TORONTO, NEW YORK, June 30, 2011 /CNW/ - Micromem Technologies Inc. (the
"Company" or "Micromem) (CNSX: MRM) (OTCBB: MMTIF) and its wholly-owned
subsidiary, Micromem Applied Sensor Technologies, Inc. (MAST) provide
the following update on business initiatives:
The Company has filed on June 29, 2011 its quarterly financial
statements and related information as of April 30, 2011. Visit www.sedar.com for details.
The Company has posted on its website www.micromeminc.com, a video link that demonstrates its operational magnetic surveying
International Energy Company: As previously reported the Company has executed a development contract
with a major international energy company for an application based on
the technology that it has developed. It executed the contract in
February and received at that time the initial payment under the
contract from the customer. The initial design work relating to this
project has been completed and a proof of concept is now under
construction. The Company has been successful in meeting the
development milestones established to date, in particular, it has
met the very high performance measurement tolerances stipulated by the
Oil Sensor: The Company is in discussion under a non-disclosure agreement with a
large automotive company for a development and licensing contract for
an enhanced oil condition sensor that includes the use of nano
particles imbedded in the oil filter.
GSI Westwind: The Company has executed a development contract with this customer and
has received the initial payment under the contract from GSI. Micromem
has submitted mechanical and electrical design drawings to GSI and is
proceeding with pre-manufacturing testing.
LMTI: On June 29, 2011 the Company served notice to LifeMed Technologies Inc.
that the working arrangements as contemplated in the manufacturing
agreement which was executed in August 2009 and as amended in September
2009 and the purchase order which was executed in September 2009 have
been terminated. The Company has not derived any orders nor any
revenues from these agreements. Micromem intends to pursue other
potential customers for the technology that it has developed to date.
Unotron: The Company continues its business discussions with Unotron Inc. Since
February 2011, it has recovered $75,000 of the $200,000 promissory note
receivable from Unotron. Pending collection of the balance outstanding
plus accrued interest, it plans to re-engage Unotron with respect to
the manufacturing agreement and purchase order which it executed in
NEMT: Micromem's second round of field testing is scheduled to begin shortly
using its magnetic surveying platform which measures the earth's
magnetic signature. If these tests are successfully completed, it is
expected that the product will be commercialized and scheduled for
deployment to oil and gas and mineral exploration clients.
Medical Device: As previously reported, the Company was pursuing a potential customer in
the medical products sector and began development work towards this end
in 2010. The Company has decided to postpone further work on this
application pending that customer's decision to provide funding for the
development of a manufacturing prototype by the Company. The Company
believes that this project remains highly worthwhile and holds
significant development opportunities over time.
Intellectual Property: Micromem has commenced the process of preparing provisional patents for
applications that it has under development including an integrated
sensor platform for oil monitoring in vehicles, an array of high
resolution sensors and a data processing algorithm for use in
conjunction with medical devices, as well as for several other project
On June 27, 2011, the Company extended the expiration date by one year
of a total of 1,394,444 common share purchase warrants to acquire
common shares. These warrants were originally
issued with respect to private placement financings completed in 2010.
The exercise price of the warrants remains unchanged.
The Company is planning for its Annual General Meeting which is
anticipated to be called for September 2011.
The Company anticipates that its current initiatives should lead to
commercialization of different technology applications and related
licensing and royalty agreements. As a result of this range of
development activities and the progress that the Company is
experiencing in working with large corporate partners, the Company is
responding to a significant number of new inquiries and development
proposal requests which augur favourably for its sales prospects
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,
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: 105,844,056
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Chief Information Officer
Micromem Technologies Inc.