"The World's Largest Specialist Air Bearing Designer and Manufacturer"
TORONTO AND NEW YORK, May 11 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM), (OTCBB: MMTIF), through its wholly owned
subsidiary Micromem Applied Sensor Technologies Inc., announced today
they have been awarded a development contract by Westwind Air Bearings
(www.westwind-airbearings.com ). The terms of the contract are to design, and upon successful
completion of testing, deliver manufacturing quantities of the
Company's patented Hall sensor for high-speed motor control
applications. The Company has received an initial deposit as part of a
larger contract and has a development schedule with an expected
completion date of July, 2011. The Company is currently under a non
disclosure agreement that prevents the company from disclosing any
details pertaining to the contract.
Micromem's patented Hall sensor was chosen for three key reasons. The
technology has an extremely small footprint for integration into the
client's existing motor design, an absolutely stable output performance
over a wide speed range of operation and the sensor's historically
proven ability to operate in a noisy and disruptive environment.
Joseph Fuda, CEO of Micromem stated, "We are very pleased to be working
with an industry leader such as Westwind Air Bearings." Fuda further
states, "This is Micromem's second revenue generating contract this
year and based on the historical performance of our technology, the
Company anticipates a successful completion of the prototype."
Westwind Air Bearings is the world's leading specialty manufacturer of
air bearing spindles. Westwind's technology is used across a broad
spectrum of industries throughout the world - for applications which
include printed circuit board (PCB) manufacture, semiconductor
processing and specialist coatings delivery systems. In today's PCB
industry there are more Westwind drilling spindles in use than any
other brand. Westwind is part of GSIG Inc., a world leader in the
manufacture of precision motion components, lasers, and laser-based
advanced manufacturing systems to the global medical, semiconductor,
electronics, and industrial markets.
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: 98,099,511
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Jason Baun, Chief Information Officer; Tel. 416-364-2023