Nanotechnology Now

Our NanoNews Digest Sponsors





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

Efficiency of Nanodrug Containing Antibiotics in Treatment of Infectious Diseases Evaluated August 31st, 2015

Seeing quantum motion August 30th, 2015

Artificial leaf harnesses sunlight for efficient fuel production August 30th, 2015

Researchers use DNA 'clews' to shuttle CRISPR-Cas9 gene-editing tool into cells August 30th, 2015

MEMS

Iranian Scientists Create Best Conditions for Synthesis of Gold Nanolayers July 23rd, 2015

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

Chip Technology

Nanometrics to Participate in the Citi 2015 Global Technology Conference August 26th, 2015

Kwansei Gakuin University in Hyogo, Japan, uses Raman microscopy to study crystallographic defects in silicon carbide wafers August 25th, 2015

A little light interaction leaves quantum physicists beaming August 25th, 2015

'Magic' sphere for information transfer: Professor at the Lomonosov Moscow State University made the «magic» sphere for information transfer August 24th, 2015

Nanomedicine

Efficiency of Nanodrug Containing Antibiotics in Treatment of Infectious Diseases Evaluated August 31st, 2015

Researchers use DNA 'clews' to shuttle CRISPR-Cas9 gene-editing tool into cells August 30th, 2015

Iranian Scientists Use Artemisia Annua Plant to Produce Breast Cancer Drugs August 29th, 2015

Small but heading for the big time: Nanobiotix half year results for the six months ended 30 June 2015, in line with expectations: Major clinical achievements and corporate developments August 28th, 2015

Sensors

Successful boron-doping of graphene nanoribbon August 27th, 2015

Nanotechnology that will impact the Security & Defense sectors to be discussed at NanoSD2015 conference August 25th, 2015

High Precision, High Stability XYZ Microscope Stages, with Capacitive Feedback August 18th, 2015

Setting ground rules for nanotechnology research: Two new projects set the stage for nanotechnology research to move into Big Data August 18th, 2015

Announcements

Efficiency of Nanodrug Containing Antibiotics in Treatment of Infectious Diseases Evaluated August 31st, 2015

Seeing quantum motion August 30th, 2015

Artificial leaf harnesses sunlight for efficient fuel production August 30th, 2015

Researchers use DNA 'clews' to shuttle CRISPR-Cas9 gene-editing tool into cells August 30th, 2015

Patents/IP/Tech Transfer/Licensing

Developing Component Scale Composites Using Nanocarbons August 26th, 2015

Industrial Nanotech, Inc. Provides Update On Hospital Project, PCAOB Audit, and New Heat Shield™ Line August 24th, 2015

Revolutionary MIT-Developed Nanotechnology Company Showcases at CAMX in Dallas August 20th, 2015

'Quantum dot' technology may help light the future August 19th, 2015

Financial Reports

Small but heading for the big time: Nanobiotix half year results for the six months ended 30 June 2015, in line with expectations: Major clinical achievements and corporate developments August 28th, 2015

Nanostart AG: First-half figures 2015 published and new supervisory board elected : Publication of first-half figures 2015 - Shareholders' meeting elected new supervisory board August 22nd, 2015

Industrial Nanotech, Inc. CEO Announces PCAOB Audit, Next Generation Of Current Products, New Products, New Website, New Global Outreach Program August 11th, 2015

Harris & Harris Group Reports Financial Statements as of June 30, 2015, and Announces a Stock Repurchase Program August 10th, 2015

Automotive/Transportation

CWRU researchers efficiently charge a lithium-ion battery with solar cell: Coupling with perovskite solar cell holds potential for cleaner cars and more August 27th, 2015

Lehigh University-DuPont tribology research seeks to reduce wear and waste August 13th, 2015

Flexible dielectric polymer can stand the heat August 6th, 2015

Sol-gel capacitor dielectric offers record-high energy storage July 30th, 2015

Photonics/Optics/Lasers

Glitter from silver lights up Alzheimer's dark secrets August 25th, 2015

Quantum diffraction at a breath of nothing: Physicists build stable diffraction structure in atomically thin graphene August 25th, 2015

Nanotechnology that will impact the Security & Defense sectors to be discussed at NanoSD2015 conference August 25th, 2015

A little light interaction leaves quantum physicists beaming August 25th, 2015

Alliances/Trade associations/Partnerships/Distributorships

National Space Society Welcomes Janet Ivey As New NSS Governor: Janet Ivey of Janet's Planet is NOW IN ORBIT as a member of the Board of Governors of the National Space Society August 27th, 2015

National Space Society Welcomes Geoff Notkin As New NSS Governor August 26th, 2015

XEI Scientific appoints EM Resolutions as Distributor for the UK & Irish markets August 11th, 2015

Omni Nano and Time Warner Cable Partner to Provide Nanotechnology Education to the Boys & Girls Clubs of Los Angeles: A $10,000 Donation to Benefit Youth of Los Angeles County's Boys & Girls Clubs August 4th, 2015

New-Contracts/Sales/Customers

Nanolab Technologies LEAPS Forward with High-Performance Analysis Services to the World: Nanolab Orders Advanced Local Electrode Atom Probe (LEAP®) Microscope from CAMECA Unit of AMETEK Materials Analysis Division August 27th, 2015

Conformal transfer of graphene for reproducible device fabrication August 11th, 2015

Liquipel Debuts Eyesight-Saving ION-Glass Blue Light Protection for iPhones and Androids at RadioShack Stores Nationwide: Liquipel's Unique Protective Screen, Available at RadioShack, Cuts Harmful Blue Light Implicated in Macular Degeneration by 10x July 28th, 2015

Dais Analytic's Business Affiliate in China Announces Ten-Year Strategic Energy Efficiency Business Arrangement With COFCO: Dais Beijing to Perform Feasibility Study on Over 80 Buildings to Improve Efficiencies as Part of Overall Hotel Energy-Savings Project July 23rd, 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







Car Brands
Buy website traffic