TORONTO AND NEW YORK, Nov. 3, 2011 /CNW/ - Micromem Technologies Inc.
(the "Company") (CNSX: MRM) (OTCBB: MMTIF), provides an update on
current business initiatives and product design:
International Oil Company
Micromem has completed the proof of concept prototype milestone and is
preparing to ship the device to the client in November, 2011. The
Company will be meeting with the client in early December to conduct
the contractual testing regiment on the device. Upon successful field
testing Micromem will complete the contract by delivering the device in
a pre-manufacturing form factor.
Pursuant to a press release issued on October 25, 2011, Micromem,
through its wholly owned subsidiary Micromem Applied Sensor
Technologies Inc., ("MAST") announces it has shipped customized circuit
boards to GSI Westwind and thus completed all of its requirements under
the initial development contract.
The preproduction prototype circuit boards, designed by MAST to meet the
unique requirements of the client, were manufactured and tested
utilizing ISO 9001 guidelines and testing indicated that the circuit
boards were performing as designed. The boards will be fully tested by
the client at high operating speeds and integrated into their product
line. Once the prototype has been approved by GSI Westwind the Company
expects to be in a position whereby commercial product will be
purchased by the client.
The Company has submitted for client review seven proposals to the
engineering firm NineSigma (www.ninesigma.com). NineSigma is the most experienced and advanced Open Innovation service provider in the world meeting the unmet needs of its clients.
NineSigma's Targeted Search approach is used when a small number of
vetted partners are needed and time is a critical factor.
In Targeted Search projects, NineSigma's client typically knows a
solution is available but does not know who the best partner might be.
The NineSigma Program Manager will collaborate closely with the
client's team to define the criteria and establish a desired partner
profile. The Program Manager will then find and vet approximately 1-3
potential partners who fit the client's needs. The entire process is
typically conducted within 10-12 weeks of launching the project.
Ninesigma has advised the Company that four proposals have been approved
from a technical standpoint by their clients and these will be made
public as agreements are negotiated and executed.
Offshore Technology Conference (OTC)
Dr. Mari Mes of Norwegian EMT ("NEMT") has advised the Company a paper
has been accepted for presentation on Micromem's patented mining and
exploration device. This paper will be presented at the Offshore
Technology Conference in February, 2012. The OTC is the world's
foremost event for the development of offshore resources in the fields
of drilling, exploration, production, and environmental protection. The
OTC is held annually in Houston, Texas. Each year the OTC attracts more
than 60,000 attendees and 2,000 exhibiting companies representing more
than 110 countries worldwide.
The paper will describe airborne 3D high resolution EM survey data as
collected in the North Sea. The areas surveyed included a producing and
a non-producing field. NEMT was able to confirm using the newly
developed frequency-based algorithms that:
The 3D passive airborne system recognized areas with and without large
Relative depth information was obtained from a parallel interpretation
with geophysical data,
Multiple hydrocarbon bearing strata were identified,
Consistent survey results were found in 1200 meters of water; and
Data and interpretations supporting these claims will be presented.
Annual General Meeting
Steven Van Fleet, Director of Micromem and President of MAST,
demonstrated several of the finalized Micromem products during the
presentation portion of the AGM. These included:
Functional keyboard with the Company's patented Hall sensors under each
Functional early breast cancer detection pre-manufacturing prototype
including cost effective breast pads and a fully functioning software
handheld user interface. This user interface includes an analysis of
the results from each test performed and a remote communication
functionality allowing a woman to receive doctor's evaluation of the
The NEMT airborne exploration platform which was recently shipped to
Norway to begin routine airborne usage and additional stress testing of
the enhanced software,
The motor control circuit recently shipped to GSI Westwind. The unique
design and extremely small form factor was demonstrated; and
Several reels of the various production magnetic sensors. These are now
set up as routine product numbers at multiple foundries in the U.S. and
The Company is in the process of updating its website which will include
photographs of completed products.
About Micromem Technologies Inc. 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, 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: 116,149,718
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Investor Contact: Jason Baun, Chief Information Officer, Tel. 416-364-2023