TORONTO, Aug. 18 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF)
announced that the U.S. Department of Labor Occupational Safety and Health
Administration ("OSHA") has acknowledged that it has dismissed the complaint
by Dr. Cynthia Kuper against the Company dated February 11, 2008, but OSHA has
informed Micromem that due to OSHA's inadvertent error in not providing notice
to Dr. Kuper when the dismissal letter was first issued, Dr. Kuper continues
to have the right to object to OSHA's findings.
As previously disclosed, the Secretary of Labor, acting through her
agent, the Regional Administrator for OSHA, Region III, found following an
investigation of this matter by a duly authorized investigator that there is
no reasonable cause to believe that Micromem violated the Sarbanes-Oxley Act
of 2002, as Dr. Kuper had alleged in her complaint. The complaint was thus
According to rule, both parties involved have 30 days from the receipt of
OSHA's findings to file objections and to request a hearing before an
Administrative Law Judge (ALJ). If no objections are filed, OSHA's findings
will become final and not subject to court review. While OSHA's findings
letter to Dr. Kuper was dated July 14, 2008, and a copy was sent to Micromem
on July 16, 2008, Micromem has been informed that OSHA is not able to confirm
from its internal records that it in fact sent the July 14 letter to Dr.
Kuper. OSHA has therefore determined that it will allow Dr. Kuper an
additional period to determine whether to object to its findings. Micromem
believes this period will expire on or around September 17, 2008.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 79,893,779
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,