Micromem Technologies Inc. ("the Company") ("Micromem") (CSE:MRM)
(OTCQX:MMTIF) is pleased to provide the following update.
Development on all of the projects is proceeding on each of
their respective schedules as planned, a summary of the active
projects and the client list is available on either the Micromem
(www.micromeminc.com) or MAST (www.mastinc.com) website. Through
2014 all of the development projects announced have met their
respective milestone requirements and in all cases are proceeding
to their various next stages.
All of the patents required for the automotive oil pan plug were
filed. The company received Notices of Allowance on 2 of those
patents and is still awaiting the notices for the next 4. The
actual patents on the first 2 notices are expected to be received
in January. The selected manufacturer has completed the evaluation
of their sub component suppliers and in addition has committed to
providing marketing samples to MAST and the OEM companies in
January. In addition the manufacturer has begun marketing the oil
pan plug to several of its other automotive clients. This project
is now on its way to commercialization and is under the control of
our selected manufacturer.
The status of other patent filings on other projects is
proprietary to Micromem and will not be disclosed at this time.
The oil particle tracer that was approved by our International
oil client has had the final manufacturer of the lab units selected
and Micromem is now awaiting the purchase order for the first
units. This project is now on its way to commercialization, details
will be subject to a separate press release. In addition work has
begun on the ruggedization of the detector platform so it can be
installed directly onto the oil wells which will provide real time
detection of nanoparticle concentration on production oil
streams.
A supplemental agreement with our utility client is now awaiting
execution. Post the approval of the prototype a joint marketing and
royalty agreement was negotiated during the last 2 months which
will now govern the relationship between the two companies on the
sale and distribution of the partial discharge technology.
Agreements on further projects with this client are now being
prepared for review by both companies.
The LIBS oil condition sensor project has passed the prototype
milestone and as a result a second invoice of USD $238,000 for a
total of USD $488,000 invoiced to the client over the last 45 days.
The client has now submitted to Micromem their assessment of the
market size and product distribution for both the first and second
stages of the product development. There are now two size
configurations that the client is looking to market through their
distribution chain and the first will resemble the prototype
delivered on December 19th 2014.
With approval of the results of the second particle tracer
project, our American based oil company has approved the next stage
of work to commence January 5th and as a result a second invoice to
the client in excess of USD $400,000 was submitted for payment for
a total of approximately USD $1,100,000 invoiced in the last 45
days. In addition, a new agreement was negotiated and signed by
both companies that will determine the ownership and marketing
structure of the product going forward. As a result the client will
be reimbursing Micromem for 50% of the patent costs to date on this
project and the rights to the IP, subject to the terms of the new
agreement, will transfer now to the client in exchange for a per
unit payment on the final device. This client's satisfaction with
the work on this project has allowed for the negotiation of the
next stage in the cement integrity sensor project and that
agreement will also mirror the joint ownership and distribution
agreement recently executed.
Micromem has successfully negotiated, with several Fortune 100
companies, marketing and distribution agreements that were
conditional on approved results, those results have now been met.
Micromem has successfully delivered prototypes or met milestones
measured to the exacting standards of the most discerning
engineering teams. Micromem has built a solid relationship with
leaders in their respective fields to deliver on the promise that
the "Internet of Things" holds for the future of infrastructure and
smart systems. Strong relationships built on our core technology
has brought us partnerships with the worlds' largest business'
providing a distribution system for these exciting new
products.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem
Technologies Inc., a publicly traded (OTC QX:MMTIF) (CSE:MRM)
company. MASTInc 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.
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 CSE 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 OTCQX-Bulletin Board - Symbol:
MMTIF
CSE - Symbol: MRM
Shares issued: 188,436,724
SEC File No: 0-26005
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home page. www.micromeminc.com
CONTACT: Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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