TORONTO, Aug. 5 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF)
announced that the U.S. Department of Labor Occupational Safety and Health
Administration ("OSHA") has dismissed the complaint by Dr. Cynthia Kuper
against the Company dated February 11, 2008.
Following an investigation of this matter by a duly authorized
investigator, the Secretary of Labor, acting through her agent, the Regional
Administrator for OSHA, Region III, found that there is no reasonable cause to
believe that Micromem violated the Sarbanes-Oxley Act of 2002, as Dr. Kuper
Both parties involved have 30 days from the receipt of OSHA's findings
(August 13, 2008) 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.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 80,345,446
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,