Micromem Technologies Inc.: American Automobile Manufacturer Client Approves Proof of Concept and Commences Negotiations for Licence Agreement
Toronto, Ontario & New York, New York--(Newsfile Corp. - April 3, 2013) - Micromem Technologies Inc. (CNSX: MRM) (OTCQB: MMTIF) (the "Company") 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.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQB: 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.
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