Micromem Technologies Receives Initial US$30 Million Purchase Order
Micromem Enters Breast Cancer Detection Market
TORONTO and NEW YORK, Sept. 28, 2009 / MicromemTechnologies Inc. (Micromem) (OTC BB:MMTIF, CNSX: MRM), and its wholly owned subsidiary, Micromem Applied SensorTechnologies, Inc. (MASTInc), hasreceived an initial purchase order for its sensors from Life Medical Technologies, Inc. (LMTI), which uponcompletion, will total US$30 million. Micromem anticipates delivery to begin in2009 with the bulk expected in 2010, in accordance with fulfilling LMTI clientorders.
Micromem’s sensors will be used for LMTI’sproduct to enhance breast cancer detection. Work has already begun and routinemanufacturing will commence as early as applicable regulatory approvals permit.The initial terms of the purchase order are a request for up to 10 millionunits and MASTInc to complete a design, test prototype, and deliver a deviceapproved for commercial use within 30 days.
It is anticipated that Micromem’s sensors willbe included in two components of the device, the wearable portion and thehandheld reading component. LMTI and Micromem are working to produce a seriesof products to serve the breast cancer diagnostic market and anticipate thelaunch of future generations of design.
“After years of research and development it isgratifying to receive our first of many purchase orders and represents asignificant milestone for the company and its shareholders in the very relevantfield of breast cancer detection,” said Joseph Fuda, Chief Executive Officer ofMicromem Technologies Inc.
For more news and information on MicromemTechnologies Inc. please visit www.IRGnews.com/coi/MMTIFwhere you can find the CEO’s video, a fact sheet on the company, investorpresentations, and more.
About LifeMedical Technologies Inc.
Life Medical, a developmental stage company, isdedicated to educating and providing life-enhancing, innovative medicalproducts to the public through partnerships with non-profit organizations,corporations, academia, the government, and individuals in an ongoing effort tostrive towards a successful outcome in the fight against breast cancer andother life-threatening illnesses. Life Medical is dedicated to providinginnovative health care products and education worldwide that empowersindividuals to have greater control over their healthcare.
AboutMicromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiaryof Micromem Technologies Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM)company. MASTInc responsibly analyzes the specific industry sectors to createintelligent game-changing applications that address unmet market needs. Byleveraging its expertise and experience with sophisticated magnetic sensorapplications, MASTInc successfully powers the development and implementation ofinnovative solutions for healthcare/biomedical, natural resource exploration,government, information technology, manufacturing, and other industries. Visitwww.micromeminc.com www.mastinc.com.
This press release contains forward-lookingstatements. Such forward-looking statements are subject to a number of risks,assumptions and uncertainties that could cause the Company’s actual results todiffer materially from those projected in such forward-looking statements. Inparticular, factors that could cause actual results to differ materially fromthose in forward looking statements include: our inability to obtain additionalfinancing on acceptable terms; risk that our products and services will notgain widespread market acceptance; continued consumer adoption of digital technology;inability to compete with others who provide comparable products; the failureof our technology; the infringement of our technology with proprietary rightsof 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 ExchangeCommission. Forward-looking statements speak only as of the date made and arenot guarantees of future performance. We undertake no obligation to publiclyupdate 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 expressionsmay be used to identify forward-looking statements.
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