Exhibit 99.1
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| FOR IMMEDIATE RELEASE | December 20, 2012 |
Micromem Technologies Inc. Provides Update
Toronto, New York, December 20, 2012: 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
First production volume
run was completed in November and shipped to client. MAST is awaiting payment
for first production run and instructions on next volume release. We will issue
a press release with details as soon as available.
International Oil Company
MAST has
formally advised our client that our sensor platform is ready for their testing
in the field. The client’s nanoparticle supplier is late in providing the
project particles and this could impact our ability to deliver the initial beta
units as originally scheduled. MAST and client are working together on
alternative sources of nanoparticles and believe we will be back on the
timetable for mid-January.
American Automobile Manufacturer
All work is
now completed on the Proof of Concept oil pan plug sensor. It has been shipped
to the client to allow them to test our device on a vehicle in a dynamometer
environment. Third party Non Destructive testing of our POC was completed in
December and the product showed no resonances at 10g at 2000Hz. The client
testing is expected to be completed in January 2013 at which time MAST will have
provided the client with all necessary data and product demonstration to allow
them to proceed with the contract. We will issue a press release with the final
results once available.
To view MAST oil pan plug sensor suite installed in a commercial engine test set up, visit http://files.newswire.ca/651/Micromem_Oil_Sensor.pdf. Full dynamometer tests are scheduled for January 2013. Our sensor suite includes oil pan level and analytical oil analysis. The sensor results are communicated wirelessly to the automobile's computer. The power for our sensor suite is scavenged from the vibrational energy of the auto in operation.
U.S. Department Of Defense (DoD) and the Terrorist
Support Working Group (TSWG)
We have been advised by the U.S.
Department of Defence that the status of our bids are as follows:
Forward-Looking Surface Penetrating Sensor Fusion of Combined Sonar/Radar for Disturbed Ground; Designed for IED detection, this forward-looking sensor-fused phased-array radar/sonar provides multi-modal detection of disturbed ground. This project is still awaiting DOD budget approval.
Monitoring of Large Scale Power Line
Deflection
Discussions with the client under Non-Disclosure Agreement
(“NDA”) are proceeding. This project is slated for early 2013 funding. MAST has
completed our provisional patent submissions on this project. MAST has
submitted, as requested by the client; roll out pricing for deployment of our
product throughout their power distribution system.
Sensor Technology and Methods for
Measuring Cement Integrity
NDA and budget discussions
continued through early December. The project has been internally approved
within the client’s organization. Release of the contract is expected in early
Q113
Ultra Small Electronic-Scanning Ultrasonic Transducer for
High Resolution Imaging
A major medical equipment
manufacturer is looking for technology to create high-density arrays of ultra
small electronic scanning ultrasonic transducers. These transducers will be
incorporated onto cylindrical medical devices to enable high-resolution imaging.
MAST proposes to place its technology on the end of the client’s catheter. This
technology will allow greater visibility to the surgeon. This project is pending
approval by client.
Volume Production of MAST Hall Sensors
MAST’s
Hall Sensor is currently undergoing testing and evaluation by a client. The
client has validated that our technology can maintain linearity in a magnetic
field up to 2.5 Tesla. Our technology has undergone head to head tests by this
client with other technologies and the client has reported back that our Hall
sensor was the successful sensor in all categories. Micromem has been advised
that the client will begin discussions in early July of a large volume purchase
order. This project does not require MAST to do any development and will be
handled as routine production of our standard Hall sensor.
Miniature Current Sensing Device
MAST
submitted a proposal to an international client to design and build a miniature
electric current sensor device. The objective is to detect a current in very
small wires in a dense wiring environment. This device will be MEMS based and
incorporates a wireless chip capable of communicating to external data
collection services. Our proposal was selected for final negotiations, a NDA has
been signed with the client and discussions have begun. This project is expected
to proceed in Q113.
Wireless Power Transfer
Device
MAST submitted a proposal to a client
interested in providing wireless power solutions for residential use. Our
proposal is now on the short list and discussions have begun under NDA. This
project is expected to proceed in Q113.
Ability to Weigh Extremely Small
Quantities in a Production Environment
Discussions
with the client under NDA are proceeding. Samples of the product to be weighed
have been received by MAST and we have formally advised the client that we are
able to meet their cycle time and accuracy/repeatability requirements. MAST has
demonstrated our approach which allows for accuracy in weighing of the product
to 6 digits right of the decimal point and a total cycle time approaching 1
second. Current weighing systems in place take close to 90 seconds to weigh the
product causing production limitations. The next phase is a client paid product
demonstration anticipated to begin in January 2013.
Remote Monitoring of Elderly Home
Care Patients
MAST has submitted a proposal for
technology that will provide the ability to garner health information from
elderly home care patients through routine monitoring at home. MAST is currently
designing an in-home device that the home care patient would simply touch.
Through that touch the device will be able to provide information on the
patient’s health. Through contact with the patient’s skin the device, a
nanostructure initiator mass spectrometer chip, can provide information such as
microbial and chemical exposure to toxic substances, track stress, addiction, disease
recovery and dietary changes. It would also be designed to monitor the
efficiency of antibiotics or antibacterial agents. This project has now been
short listed and technical discussions on specific performance requirements are
ongoing.
Stable Hydrocarbon Sensor for use in
Automotive Exhaust
MAST has submitted a proposal to a third
global automotive company to develop a stable hydrocarbon sensor for use in
automotive exhaust. Our technology would be used to measure vibration and
rotation modes of hydrocarbon bonds, enabling accurate detection of low
concentrations of hydrocarbons in exhaust. A provisional patent has been
prepared as this innovative design is based upon quantum entanglement. MAST is
currently awaiting NDA execution to proceed.
Early Breast Cancer Awareness Device
Micromem demonstrated the device at a medical conference in Eastern
Europe and as a result, contract discussions for European rights are scheduled
to begin mid-January.
Aerial Magnetic Exploration Platform
MAST is negotiating with a firm that will productize our magnetic aerial
exploration platform. Our measurement platform is scheduled to incorporate the
world’s most sensitive sensor front end in the form of a SERF Magnetometer. A
differential measurement will allow measurement sensitivity of better than 1
pT/root Hz. Commercialization is expected to be complete in Q113. Negotiations
continue with a third party who is planning to license and distribute this
device.
About Micromem and MASTInc
MASTInc is a wholly owned
U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTC BB:
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: 139,054,467
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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