TORONTO and NEW YORK, April 3, 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 announce that the American automobile manufacturer client (the "client") has completed all dynamic testing at their facility of the MAST oil condition sensor and has accepted the proof of concept. The performance of the proof of concept exceeded the client's requirements by 50%. In addition, the proposal describing commercialization and routine manufacturing timetables has been submitted to the client and as a result, discussions with a client recommended Tier 1 manufacturer have begun. The client's executive committee has authorized their management to negotiate a licence agreement with MAST in exchange for worldwide exclusive rights to the application. The negotiations are based upon either a licence fee to be paid to Micromem with guaranteed minimum units sold, and/or a onetime payment to Micromem for the rights.
Micromem Technologies Inc.: American Automobile Manufacturer Client Approves Proof Of Concept And Commences Negotiations For Licence Agreement
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