Micromem Receives Funding Commitment from CITO under Collaborative Research Agreement with Dr. Harry Ruda and University of Toronto.Business Editors/High-Tech Writers TORONTO--(BUSINESS WIRE)--June 19, 2003 Micromem is pleased to announce that it has received a commitment for funding from Communications and Information Technology Ontario ("CITO CITO Cache In Trash Out (geocaching) CITO Communications and Information Technology Ontario CITO Chief Information Technology Officer CITO Central Imagery Tasking Office CITO Complete IT Outsourcing (SADA Systems) ") by way of a 2-year research collaboration agreement with CITO, the University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, , and Dr. Harry Ruda, Chair Professor in Nanotechnology. Through the collaboration, Micromem will continue its involvement in the high density magnetic memory device development, which will be carried out by a highly skilled research team of materials and device physicists Below is a list of famous physicists. Many of these from the 20th and 21st centuries are found on the list of recipients of the Nobel Prize in physics. A
Under the agreement, CITO has committed a budget of $154,000 for the first year of Micromem's research project and the same amount has been allocated for a second year, based upon a successful completion of the first year. Micromem will provide $46,000 of funding in the first year and the same amount in the second year. Micromem will also provide in-kind contributions, by way of human resource, to the project. The CITO investment was accomplished without issuance of any shares, thereby avoiding any dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. to Micromem's shareholders. Under the agreement, Micromem will maintain its ownership of its portfolio of patents and intellectual property to date. Micromem will have first rights to an exclusive and perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. worldwide sub-license for all uses of the technology developed under the collaboration (except that the University may use the technology for educational and research purposes). CITO will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive a royalty on Micromem's manufacturing revenues from the sale of products incorporating the technology developed under the collaboration. A separate royalty will be negotiated in the future on revenues to be generated by Micromem from sub-licenses of the technology developed under the collaboration. The response to CITO's call for proposals was outstanding, with CITO receiving over 50% more applications than usual, creating an intense competition for investment support. As a result, CITO's panels and committees were required to make some difficult decisions. Each application was thoroughly evaluated by two impartial Favoring neither; disinterested; treating all alike; unbiased; equitable, fair, and just. expert panels based on CITO's research and business criteria. The recommendations from these panels were submitted to CITO's Research Program Committee, which conducted a further review and made the final recommendations that were approved by CITO's Board of Directors. "CITO is always looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. promising Ontario research projects that have strong leadership and will likely result in the creation of a new product or service," said Dr. Darin Graham, CITO President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Micromem's project clearly fit that bill, and we look forward to working with Dr. Ruda and his team on this important research." Dr. Ruda commented, "We are delighted to receive this prestigious award from CITO as an endorsement of our proposed approach, which marries research at the cutting edge with an opportunity to train highly qualified personnel in Canada." The research collaboration agreement sets out a number of milestones under a comprehensive research plan and Micromem will report on the achievement of significant milestones in the future. The research will be carried out from research facilities at the University of Toronto. Micromem intends to apply for additional grants for its research. CITO is an Ontario Centre of Excellence (OCE See AOCE. ), and part of the provincial government's $2-billion investment in Ontario's knowledge economy - making Ontario more competitive through innovation, science and technology. For more information visit www.cito.ca. The OCE program creates and manages public and private research partnerships that drive innovation and entrepreneurship leading to the competitiveness and growth of Ontario. Information For further information, shareholders and media are directed to contact Joseph Fuda, C.E.O. of Micromem, at tel. 1-877-388-8930, or visit our Web site at: www.micromeminc.com. For further information on CITO, media may also contact John Peck John Peck played for Hawthorn from 1954 to 1968. He topped the leading VFL goalkicking in three successive years in 1963-65. at CITO: ph. (416) 928-0766, or email: jpeck@cito.ca. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities & Exchange Commission. Listing: OTC-Bulletin Board - Symbol: "MMTIF" Shares issued: 46,700,937 (as of June 19, 2003) SEC File No: 0-26005 No securities regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved of this news release. |
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