Exhibit 99.1
| FOR IMMEDIATE RELEASE | September 10, 2014 |
Micromem Technologies Inc. Selects Flextronics
to Manufacture and Deliver Lab-on-a-Chip to the Automotive
Industry
Toronto, New York, September 10, 2014: Micromem Technologies Inc. (the “Company” or “Micromem”) (CSE: MRM, OTCBB: MMTIF) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), announces they have contracted with Flextronics International Ltd. (“Flextronics”) (NASDAQ: FLEX) (http://www.flextronics.com/), a Tier 1 automotive end-to-end supply chain solutions provider.
Under the terms of the agreement Flextronics will be granted worldwide exclusivity to manufacture and distribute the oil pan plug sensor suite. Annual revenue to Micromem is expected to grow to over $18M USD over the next ten years as the market penetration matures.
MAST’s Lab-on-a-Chip, which resides inside a standard oil pan drain plug measures a multitude of oil and vehicle properties, including oil pan level, crankcase pressure, 3-axis orientation of the vehicle, temperature and the analytical condition of the engine oil in real time. The device communicates wirelessly via the automobile’s Tire Pressure Monitoring System (TPMS). This eliminates all traditional wires, oil pan penetrations and labor associated with installing traditional sensors in the oil pan. The ability to measure the analytical condition of the engine oil in real time is a big step forward compared to traditional manual sampling and lab analysis of the engine oil. The product is self-powered, not relying on vehicle power for its operation. The relationship with Flextronics not only provides Micromem with access to the entire automotive industry for this product, it provides access to develop and deliver other products using our Lab-on-a-Chip design.
Chris Obey, President of Flextronics Automotive stated: “We believe that the multiple integrated function that will be performed by Micromem’s Lab-on-a-Chip technology is a game changer for the automotive industry and we look forward to providing them with our unparalleled supply chain solutions for this innovative product.”
Steven Van Fleet, President of MAST stated “This relationship is the culmination of two years of early product development for Micromem. Our innovation model included MAST working directly with a major automotive OEM and ultimately our Proof of Concept oil pan plug sensor suite was extensively tested on the OEM’s dynamometer. This is not the normal approach to offering new products to the automotive industry and resulted in product functionality that aligns precisely with the OEM’s requirements. We turned the risk of underwriting the early product development investment with the OEM into a world leading delivery team for this highly innovative product.”
Joseph Fuda, CEO of Micromem stated: “Partnering with a company of this caliber allows us to participate in the early stages of automotive product planning and to incorporate more advanced technology into the automotive industries ever changing requirements. Better insights into the automotive industry’s future plans have helped to shape MAST’s product offerings. The lab-on-a chip is a shining example of the value of this new automotive industry approach. The opportunities this first project offers in a partnership like this are exciting.”
About Micromem and MASTInc
MASTInc is a wholly owned
U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTC BB:
MMTIF, CSE: MRM) 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.
About Flextronics
Flextronics International Ltd.
(Reg. No. 199002645H) is a leading end-to-end supply chain solutions company
that delivers design, engineering, manufacturing and logistics services to a
range of industries and end-markets, including data networking, telecom,
enterprise computing and storage, industrial, capital equipment, appliances,
automation, medical, automotive, aerospace and defense, energy, mobile,
computing and other electronic product categories. Flextronics is an industry
leader with $26 billion in sales, generated from helping customers design,
build, ship, and service their products through an unparalleled network of
facilities in approximately 30 countries and across four continents. Flextronics
service offerings and vertically integrated component technologies optimize
customer supply chains by lowering costs, increasing flexibility, and reducing
time-to-market. For more information, visit www.flextronics.com or follow us on
Twitter @flextronics.
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 OTC-Bulletin Board - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 179,806,616
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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