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Last C$0.53 CAD
Change Today -0.02 / -3.64%
Volume 18.0K
MRM On Other Exchanges
As of 3:54 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

micromem technologies inc (MRM) Snapshot

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52 Week High
11/13/14 - C$0.90
52 Week Low
08/27/14 - C$0.40
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micromem technologies inc (MRM) Details

Micromem Technologies Inc. develops and commercializes customized magnetic sensor applications based on its proprietary technology for companies in various industries in North America and internationally. Its product portfolio comprises nano particle concentration sensor platform; secondary oil recovery platform using MAST nano particles; power transformer oil degradation sensor platform; integrated analytical lab on a chip in automotive oil pan plug platform; cement integrity sensor platform; fracking sensor platform; corrosion under insulation sensor platform; and sensors to analyze wear materials in lubricating fluids. The company was founded in 1969 and is headquartered in Toronto, Canada.

Founded in 1969

micromem technologies inc (MRM) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $768.5K
Chief Financial Officer and Principal Account...
Total Annual Compensation: $184.7K
Director of Business Development, Director an...
Total Annual Compensation: $230.2K
Compensation as of Fiscal Year 2014.

micromem technologies inc (MRM) Key Developments

Micromem Technologies Wins Development Contract from American Oil Company

Micromem Technologies Inc. through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), announced that the Company has been awarded a second Joint Product Development Agreement 'JPDA' by the American based Oil company ('Oil Co.'), the agreement is valued at $9,200,000. Under the terms of the Agreement the Oil Co. and Micromem will design, build and demonstrate a cement integrity sensor prototype for use in cement pumped down oil well boreholes to depths of 15,000 feet. The sensor will be mixed into the wet cement and form part of the structure. The Company expects to deliver the first prototype by June 2015. Under the agreement, once deployment begins Micromem will also benefit from royalty/license based income. The sensor will measure temperature, moisture, stress levels and listen for the presence of flow in micro fractures to advise the operator in real time, of the condition of the cement surrounding the casing of an oil well. These sensors will remain useful for monitoring the conditions of the cement over the lifetime of the structure. The clients' objective will be to deploy these sensors in their oil wells globally. For oil companies to be able to detect and analyze issues well in advance of fractures developing has many advantages to predict and prevent dangerous spills from failing cement. The system will be connected wirelessly throughout the well network and will in essence make oil wells 'smart'. This new technology will create a new paradigm when it comes to smart, integrated systems and building a smart infrastructure. The current estimate of the total number of producing oil and gas wells around the globe that could benefit from this technology is 950,000 with more than 530,000 of them located in the United States. This technology encompasses systems and methods for detecting and/or monitoring the integrity and condition of cement structures including, for example, highways, bridges, buildings, and wellbores using Nano-Electro-Mechanical System (NEMS) based and/or Micro-Electro-Mechanical System (MEMS) based data sensors. Micromem will maintain the rights for use of this technology in non-oil well applications including but not limited to the construction industry, road, bridge and other applications where cement is being used. The sensors will be mixed into the wet cement and poured into whichever form is required. The sensors will operate by scavenging power from the surrounding area and 'pinged' by a wireless communication system as required to report the condition of the cement. The benefits of making cement smart in an industry where safety and quality of construction are paramount makes this technology a giant leap in the direction of smart infrastructure systems. An early warning system that can be connected wirelessly to central stations located anywhere in the world that will alert the operator to developing problems before they become a problem will save the industry time and money and help to protect the environment from dangerous and damaging oil leaks. Plus when being used in structures such as buildings, parking structures and bridges the ability to monitor the integrity of the cement will mean added safety in structures used by the population at large.

Micromem Technologies Inc. Demonstrates UAV Installation of Power Line Monitoring Mounting System

Micromem Technologies Inc. announced that it has demonstrated the installation of the mounting system that will be used to house it’s Power Line Condition Monitoring sensor suite using an Unmanned Aerial Vehicle (UAV). The sensor platform incorporates 14 MEMS sensors, scavenges power from the catenary using patent pending techniques, automatically establishes a mesh communication network upon installation and weighs less than two pounds. The system is fully operational upon installation. This is another example of smart infrastructure that will provide wireless real time communication of the status of the power lines to a central station. The test was done on power lines adjacent to the Vandenberg Air Force bases in California. A video of the installation is being prepared and will be added to the website. The test established that Micromem can install approximately 20 units per hour. The ability to use a UAV virtually eliminates the cost and time involved in the installation of these types of devices particularly over long distances and terrain that is difficult to access. This demonstration will allow Micromem, in conjunction with its utility partner, to begin installation for live testing of completed Power Line Monitoring sensor devices by July 2015.

Micromem Technologies Inc. Announces Audited Consolidated Earnings Results for the Year Ended October 31, 2014

Micromem Technologies Inc. announced audited consolidated earnings results for the year ended October 31, 2014. For the year, the company reported loss from operations of $4,164,871 against $2,728,176 a year ago. Net loss before income taxes was $4,164,871 against $5,933,928 a year ago. Net loss and comprehensive loss was $4,164,871 against $5,933,928 a year ago. Basic and diluted loss per share was $0.02 against $0.04 a year ago. Net cash used in operating activities was $2,883,079 against $2,515,315 a year ago. Purchase of property and equipment was $14,842 against $13,200 a year ago.


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