Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Organometallics welcomes new editor-in-chief: Paul Chirik, Ph.D. July 22nd, 2014

The Hiden EQP Plasma Diagnostic with on-board MCA July 22nd, 2014

Iran to Hold 3rd Int'l Forum on Nanotechnology Economy July 22nd, 2014

Nanometrics Announces Upcoming Investor Events July 22nd, 2014

MEMS

Carbyne morphs when stretched: Rice University calculations show carbon-atom chain would go metal to semiconductor July 21st, 2014

Leti to Present Technological Platforms Targeting Industry’s Needs for the Future at Semicon West Workshop: Presentation at STS Session to Focus on Leti Advanced Lithography Programs for 1x Nodes and on Silicon Photonics at TechXPot June 25th, 2014

Mirrorcle Technologies Opens New Company Headquarters May 27th, 2014

Ziptronix and EV Group Demonstrate Submicron Accuracies for Wafer-to-Wafer Hybrid Bonding: Enables Fine-Pitch Connections for 3D Applications, Including Image Sensors, Memory and 3D SoCs May 27th, 2014

Chip Technology

Nanometrics Announces Upcoming Investor Events July 22nd, 2014

Penn Study: Understanding Graphene’s Electrical Properties on an Atomic Level July 22nd, 2014

NUS scientists use low cost technique to improve properties and functions of nanomaterials: By 'drawing' micropatterns on nanomaterials using a focused laser beam, scientists could modify properties of nanomaterials for effective applications in photonic and optoelectric applicat July 22nd, 2014

Dongbu HiTek Unveils Low-Voltage BCDMOS Process for Efficient Power Management in Smart Phones and Tablet Computers July 21st, 2014

Nanomedicine

Researchers create vaccine for dust-mite allergies Main Page Content: Vaccine reduced lung inflammation to allergens in lab and animal tests July 22nd, 2014

NIST shows ultrasonically propelled nanorods spin dizzyingly fast July 22nd, 2014

SentiMag® Now Available in Australia and New Zealand July 21st, 2014

More than glitter: Scientists explain how gold nanoparticles easily penetrate cells, making them useful for delivering drugs July 21st, 2014

Sensors

Tiny laser sensor heightens bomb detection sensitivity July 19th, 2014

Iranian Scientists Use Nanosensors to Achieve Best Limit for Early Cancer Diagnosis July 19th, 2014

Rice nanophotonics experts create powerful molecular sensor: Sensor amplifies optical signature of single molecules about 100 billion times July 15th, 2014

University of Illinois researchers demonstrate novel, tunable nanoantennas July 14th, 2014

Announcements

Nanometrics Announces Upcoming Investor Events July 22nd, 2014

Bruker Awarded Fourth PeakForce Tapping Patent: AFM Mode Uniquely Combines Highest Resolution Imaging and Material Property Mapping July 22nd, 2014

NIST shows ultrasonically propelled nanorods spin dizzyingly fast July 22nd, 2014

Penn Study: Understanding Graphene’s Electrical Properties on an Atomic Level July 22nd, 2014

Patents/IP/Tech Transfer/Licensing

Bruker Awarded Fourth PeakForce Tapping Patent: AFM Mode Uniquely Combines Highest Resolution Imaging and Material Property Mapping July 22nd, 2014

Rice's silicon oxide memories catch manufacturers' eye: Use of porous silicon oxide reduces forming voltage, improves manufacturability July 10th, 2014

Using Sand to Improve Battery Performance: Researchers develop low cost, environmentally friendly way to produce sand-based lithium ion batteries that outperform standard by three times July 8th, 2014

Let there be light: Chemists develop magnetically responsive liquid crystals - UC Riverside discovery has applications in signage, posters, writing tablets, billboards and anti-counterfeit technology June 26th, 2014

Financial Reports

Aspen Aerogels, Inc. Schedules Second Quarter 2014 Earnings Release and Conference Call July 15th, 2014

Nanometrics to Announce Second Quarter Financial Results on July 30, 2014 July 9th, 2014

Small, but heading for the big time: Nanobiotix revenue for the 1st quarter of 2014 and new composition of the shareholding May 12th, 2014

Harris & Harris Group Reports Financial Statements as of March 31, 2014 May 8th, 2014

Automotive/Transportation

Using Sand to Improve Battery Performance: Researchers develop low cost, environmentally friendly way to produce sand-based lithium ion batteries that outperform standard by three times July 8th, 2014

Up in Flames: Evidence Confirms Combustion Theory: Berkeley Lab and University of Hawaii research outlines the story of soot, with implications for cleaner-burning fuels July 1st, 2014

Nanofluids Improve Performance of Automobile Radiator July 1st, 2014

Iranian Researchers Produce Protein Nanoparticles from Chicken Feather June 11th, 2014

Photonics/Optics/Lasers

NUS scientists use low cost technique to improve properties and functions of nanomaterials: By 'drawing' micropatterns on nanomaterials using a focused laser beam, scientists could modify properties of nanomaterials for effective applications in photonic and optoelectric applicat July 22nd, 2014

Carbyne morphs when stretched: Rice University calculations show carbon-atom chain would go metal to semiconductor July 21st, 2014

Tiny laser sensor heightens bomb detection sensitivity July 19th, 2014

Future Electronics May Depend on Lasers, Not Quartz July 17th, 2014

Alliances/Partnerships/Distributorships

Organometallics welcomes new editor-in-chief: Paul Chirik, Ph.D. July 22nd, 2014

Haydale and Goodfellow Announce Major Distribution Agreement for Functionalised Graphene Materials July 21st, 2014

SentiMag® Now Available in Australia and New Zealand July 21st, 2014

Martini Tech Inc. becomes the exclusive distributor for Yoshioka Seiko Co. porous chucks for Europe and North America July 20th, 2014

New-Contracts/Sales/Customers

STFC takes delivery of the 100th Hitachi Tabletop SEM in the UK July 3rd, 2014

University of Maastricht Adds Complete Correlative Workflow from FEI to its Institute of Nanoscopy June 23rd, 2014

LatticeGear Sells First LatticeAx 300 Cleaving System to X-FAB: LatticeAx 300 provides fast, accurate cross-sectioning of samples for analysis — more accurately than manual methods and faster and less expensively than automated systems June 9th, 2014

UMass Amherst Purchases Nanonex Advanced 8" NIL Tool NX-2608BA May 28th, 2014

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 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE