TORONTO, Feb. 25 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) is
pleased to announce the company has significantly enhanced its product
offering as a result of the foundry success with its MRAM design. With the
success of the GaAs version the company can now look to enhance its memory
offerings with recently filed patents for silicon germanium and silicon
designs. Micromem plans to announce market release dates for each memory
option in the future. The company's sales and marketing effort is now being
divided between MRAM and sensors.
Micromem also announces that its foundry success has enabled the company
to explore the lucrative magnetic sensor market. The ultra low power, high
sensitivity Hall cross sensor, is a strategic component of the non-volatile
random access memory design. Based on business development contacts and
sharing foundry results with key verticals, Micromem has now expanded its
portfolio into the following key markets:
- Mining and mineral exploration
- Manufacturing and quality control/defect detection
- Consumer applications
The Phase One foundry time line is now complete. Memory testing data has
been shared with the foundry client base. The Phase One foundry scope has
proven out the business value of Micromem's patent portfolio. The company is
developing its memory and sensor array products using the same underlying
Joseph Fuda, President and CEO stated, "What has really helped us market
our technology has been success in the foundry. The memory has turned out to
be relatively easy to manufacture. The low power consumption and overall
sensitivity of the Hall cross sensor has opened up a vastly wider market for
Micromem's patented technology".
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 74,050,067
SEC File No: 0-26005
About Micromem Technologies Inc.
Micromem Technologies, Inc. (www.micromeminc.com) is focused on the
development of magnetic random access memory (MRAM) technology.
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: and companies interested in better
understanding the Micromem technology and participating in future field trials
are encouraged to contact Jason Baun, Chief Information Officer,