Micromem Technologies Inc. is engaged in the development of memory technologies having the characteristic of non-volatility, which is the ability to retain information after power has been shut off. The Company's technology is based on ferromagnetism, which consists of microscopic magnetic elements and Hall effect sensors deposited on a substrate of silicon or glass. Micromem's horizontal element magnetic memory technology, HEMRAM, involves producing hybrid memories based on an in-plane magnetization mechanism of horizontally oriented micron-scale ferromagnetic thin films that act as storage elements. Its vertical element magnetic memory technology, VEMRAM, uses a novel hybrid Hall effect MRAM scheme, which utilizes out-of-plane magnetization induced by vertically oriented high-aspect-ratio ferromagnetic posts.