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

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

Chemists make new silicon-based nanomaterials March 27th, 2015

UT Dallas engineers twist nanofibers to create structures tougher than bulletproof vests March 27th, 2015

MEMS

ASIC Development for MEMS Applications: A Platform Approach March 25th, 2015

STMicroelectronics Executive Vice-President Benedetto Vigna Awarded IEEE Frederik Philips Award March 12th, 2015

MIG Takes a Roll-Up-Your-Sleeves Approach with Revamped MEMS/Sensors Technical Event -- MIG welcomes technologists to MEMS Technical Congress, emphasizes working groups and breakout sessions on emerging MEMS & sensors, tech transfer and integration March 6th, 2015

French Institutes IRT Nanoelec and CMP Team up to Offer World’s First Service for Post-process 3D Technologies on Multi-Project-Wafer March 5th, 2015

Chip Technology

State-of-the-art online system unveiled to pinpoint metrology software accuracy March 27th, 2015

SUNY POLY CNSE to Host First Ever Northeast Semi Supply Conference (NESCO) Conference Will Connect New and Emerging Innovators in the Northeastern US and Canada with Industry Leaders and Strategic Investors to Discuss Future Growth Opportunities in NYS March 25th, 2015

NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015

Building shape inspires new material discovery March 24th, 2015

Nanomedicine

Novel nanoparticle therapy promotes wound healing March 27th, 2015

Graphene reduces wear of alumina ceramic March 26th, 2015

Application of Graphene Oxide in Body Implants in Iran March 26th, 2015

Nanotechnology in Medical Devices Market is expected to reach $8.5 Billion by 2019 March 25th, 2015

Sensors

UW scientists build a nanolaser using a single atomic sheet March 24th, 2015

Iranian Researchers Present Model to Determine Dynamic Behavior of Nanostructures March 24th, 2015

Nanodevice Invented in Iran to Detect Hydrogen Sulfide in Oil, Gas Industry March 20th, 2015

LamdaGen Corporation Launches Taiwan Diagnostic Subsidiary March 19th, 2015

Announcements

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

Designer's toolkit for dynamic DNA nanomachines: Arm-waving nanorobot signals new flexibility in DNA origami March 27th, 2015

Using magnetic fields to understand high-temperature superconductivity: Los Alamos explores experimental path to potential 'next theory of superconductivity' March 27th, 2015

Patents/IP/Tech Transfer/Licensing

Novel nanoparticle therapy promotes wound healing March 27th, 2015

New processing technology converts packing peanuts to battery components March 22nd, 2015

Silicon Impulse, New Leti IC Design Platform, Offers One-Stop-Shop For Ultra-low-power Technologies: End-to-end Design Accelerator Platform Targets Energy-efficient Internet of Things Applications and New Devices Using FD-SOI Technology, while Expanding Ecosystem March 10th, 2015

Patent for the Novel Cancer Therapies – Ceramide Nanoliposomes March 4th, 2015

Financial Reports

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Aspen Aerogels, Inc. Schedules Fourth Quarter and Fiscal 2014 Earnings Release and Conference Call for February 26, 2015 February 11th, 2015

Arrowhead to Report Fiscal 2015 First Quarter Financial Results February 2nd, 2015

Graphenea sales more than double in 2014 January 29th, 2015

Automotive/Transportation

Clean energy future: New cheap and efficient electrode for splitting water March 18th, 2015

Imperfect graphene opens door to better fuel cells: Membrane could lead to fast-charging batteries for transportation March 18th, 2015

Researchers synthesize new thin-film material for use in fuel cells: Article in the journal APL Materials shows how to grow Bi2Pt2O7 pyrochlore, potentially a more effective cathode for future fuel cells March 10th, 2015

Glass coating improves battery performance: To improve lithium-sulfur batteries, researchers added glass cage-like coating and graphene oxide March 2nd, 2015

Photonics/Optics/Lasers

A first glimpse inside a macroscopic quantum state March 28th, 2015

Chemists make new silicon-based nanomaterials March 27th, 2015

Bar-Ilan U. researchers identify 'tipping point' between quantum and classical worlds: Study sheds new light on 'spooky' quantum optics March 24th, 2015

UW scientists build a nanolaser using a single atomic sheet March 24th, 2015

Alliances/Partnerships/Distributorships

NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015

Young NTU Singapore spin-off clinches S$4.3 million joint venture with Chinese commercial giant March 23rd, 2015

Halas, Nordlander awarded Optical Society's R.W. Wood Prize: Rice University researchers recognized for pioneering nanophotonics March 21st, 2015

EU Funded PCATDES Project has completed its half-period with success March 19th, 2015

New-Contracts/Sales/Customers

Industrial Nanotech, Inc. Announces Next Large Order from the Oil and Gas Industry March 26th, 2015

United Nanotech Innovations Lists Materials for Trade on INSCX™ Exchange and Appoints Fullerex as Merchant February 17th, 2015

Virginia Tech Purchases Two Bruker Fluorescence Microscope Solutions: High-Speed Instruments Combine to Cover Wide Optical Resolution Range February 10th, 2015

Nano Labs Announces the Opportunity to Submit the POLEC Liquid Cement Product for Test Trials to Be Used in the Construction of the New International Airport of Mexico City (NAICM) February 2nd, 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







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE