An anonymous director reports
MICROMEM UPDATE ON PURCHASE ORDERS
Micromem Technologies Inc. has received the first instalment payment toward the purchase order received for the initial sale of two of its ARTRA units for its project in Romania. This first instalment of $63,800 (U.S.) is one of four payments to be received -- the total funds to be received by Micromem for these initial two units will exceed $280,000 (U.S.).
The company has been advised that it can expect purchase orders for an additional three ARTRA units. Each of the five ARTRA units ordered will be used for testing by different clients. As previously announced, the units will be produced and shipped to Romania by the company's California-based contractor/partner, Entanglement Technologies, and will be used to assess the company's analytics software for both natural gas and oil applications.
The company expects that the units will be delivered to the clients before the calendar year-end. The analytics software system will be designed around analyzing tracer compounds which were previously successfully tested by Chevron. Micromem is confident that these analytics tests will be successful. Following positive testing at the University of Ploiesti in Romania, the software will be installed in the units and evaluated by the Romanian partners.
About Micromem Technologies Inc.
Micromem Technologies and its subsidiaries analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.
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