive products and patents, our ability to fund our current and
future business strategies and respond to the effect of economic and business
conditions generally as well as other risks and uncertainties detailed from
time to time in Micromem's filings with the Securities & Exchange Commission.
There can be no guarantee that Micromem will be able to enter into any
commercial arrangements on terms that are favorable to it, or at all. For more
information, please refer to Micromem's Annual Report on Form 20-F and its
Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem
is under no obligation (and expressly disclaims any obligation) to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise.
For further information:
For further information: Jason Baun, Chief Information Officer,