Nanotechnology Now





Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Micromem Technologies Inc. Provides an Update on Executed Manufacturing and Supply Agreements and Ongoing Business Initiatives

Abstract:
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, including Unotron, Life Medical Technologies, Inc., and BAE Systems:

Micromem Technologies Inc. Provides an Update on Executed Manufacturing and Supply Agreements and Ongoing Business Initiatives

Toronto & New York | Posted on December 15th, 2009

1. MAST signed a manufacturing and supply agreement with Unotron Incorporated ("Unotron") in April 2009 at which point it secured an initial purchase order of up to five million units to be delivered over five years with a potential contract value of US$77 million.

Since April 2009, the Company has worked closely with Unotron and its engineers to develop a fully functional washable keyboard that integrates Micromem's sensor technology. The Company's contracted engineer met Unotron's design team in China in July 2009. Micromem has been working closely with it subcontractor, Soligie Inc., since then to finalize the required printed circuitry for insertion into Unotron's washable keyboard.

MAST has completed its first shipment of up to 100 test units in December 2009. Unotron will complete product testing and awaits all required third party certifications (FCC, CE, ULC etc.) and, once these are received, Unotron will begin production and will activate the initial purchase order with MAST. Whereas the Company originally projected that it would report revenues under this purchase order in 2009, it now anticipates initial revenues by the end of the first quarter of calendar 2010. It is important to note the delay in product rollout has been in large part due to production and shipping logistics.

Micromem has advanced Unotron US$200,000 to support the joint development between Unotron and the Company. The funds are advanced as a debenture secured by a first charge on the assets of Unotron USA, bearing interest at 10 percent per annum payable quarterly and maturing on September 30, 2010.

2. LifeMed Technologies Inc. ("LifeMed") has recently finalized the acquisition of all the manufacturing assets and intellectual property relating to its Breast Aware™ breast tumor detection technology. LifeMed and MAST are gearing up to incorporate Micromem's magnetic sensor technology into the current Breast Aware™ product. Carol Fitzgerald, president of LifeMed and an advisor to MAST, is overseeing the start-up of production activity, which is scheduled for January 2010. Delays in the product launch are in large part due to the delay in LifeMed finalizing its acquisition of the Breast Aware technology.

Micromem previously announced an initial LifeMed purchase order for US$30 million with initial revenues anticipated in 2009. Currently, it anticipates that the initial revenues under this purchase order will be realized in the first quarter of calendar 2010. Recently MAST trademarked its new early breast detection line of products as BreastAwareTM. The Company is working closely with LifeMed to leverage previous FDA approvals, and it expects to be in a position to launch its first products in Q110.

3. As previously announced, the Company has also been developing its magnetic and sensor technology under an agreement with BAE Systems Microelectronics Centre (BAE Systems) in Nashua, N.H., over the past 18 months, with the objective of bringing Micromem's design to maturity and to begin production.

Micromem's magnetic memory and sensors have now been fully tested and proven to be functional by BAE Systems, which recently issued an initial draft of a memorandum of understanding to Micromem for the next phase of business development and, ultimately, monetization of the Company's technology.

Micromem anticipates that an ongoing working relationship with BAE Systems and its customers will be finalized during the first half of calendar 2010, resulting in licensing agreements for the Company.

4. Since June 2009, MAST has continued its development work with Norwegian EM Technology on NEMT'S survey tool for exploration activity in the North Sea. NEMT is developing a unique hydrocarbon and mineral exploration survey system. In extensive field-testing of MAST's highly sensitive, low frequency device, actual performance is exceeding initial expectations. MAST anticipates the release of formal test results shortly. NEMT expects to begin exploration of its licensed area in the North Sea by spring 2010.

Joseph Fuda, president and CEO of Micromem, states, "Looking back over the past 12 months, the Micromem team has made significant strides bringing its technology from research and development into commercialization. The Company has brought a new and emerging technology to market on a limited budget and has managed to succeed where many other companies have failed.

"It has been a very productive last quarter for the Company, and the development work the team has managed to accomplish is extremely encouraging. We anticipate the first quarter of 2010 to be yet another milestone in the Company's history as we begin to generate revenue and move into full-blown production. I am convinced that the future of Micromem -- given the business pipeline we have put in place for 2010 -- will be a very exciting one for both the management and shareholders of our company."

Other updates include:

- Silicon Turnkey Solutions, Inc., (STS) a solution provider in the area of specialty assembly, electrical test, qualification, reliability, and product screening, has completed all life cycle testing of MAST's product and will now publish a completed product data sheet. MAST's basic hall sensor is now fully developed and productized. STS completed all high and low temperature and long-term failure analysis, and the product has passed all tests with zero failures.

- MAST has entered into a development agreement with NanoOpto, a precision optics nanofabrication company based in Somerset, N.J., that is developing a concentrator for the Company's hall sensor. This is expected to provide between 100 and 200 times improvement in sensitivity to better than 0.1 nT/root Hz. The project is scheduled for completion in the first quarter of calendar 2010.

- MAST has worked closely with Nth Degree of Arizona in completing a printable hall sensor via its unique manufacturing process. The process for manufacturing highly dense arrays of the magnetic sensors for the Department of Defense and medical usage is now fully defined.

- Third party testing of MAST's oil sensor has proven the device to be both robust and highly accurate in the reading of the time and temperature degradation of motor oil. MAST has entered into an agreement with an end-user to develop a form factor for the oil sensor that will be used in the oil pan plug.

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.

Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM

Shares issued: 89,506,279
SEC File No: 0-26005

####

About Micromem Technologies
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.

For more information, please click here

Contacts:
Investor Contact:
Jason Baun
Chief Information Officer
Micromem Technologies Inc.
416-364-2023

Media Contact:
CPR for MASTInc
Dana Taormina
201-641-1911 x53

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Clues to inner atomic life from subtle light-emission shifts: Hyperfine structure of light absorption by short-lived cadmium atom isotopes reveals characteristics of the nucleus that matter for high precision detection methods July 3rd, 2015

Pioneering Southampton scientist awarded prestigious physics medal July 3rd, 2015

Groundbreaking research to help control liquids at micro and nano scales July 3rd, 2015

Discovery of nanotubes offers new clues about cell-to-cell communication July 2nd, 2015

MEMS

Robust new process forms 3-D shapes from flat sheets of graphene June 23rd, 2015

Slip sliding away: Graphene and diamonds prove a slippery combination June 10th, 2015

MEMS Industry Group Hosts Its First MEMS/Sensors Conference Session at Transducers 2015: MIG Speakers Will Explore Technology Transfer, Emerging MEMS/Sensors, Manufacturing Infrastructure and Process Technology, June 23 in Anchorage June 3rd, 2015

Janusz Bryzek Joins MEMS Industry Group to Lead New TSensors Division - New Division will Focus on Accelerating Development of Emerging Ultra-high Volume Sensors Supporting Abundance, mHealth and IoT May 14th, 2015

Chip Technology

Nanometrics to Announce Second Quarter Financial Results on July 23, 2015 July 2nd, 2015

The quantum middle man July 2nd, 2015

New technology using silver may hold key to electronics advances July 2nd, 2015

Emergence of a 'devil's staircase' in a spin-valve system July 1st, 2015

Nanomedicine

Groundbreaking research to help control liquids at micro and nano scales July 3rd, 2015

Iranian Scientists Find Simple, Economic Method to Synthesize Antibacterial Nanoparticles July 2nd, 2015

Leti Announces Launch of First European Nanomedicine Characterisation Laboratory: Project Combines Expertise of 9 Partners in 8 Countries to Foster Nanomedicine Innovation and Facilitate Regulatory Approval July 1st, 2015

Chitosan coated, chemotherapy packed nanoparticles may target cancer stem cells June 30th, 2015

Sensors

Groundbreaking research to help control liquids at micro and nano scales July 3rd, 2015

New micro-supercapacitor structure inspired by the intricate design of leaves: A team of scientists in Korea has devised a new method for making a graphene film for supercapacitors July 2nd, 2015

Carnegie Mellon chemists characterize 3-D macroporous hydrogels: Methods will allow researchers to develop new 'smart' materials June 30th, 2015

Visible Light-Sensitive Photocatalysts Used for Purification of Contaminated Water in Iran June 30th, 2015

Announcements

Clues to inner atomic life from subtle light-emission shifts: Hyperfine structure of light absorption by short-lived cadmium atom isotopes reveals characteristics of the nucleus that matter for high precision detection methods July 3rd, 2015

Pioneering Southampton scientist awarded prestigious physics medal July 3rd, 2015

Groundbreaking research to help control liquids at micro and nano scales July 3rd, 2015

NIST Group Maps Distribution of Carbon Nanotubes in Composite Materials July 2nd, 2015

Patents/IP/Tech Transfer/Licensing

GLOBALFOUNDRIES Completes Acquisition of IBM Microelectronics Business: Transaction adds differentiating technologies, world-class technologists, and intellectual property July 1st, 2015

NEI Announces the Issuance of Multiple Patents on Self-Healing & Superhydrophobic Coatings June 30th, 2015

Solegear Further Strengthens its Product Development Team: New Hire Seeks to Create New, Disruptive, Sustainable Materials June 17th, 2015

High-tech nanofibres could help nutrients in food hit the spot June 17th, 2015

Financial Reports

Nanometrics to Announce Second Quarter Financial Results on July 23, 2015 July 2nd, 2015

Aspen Aerogels to Webcast 2015 Annual Meeting of Stockholders June 11th, 2015

Industrial Nanotech, Inc. Provides Update June 8th, 2015

PEN Inc. Announces First Quarter Financial Results: Investor Webcast and Business Update Set for May 21, 1 pm EDT May 13th, 2015

Automotive/Transportation

June 29th, 2015

Buckle up for fast ionic conduction June 16th, 2015

A protective shield for sensitive catalysts: Hydrogels block harmful oxygen June 15th, 2015

Slip sliding away: Graphene and diamonds prove a slippery combination June 10th, 2015

Photonics/Optics/Lasers

Pioneering Southampton scientist awarded prestigious physics medal July 3rd, 2015

Making new materials with micro-explosions: ANU media release: Scientists have made exotic new materials by creating laser-induced micro-explosions in silicon, the common computer chip material June 29th, 2015

Opening a new route to photonics Berkeley lab researchers find way to control light in densely packed nanowaveguides June 27th, 2015

The quantum spin Hall effect is a fundamental property of light June 25th, 2015

Alliances/Trade associations/Partnerships/Distributorships

Harris & Harris Group Portfolio Company, AgBiome, Announces Partnership to Accelerate the Discovery of Next Generation Insect-Resistant Crops July 1st, 2015

Graphene breakthrough as Bosch creates magnetic sensor 100 times more sensitive than silicon equivalent June 28th, 2015

Dyesol Joins Solliance as an Industrial Partner June 17th, 2015

The European project SVARNISH, a step forward in the food packaging sector June 11th, 2015

New-Contracts/Sales/Customers

Oxford Instruments’ TritonXL Cryofree dilution refrigerator selected for the Oxford NQIT Quantum Technology Hub project June 30th, 2015

Centre for Process Innovation pilots Beneq’s breakthrough roll-to-roll ALD system for moisture barrier films June 3rd, 2015

Argonne chooses Beneq’s TFS 500 Atomic Layer Deposition System: Modularity and flexibility make for a natural choice May 14th, 2015

New JEOL E-Beam Lithography System to Enhance Quantum NanoFab Capabilities May 6th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project