TORONTO and NEW YORK, Feb. 25, 2013 (GLOBE NEWSWIRE) -- 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.
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.
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