Micromem Technologies Inc. ("Micromem") ("the Company") (CSE:MRM)
(OTCQX:MMTIF) is pleased to provide the following update.
Micromem has received the first of the six patent filings
relating to the Multi-Modal Fluid Condition Sensor Platform
and System Therefor that the Company previously referred
to in its announcement dated October 17, 2014 regarding the Notice
of Allowance provided by the United States Patent and Trademark
Office (USPTO). The award of this patent is a major milestone as it
gives the Company control over an important space in detection of
contaminants, not just in oil, but also in other fluids. The
Company is confident that all the remaining patents in this series
will be awarded giving the Company key intellectual property rights
in the growing "Internet of Things." We have licensed the first
application for use in the manufacture of the oil pan plug
described on our website and being manufactured and distributed by
Flextronics, per our announcement dated September 10, 2014. This
first product patent describes a multi sensor customized MEM sensor
platform, located inside an oil pan plug of an automobile. The
sensor platform is designed to provide the owner of the vehicle, in
real time, various operating conditions of the vehicle, including
oil quality parameters, oil pan level, temperature, orientation of
the vehicle, to name a few.
As of January 23rd, 2015 there are no further warrants
outstanding, all having been either exercised or allowed to expire.
The Company thanks all of the subscribers who have supported
Micromem through its growth over the years and believed in the
vision that is Micromem.
The money invested by subscribers allowed Micromem to invest in
and keep control over important, newly developed Intellectual
Property (IP). Micromem has submitted 13 provisional patents,
2 of which have published, with 6 more expected by Q215. The rights
that the Company maintains have given Micromem negotiating
capabilities with its partners as a result of this asset base of
new intellectual property. In sharing the development costs with
its partners, Micromem has been able to leverage not only the
Company's money but the financial resources of our partners, the
expertise of their engineering teams and the ability to target
relevant unmet needs. The development opportunities provided to us
by these expenditures will give Micromem wide uses and licensing
rights that would have otherwise been unavailable to Micromem
strictly as a service provider. This asset base will improve
revenue opportunities by providing Micromem with a variety of
actual products that are meeting the needs of our clients as
opposed to strictly selling sensors. These partnerships and shared
IP have also given Micromem greater operating freedom to expand the
relationships with the clients and create spin off
projects. Micromem, by virtue of the Intellectual Property
rights, will sell core technology and collect revenues either by
licensing agreements or partnership contracts with the world's
largest corporations as partners. This IP gives Micromem a solid
position in the growing "Internet of Things" spanning automotive,
engine management, oil well and pipeline infrastructure, utility
infrastructure and cement integrity. Independent of these
partnerships Micromem has been able to maintain rights for other
fields of use.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem
Technologies Inc., a publicly traded (CSE:MRM)
(OTCQX:MMTIF) 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: 191,425,600
SEC File No: 0-26005 Subscribe to receive News Releases by Email
on our website's home page. www.micromeminc.com
CONTACT: Investor Contact: info@micromeminc.com;
Tel. 416-364-2023
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