Micromem Technologies Inc. Provides Update
TORONTO and NEW YORK, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Micromem Technologies
Inc. (the "Company") (CNSX:MRM) (OTCBB:MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc. (MAST), is pleased to
provide an update on current and new initiatives.
An update on GSI will be the subject of a separate press release.
International Oil Company
A 12 week delay in demonstrating and delivering the beta unit, caused by
unavailability of client-supplied nanoparticles has now been remedied. A
decision was made to fabricate our own nanoparticles with customized carbon
functionalized coatings. This has resulted in additional intellectual property
emerging from this client contract.
The week of February 11, 2013, we successfully obtained consistent photography
of the fluorescent nanoparticles that are collecting on our custom designed
magnetic in-line target. Concentration of particles in solution is less than 1
ppb. The week of February 18, we successfully adapted the optics platform to
our magnetic sensor platform. Manufacturing of the beta unit and final testing
before shipping to the client will be completed by mid-March. We have formally
invited our client to witness the final pre ship testing. This development
contract is now anticipated to be completed and all revenue remaining on the
contract to be collected by May.
American Automobile Manufacturer
Client dynamic testing is expected to be finished by the end of this week.
MAST has been advised that the performance of our sensor platform has exceeded
client expectations and written client approval of the Proof of Concept (POC)
is expected in early March. The proposal describing commercialization and
routine manufacturing timetables is to be delivered to the client by the end
US Department of Defense (DOD) and Terrorist Support Working Group (TSWG)
MAST was selected for short-listing on our proposal for forward-looking
surface penetrating sensor fusion of combined sensor/radar for disturbed
ground. The project approval has been held up pending DOD approval and will be
reviewed after the upcoming sequestration talks have been completed.
Monitoring of Large Scale Power Line Deflection
MAST is currently awaiting approval by the client of the supplied roll out
pricing. Terms of the agreement are still being negotiated. Provisional
patents are in place. Expanded marketing of our POC has resulted in contract
discussions with an additional client. MAST will be able to release the
commercialization schedule to both clients by the end of March.
Sensor Technology and Methods of Measuring Cement Integrity
MAST is waiting for contract execution. Terms and conditions of the project
contract have been agreed to.
Early Breast Cancer Awareness Device
MAST unveiled our early breast cancer detection technology platform, using
Artificial Neural Network aided interpretation of Thermograms of Women's
Breast, at NASA's FutureMed Conference in February. As a result of the MAST
presentation, discussions have begun with both General Electric (GE) and
Kaiser Permanente. Discussions with GE are focused on collaborative business
opportunities in Brazil, India and China. Kaiser Permanente discussions are
centered on our proposed franchising model in North America.
A copy of the presentation made at the conference is available for review on
MAST is currently negotiating with our European partner on establishing
franchises in Eastern Europe to deploy our early breast cancer detection in
several countries. The entire project will be subject of a separate press
Global Oil/Natural gas and Geothermal Company
MAST has started discussions under Non-Disclosure Agreement (NDA) with a 3^rd
oil company regarding their use of our magnetic tracer technology and
detection platform and how we may help them with their secondary resource
recovery. A development agreement is currently under negotiation.
Ultra Small Electronic-Scanning Ultrasonic Transducer for High Resolution
Client has postponed contract discussions until Q313 due to their internal
resource allocation issues, MAST remains under NDA with the client. Detailed
project plans and design documents have been issued to client. We anticipate
our next follow up in June 2013.
Volume Production of MAST Hall Sensors
MAST has confirmed unit pricing and our ability to manufacture and deliver a
required initial order of our standard Hall sensor valued $2M USD. Contract
proposal is still under review by the client. Should current terms be accepted
MAST is anticipating to begin delivery in July. Our highly sensitive Hall
sensor was chosen based upon the client's validation of its linearity at 2.5
Miniature Current Sensing Device
Negotiations have been slower than anticipated due to the necessity to
translate and deliver all documents in Japanese. MAST has submitted for
approval our proposed design.
Wireless Power Transfer Device
Technical documents have been submitted under NDA to the client to aid in
their final decision. MAST has received a revised RFQ that has gone to all
short listed companies. The proposal is due by the end of May of this year.
Ability to Weigh Extremely Small Quantities in a Production Environment
MAST has been selected to demonstrate our ability to weigh a 750 ng item in a
vacuum environment with a cycle time approaching 1 second. The client will be
evaluating two different technologies head to head and the winning company
will be contracted to integrate the winning technology into their new
production line by the end of 2013.
Remote Monitoring of Elderly Home Care Patients
MAST has progressed to the next round of evaluation. There are now 5 remaining
companies from the last round total of 12. We have been asked to submit costs
and a timeline to produce a POC for a specific transdermal circuit capable of
monitoring vital signs. The proposal is due by June 1 of this year.
Measuring Wall Thickness in Underground Pipes
MAST has been selected to begin discussions under NDA with a client for our
innovative way of assessing anomalies in pipe thickness in underground pipes.
Aerial Magnetic Exploration Platform
Negotiations continue with a third party who plans to market and distribute
this product. It is anticipated that this contract will be consummated by the
end of Q213.
Stable Hydrocarbon Sensor for use in Automotive Exhaust
After discussion with the client under NDA, the client has selected an
alternative approach. The reason for rejection of the MAST proposal was that
our submitted cost proposal did not fit their budget. The work as proposed was
based upon quantum entanglement technology, an approach with substantial risk
that MAST was not at this time prepared to underwrite.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc.,
a publicly traded (OTCBB: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
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 forward-looking statements.
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.
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