Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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

Physicists gain new insights into nanosystems with spherical confinement: Enormous potential for the targeted delivery of pharmaceutical agents and the creation of tailored nanoparticles July 27th, 2017

Strange electrons break the crystal symmetry of high-temperature superconductors: Brookhaven Lab scientists discover spontaneous voltage perpendicular to applied current that may help unravel the mystery of high-temperature superconductors July 27th, 2017

Getting closer to porous, light-responsive materials: A new flexible material changes its porous nature when exposed to light July 27th, 2017

First Capacitive Transducer with 13nm Gap July 27th, 2017

MEMS

First Capacitive Transducer with 13nm Gap July 27th, 2017

Bosch announces high-performance MEMS acceleration sensors for wearables June 27th, 2017

Smart multi-layered magnetic material acts as an electric switch: New study reveals characteristic of islands of magnetic metals between vacuum gaps, displaying tunnelling electric current March 1st, 2017

Engineers shrink microscope to dime-sized device February 17th, 2017

Chip Technology

Strange electrons break the crystal symmetry of high-temperature superconductors: Brookhaven Lab scientists discover spontaneous voltage perpendicular to applied current that may help unravel the mystery of high-temperature superconductors July 27th, 2017

First Capacitive Transducer with 13nm Gap July 27th, 2017

Living computers: RNA circuits transform cells into nanodevices July 27th, 2017

Liquid electrolyte contacts for advanced characterization of resistive switching memories July 26th, 2017

Nanomedicine

Physicists gain new insights into nanosystems with spherical confinement: Enormous potential for the targeted delivery of pharmaceutical agents and the creation of tailored nanoparticles July 27th, 2017

Shining rings: A new material emits white light when exposed to electricity: New synthetic approach could spark development of other dynamic materials July 24th, 2017

Scientists announce the quest for high-index materials: All-dielectric nanophotonics: The quest for better materials and fabrication techniques July 22nd, 2017

Probiotics: Novel biosynthetic tool to develop metallic nanoparticles: This research article by Dr. Nida Akhtar et al has been published in Recent Patents on Drug Delivery & Formulation, Volume 11, Issue 1, 2017 July 20th, 2017

Sensors

Giant enhancement of electromagnetic waves revealed within small dielectric particles: Scientists have done for the first time direct measurements of giant electromagnetic fields July 8th, 2017

Bosch announces high-performance MEMS acceleration sensors for wearables June 27th, 2017

Leti’s Autonomous-Vehicle System Embedded in Infineon’s AURIX Platform: Leti’s Low-Power, Multi-Sensor System that Transforms Distance Data into Clear Information About the Driving Environment Will Be Demonstrated at ITS Meeting in Strasbourg, June 19-22 June 20th, 2017

New diode features optically controlled capacitance: Israeli researchers have developed a new optically tunable capacitor with embedded metal nanoparticles, creating a metal-insulator-semiconductor diode that is tunable by illumination. June 8th, 2017

Announcements

Physicists gain new insights into nanosystems with spherical confinement: Enormous potential for the targeted delivery of pharmaceutical agents and the creation of tailored nanoparticles July 27th, 2017

Strange electrons break the crystal symmetry of high-temperature superconductors: Brookhaven Lab scientists discover spontaneous voltage perpendicular to applied current that may help unravel the mystery of high-temperature superconductors July 27th, 2017

Getting closer to porous, light-responsive materials: A new flexible material changes its porous nature when exposed to light July 27th, 2017

First Capacitive Transducer with 13nm Gap July 27th, 2017

Patents/IP/Tech Transfer/Licensing

Argonne National Laboratory’s Continuous ALD Technology Licensed Exclusively to Forge Nano July 7th, 2017

Aculon Expands NanoProof® Product Line for Electronics Waterproofing Technology: With growing market opportunities Aculon Launches NanoProof® 8 with Push Through Connectivity™ and NanoProof® DAB a syringe application May 30th, 2017

NREL’s Advanced Atomic Layer Deposition Enables Lithium-Ion Battery Technology: May 10th, 2017

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

Financial Reports

Nanometrics to Announce Second Quarter Financial Results on August 1, 2017 July 14th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Nanometrics to Announce First Quarter Financial Results on May 2, 2017 April 11th, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Automotive/Transportation

Nanotech Advances Future Mobile Devices and Wearable Technology July 5th, 2017

Leti’s Autonomous-Vehicle System Embedded in Infineon’s AURIX Platform: Leti’s Low-Power, Multi-Sensor System that Transforms Distance Data into Clear Information About the Driving Environment Will Be Demonstrated at ITS Meeting in Strasbourg, June 19-22 June 20th, 2017

Development of low-dimensional nanomaterials could revolutionize future technologies June 15th, 2017

GLOBALFOUNDRIES Launches 7nm ASIC Platform for Data Center, Machine Learning, and 5G Networks FX-7TM offering leverages the company’s 7nm: FinFET process to deliver best in class IP and Solutions June 13th, 2017

Photonics/Optics/Lasers

Getting closer to porous, light-responsive materials: A new flexible material changes its porous nature when exposed to light July 27th, 2017

Scientists announce the quest for high-index materials: All-dielectric nanophotonics: The quest for better materials and fabrication techniques July 22nd, 2017

Nanoparticles could spur better LEDs, invisibility cloaks July 19th, 2017

'Upconverted' light has a bright future: Rice University professor developing plasmon-powered devices for medicine, security, solar cells July 17th, 2017

Alliances/Trade associations/Partnerships/Distributorships

GLOBALFOUNDRIES and VeriSilicon To Enable Single-Chip Solution for Next-Gen IoT Networks: Integrated solution leverages GF’s 22FDX® technology to decrease power, area, and cost for NB-IoT and LTE-M applications July 14th, 2017

Advanced Nanomechanical Characterization Centre Open in India: Nanomechanics, Inc. announces the establishment of the joint technology development center in Hyderabad, India July 5th, 2017

U.S. Air Force Research Lab Taps IBM to Build Brain-Inspired AI Supercomputing System: Equal to 64 million neurons, new neurosynaptic supercomputing system will power complex AI tasks at unprecedented speed and energy efficiency June 23rd, 2017

Cambridge Nanotherm partners with Inabata for global sales and distribution June 20th, 2017

New-Contracts/Sales/Customers

Probiotics: Novel biosynthetic tool to develop metallic nanoparticles: This research article by Dr. Nida Akhtar et al has been published in Recent Patents on Drug Delivery & Formulation, Volume 11, Issue 1, 2017 July 20th, 2017

Here's a tip: Indented cement shows unique properties: Rice University models reveal nanoindentation can benefit crystals in concrete July 20th, 2017

NMRC, University of Nottingham chooses the Quorum Q150 coater for its reliable and reproducible film thickness when coating samples with iridium June 27th, 2017

Park Systems Introduces Park NX12 for Unsurpassed Affordable High Resolution NanoScale Imaging Required for Advanced Analytical Chemistry, Materials Research, and Multi-User Facility June 5th, 2017

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