Micromem Technologies Inc. (the "Company") (CNSX:MRM) (OTCBB:MMTIF)
through its wholly owned subsidiary, Micromem Applied Sensor
Technologies Inc. (MAST), is pleased to provide an update on
current and new initiatives.
GSI Westwind
An update on GSI will be the subject of a separate press
release.
International Oil Company
A 12 week delay in demonstrating and delivering the beta unit,
caused by unavailability of client-supplied nanoparticles has now
been remedied. A decision was made to fabricate our own
nanoparticles with customized carbon functionalized coatings. This
has resulted in additional intellectual property emerging from this
client contract.
The week of February 11, 2013, we successfully obtained
consistent photography of the fluorescent nanoparticles that are
collecting on our custom designed magnetic in-line target.
Concentration of particles in solution is less than 1 ppb. The week
of February 18, we successfully adapted the optics platform to our
magnetic sensor platform. Manufacturing of the beta unit and final
testing before shipping to the client will be completed by
mid-March. We have formally invited our client to witness the final
pre ship testing. This development contract is now anticipated to
be completed and all revenue remaining on the contract to be
collected by May.
American Automobile Manufacturer
Client dynamic testing is expected to be finished by the end of
this week. MAST has been advised that the performance of our sensor
platform has exceeded client expectations and written client
approval of the Proof of Concept (POC) is expected in early March.
The proposal describing commercialization and routine manufacturing
timetables is to be delivered to the client by the end of
February.
US Department of Defense (DOD) and Terrorist Support
Working Group (TSWG)
MAST was selected for short-listing on our proposal for
forward-looking surface penetrating sensor fusion of combined
sensor/radar for disturbed ground. The project approval has been
held up pending DOD approval and will be reviewed after the
upcoming sequestration talks have been completed.
Monitoring of Large Scale Power Line
Deflection
MAST is currently awaiting approval by the client of the
supplied roll out pricing. Terms of the agreement are still being
negotiated. Provisional patents are in place. Expanded marketing of
our POC has resulted in contract discussions with an additional
client. MAST will be able to release the commercialization schedule
to both clients by the end of March.
Sensor Technology and Methods of Measuring Cement
Integrity
MAST is waiting for contract execution. Terms and conditions of
the project contract have been agreed to.
Early Breast Cancer Awareness Device
MAST unveiled our early breast cancer detection technology
platform, using Artificial Neural Network aided interpretation of
Thermograms of Women's Breast, at NASA's FutureMed Conference in
February. As a result of the MAST presentation, discussions have
begun with both General Electric (GE) and Kaiser Permanente.
Discussions with GE are focused on collaborative business
opportunities in Brazil, India and China. Kaiser Permanente
discussions are centered on our proposed franchising model in North
America.
A copy of the presentation made at the conference is available
for review on our website.
MAST is currently negotiating with our European partner on
establishing franchises in Eastern Europe to deploy our early
breast cancer detection in several countries. The entire project
will be subject of a separate press release.
Global Oil/Natural gas and Geothermal
Company
MAST has started discussions under Non-Disclosure Agreement
(NDA) with a 3rd oil company regarding their use of our magnetic
tracer technology and detection platform and how we may help them
with their secondary resource recovery. A development agreement is
currently under negotiation.
Ultra Small Electronic-Scanning Ultrasonic Transducer
for High Resolution Imaging
Client has postponed contract discussions until Q313 due to
their internal resource allocation issues, MAST remains under NDA
with the client. Detailed project plans and design documents have
been issued to client. We anticipate our next follow up in June
2013.
Volume Production of MAST Hall Sensors
MAST has confirmed unit pricing and our ability to manufacture
and deliver a required initial order of our standard Hall sensor
valued $2M USD. Contract proposal is still under review by the
client. Should current terms be accepted MAST is anticipating to
begin delivery in July. Our highly sensitive Hall sensor was chosen
based upon the client's validation of its linearity at 2.5
Tesla.
Miniature Current Sensing Device
Negotiations have been slower than anticipated due to the
necessity to translate and deliver all documents in Japanese. MAST
has submitted for approval our proposed design.
Wireless Power Transfer Device
Technical documents have been submitted under NDA to the client
to aid in their final decision. MAST has received a revised RFQ
that has gone to all short listed companies. The proposal is due by
the end of May of this year.
Ability to Weigh Extremely Small Quantities in a
Production Environment
MAST has been selected to demonstrate our ability to weigh a 750
ng item in a vacuum environment with a cycle time approaching 1
second. The client will be evaluating two different technologies
head to head and the winning company will be contracted to
integrate the winning technology into their new production line by
the end of 2013.
Remote Monitoring of Elderly Home Care
Patients
MAST has progressed to the next round of evaluation. There are
now 5 remaining companies from the last round total of 12. We have
been asked to submit costs and a timeline to produce a POC for a
specific transdermal circuit capable of monitoring vital signs. The
proposal is due by June 1 of this year.
Measuring Wall Thickness in Underground
Pipes
MAST has been selected to begin discussions under NDA with a
client for our innovative way of assessing anomalies in pipe
thickness in underground pipes.
Aerial Magnetic Exploration Platform
Negotiations continue with a third party who plans to market and
distribute this product. It is anticipated that this contract will
be consummated by the end of Q213.
Stable Hydrocarbon Sensor for use in Automotive
Exhaust
After discussion with the client under NDA, the client has
selected an alternative approach. The reason for rejection of the
MAST proposal was that our submitted cost proposal did not fit
their budget. The work as proposed was based upon quantum
entanglement technology, an approach with substantial risk that
MAST was not at this time prepared to underwrite.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem
Technologies Inc., a publicly traded (OTCBB: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.
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: 143,647,322
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