Micromem Technologies Inc. Demonstrates Prototype.TORONTO -- Micromem Technologies Inc. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MMTIF) is pleased to announce that it has completed its long awaited milestone of integrating its three main memory components into a one-bit prototype. This latest milestone of integration was referred to in our press release dated May 13, 2004. This prototype utilizes the technology developed under the research collaboration between Micromem and 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, . On Friday February 25, 2005, at 9:30 a.m. E.S.T., Professor Harry Ruda of the University of Toronto, and Dr. Cynthia Kuper, CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. of Micromem, demonstrated the device to Micromem's Board of Directors. Mr. Joseph Fuda, 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. of Micromem Technologies said, "It is personally gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that Professor Ruda accomplished the core of the technology that will form the basis of Micromem's future." The components were assembled into a responsive device. Previously, Professor Ruda and his team of researchers demonstrated the ability to repeatedly fabricate the memory cell components. A set of prototypes have been completed, proving a method of making this device. Dr. Kuper said "This is a very exciting time for Micromem. The forward momentum that the company is undergoing is quite real and the next milestone's for Micromem should occur at an accelerated pace." Further development will include optimization of the prototype, which entails scaling the device and signal-to-noise optimization. As a result of recent discussions with potential joint development partners, the company has decided to increase its planned 96- bit array to a 128-bit development effort. This change is a result of the change in the marketplace and the use of RFID tags requiring a denser memory. Micromem is committed to completing its development of a commercially viable MRAM (Magnetic RAM) A non-volatile, random access memory technology that is designed to initially replace flash memory and, potentially, DRAM memory. MRAM uses magnetic, thin film elements on a silicon substrate that can be built on the same chip with the logic circuits. device. About Micromem Technologies Inc. Over the last five years, Micromem has been devoted to the development of MRAM technology. Once fully developed, this technology should be suitable for various applications including Radio Frequency Identification See RFID. (RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. ) tags, which will be Micromem's first market objective. All MRAM development work is undertaken pursuant to 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 MEDT Military Equipment Delivery Team ) Ontario Centres of Excellence program. Micromem holds the first right to an exclusive, world-wide and perpetual sub-license for the use of the technology. 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. Shares issued: 59,291,771 (as of March 1, 2005) SEC File No: 0-26005 Micromem Technologies Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :MMTIF) |
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