Micromem Begins to Review Commercialization Options of Its Aerial Exploration Platform |
Micromem Technologies Inc
777 Bay Street, Suite 1910
Toronto, Ontario, M5G 2E4
Canada
Press release date: June 25, 2012
TORONTO and NEW YORK - Micromem Technologies Inc. ("Micromem") (CNSX: MRM, OTCBB: MMTIF) through its wholly owned subsidiary, Micromem Applied Sensor Technologies Inc.("MAST"), announces it has successfully completed field trials of its aerial natural resource exploration platform. The 6 channel fully integrated passive EM receiver (Ex, Ey, Ez, Bx, By, Bz) acquires electric and magnetic field data at very low frequency and at very high data rate. Recent trials validated magnetic target acquisition in 1000 meters of sea water. Tests were run on the western US coast line by overflying a designated grid pattern with known magnetic targets under water.
Dr. Mari Mes of NEMT, who has been acting as a geophysical consultant stated: "I am very pleased that MAST have assimilated from various trials and clients, the key design and functionality that will be incorporated into the commercial exploration platform. The MAST sensor front end to the radio/receiver is well positioned to allow the targeted faint, pico-Tesla level magnetic signals to be accurately detected in routine noisy environmental and atmospheric noise."
Steven Van Fleet, President of MAST stated: "We've had the developmental design and proof of concept product reviewed, critiqued and redesigned with the input of seven industry partners with the result that we now have a product that is relevant to the industry after several changes to the earlier design functionality. Through this time consuming effort with clients, we have amassed a clear definition of what performance specifications are required to meet business needs. We have incorporated this invaluable feedback into our finalized product design. I am pleased that we are now commencing commercialization of the aerial platform. One of the key breakthroughs during this evaluation phase has been the decision to integrate into our sensor platform, enhanced sensor functionality allowing us magnetic sensitivity less than 0.8 pT @ 1Hz. This sensitivity is world class for this type of sensing platform, particularly given the fact that we provide this in a three axis format, allowing the exploration firm greater resolution and accuracy in mapping out exploratory grid patterns."
Joe Fuda, CEO of Micromem stated "Having this device follow right on the heels of our recent announcement of bringing the GSI Westwind product from hand built devices in a lab into routine assembly line production is gratifying. To now be in a position to assess the best opportunity to deploy the Aerial Exploration Platform is a big milestone for this technology."
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc responsibly 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.comwww.mastinc.com.
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
SEC File No: 0-26005
SOURCE
Micromem Technologies Inc.
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