TORONTO and NEW YORK, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Micromem Technologies Inc. (the "Company" and "Micromem") (CNSX: MRM ) (OTCBB: MMTIF ) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to report that as a result of the successful completion of the development stage, payment of $100,000 USD has been received from one of the international oil companies that was invoiced as per our previous press release dated October 3, 2013.
This is significant for the Company in that this payment is confirmation that the client is satisfied with the solution we were able to provide and substantial orders are anticipated.
More importantly, this confirms our ability to provide unique solutions to sensor based problems in the oil industry using our patented core technologies.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCBB: MMTIF ) (CNSX: MRM ) company. MASTInc 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 .
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The CNSX or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued: 157,991,425
SEC File No: 0-26005
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