Micromem Technologies Inc. Provides an Update on Executed Manufacturing and Supply Agreements and Ongoing Business Initiatives
TORONTO,
NEW YORK, N.Y.—March 26, 2010 — Micromem
Technologies Inc., (Micromem, the “Company”) (OTC BB: MMTIF, CNSX: MRM) and its
wholly-owned subsidiary, Micromem Applied Sensor Technologies, Inc. (MAST) (www.mastinc.com), provide the following update on
executed manufacturing and supply agreements and other business initiatives
that were outlined and discussed in our December 15, 2009
press release.
1. We are proceeding towards the next round of product testing of
additional keyboard substrates with the objective of obtaining required
regulatory approval and certification.
The certification process and timetable is managed by the licensing
authorities. Once completed, the
Company will be positioned to sell these certified units under the terms of the
agreement previously struck with its contracted customer.
2. We continue to negotiate a form of a business development agreement with
BAE. A further update to the shareholders is subject to a mutually agreed upon
press release by the two companies.
3. Micromem intends to file a submission to obtain FDA 510(k) clearance for
the medical device which incorporates our magnetic sensors for an adjunctive
screening indication in the breast.
We have engaged expert FDA counsel to provide regulatory advice and
assistance in preparing the FDA submission. Once submitted, the review process depends in large part on
the type and amount of additional information FDA requests regarding the
device, if any, and how quickly Micromem can provide the requested
information. FDA’s clearance of a
510(k) notice for the device would authorize the device to be marketed for the
listed indications in the United States.
4. Norwegian EM Technology (NEMT) continues to test our magnetic device for
exploration purposes. Our
discussions and negotiations with NEMT are proceeding satisfactorily and test
results have been better than expected.
5. Development work continues on both our mining and our oil sensor
prototypes as part of our client/product pipeline.
6. We have further invested in our IP portfolio during Q1 2010 as the
business developments described above have evolved and provided future
opportunities.
7. The parent company of NanoOpto recently announced that its NanoOpto
operations will be discontinued.
We are currently meeting with NanoOpto to confirm the timing and
remaining costs associated with the completion of the development work on the
concentrator for our Hall sensor.
The completion date for this development project has been extended
beyond the first quarter of calendar 2010 and the Company may need to secure an
alternative supplier.
Joseph
Fuda, president and CEO states, “Micromem has reached the point where our joint
development partners have satisfied themselves that all technical
representations that have been made are accurate and that their products can
function in either an improved fashion or in an entirely new way using our
technology. Once again we have done something that we promised to do. We found
interested partners and we began building, testing and evaluating our
technology in combination with our partners.”
Whereas Micromem
anticipated that it would be positioned to report revenues from the initiatives described in
points (1) and (3) above by March
31st, as reported in December 2009, its expectations at this stage
are that these revenue opportunities will be realized in the 2010 as the delays
in commercialization have been due to production logistics and required
regulatory approvals.
Micromem will provide further
updates on these developments as they occur.
About Micromem and
MASTInc
MASTInc
is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a
publicly traded (OTC BB: 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 www.micromeminc.com www.mastinc.com.
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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Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued:
91,831,723
SEC File No:
0-26005
Investor Contact:
Jason Baun
Chief Information
Officer
Micromem Technologies Inc.
416-364-2023
Media Contact:
CPR
for MASTInc
Dana
Taormina
201-641-1911
x53
dtaormina@cpronline.com
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