TORONTO, Sept. 24 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) is
pleased to announce that as of September 20, 2007 the MRAM wafers are in
production in the Global Communications Semiconductor, Inc. (GCS) foundry. On
September 17, 2007 Strategic Solutions, a design partner of Micromem, released
the approved reticle design to the foundry. The reticle design incorporates an
extensive matrix of tests to be performed on the Micromem MRAM bit structure
as it is processed through the foundry. By October 29, 2007 the reticle test
matrix will yield valuable information of the MRAM scalability, power
consumption, read write speed and cross talk separation. Micromem is also
planning additional radiation hardening test that will validate and supplement
similar testing previously communicated in our May 24, 2007 press release.
Steven Van Fleet, Micromem's Project Director for this foundry phase
stated "The entire team, Strategic Solutions, GCS and Micromem are extremely
pleased with the foundry plan, schedule and reticle test plan. Gallium
Arsenide (GaAs) is proving to have been a wise choice for our targeted
applications. GaAs has two distinct advantages over silicon: speed and power.
For the same power dissipation, a GaAs circuit is faster, at the same speed,
the power in a GaAs circuit is usually lower. This is key to our targeted
"Military applications lead the list of interested joint development
partners. The modern warfare soldier carries a lot of devices that require
heavy batteries. If Micromem's MRAM requires lower power dissipation, meaning
lower battery weight, this will be a huge market opportunity for us," Van
Fleet went on to say. The company anticipates meeting a lower power
"We are in discussions with companies that share similar needs in
satellites, particularly phased array satellites. These satellites require
array based calibration memories that need to be close to the satellite and
not housed in metal shielded boxes like silicon based memory. We remain
encouraged that our MRAM rad hardness will survive where silicon memory
performance continues to be challenged."
The foundry schedule is aggressive. We will complete Phase 1 of the
foundry by early January 2008. After October 29, 2007 we should have the first
set of available test data. Once we achieve our predicted target we will begin
to execute application specific development plans for military and other niche
application devices that will benefit from our MRAM memory. We hope to begin a
collaboration with these development partners in early November, Micromem will
then be in a position to transition quickly from the Phase 1 test phase into
multiple and parallel product developments.
"I am very proud of what our team has been able to accomplish, and
specifically the GaAs selection demonstrated true foresight. Micromem has
finally reached a stage where the culmination of 10 years of hard work,
dedication and effort is beginning to pay off, this is a truly exciting time
for Micromem," said Joseph Fuda.
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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,