Message #18 From:
NewsBot Date: September 29, 2006 01:00:00 PM
MMTIF News Micromem Files Interim Financials
TORONTO--(BUSINESS WIRE)--Micromem Technologies Inc. (OTCBB:MMTIF) a Toronto-based developer of
magnetic random access memory (MRAM), announces it has filed its
unaudited interim financial statements for the nine month period ended
July 31, 2006, together with the Management's Discussion & Analysis, with
SEDAR and EDGAR. These documents may be viewed at www.sedar.com
and by searching EDGAR at http://www.sec.gov/.
Micromem Technologies, Inc. (www.micromeminc.com)
is focused on the development of magnetic random access memory (MRAM)
technology. We believe that once fully developed, this technology will
be suitable for various applications including, without limitation,
Radio Frequency Identification (RFID). It is anticipated that RFID will
be Micromem's first market objective. Micromem's primary technology was
developed pursuant to an exclusive world wide commercial license issued
by the University of Toronto ("UT") Pursuant to the terms of
the license, Micromem can buy out the balance of the Company's financial
obligations with respect to the patents and technology licensed by UT
for a fixed fee. The MRAM development work was undertaken in accordance with
research collaboration agreements among Micromem, the University of Toronto,
Dr. Harry Ruda and OCE Inc., a not-for-profit corporation supported through
the Ontario Ministry of Economic Development and Trade's (MEDT) Ontario
Centres of Excellence program. Micromem believes it has full control over
the last three years of the technological innovations arising from the MRAM
development work, including, as previously announced, the development of the
single bit memory prototype.
Statements in this news release that are not historical facts, including statements
about plans and expectations regarding products and opportunities, demand
and acceptance of new or existing products, capital resources and future
financial results are forward-looking. Forward-looking statements involve
risks and uncertainties, which may cause Micromem's actual results in future
periods to differ materially from those expressed or suggested herein. These
uncertainties and risks include, without limitation, the inherent uncertainty
of research, product development and commercialization, the impact of
competitive products and patents, our ability to fund our current and future
business strategies and respond to the effect of economic and business conditions
generally as well as other risks and uncertainties detailed from time to
time in Micromen's filings with the Securities & Exchange Commission. For
more information, please refer to Micromem's Annual Report on Form 20-F and
its Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem
is under no obligation (and expressly disclaims any obligation) to update
or revise any forward-looking statements whether as a result of new information,
future events or otherwise.
