TORONTO and NEW YORK - Micromem Technologies Inc. (the "Company") (CSE:MRM) (OTCBB:MMTIF) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that it has executed a Joint Product Development Agreement ("Agreement") with Castrol innoVentures ("Castrol").
Castrol innoVentures (www.castrolinnoventures.com) is Castrol's innovation venturing arm. It seeks to invest in and create material businesses beyond lubricants.
The principal objective outlined in the Agreement will have the Company provide Castrol with its MEMS-based sensor solution that could be deployed into operational environments to provide Castrol with real time performance data. The intellectual property associated with the
product development will be licensed exclusively to Castrol as part of a long term sales based royalty arrangement. Castrol will be responsible for sales and marketing of the new product into their existing global markets.
Dr. Jon Salkeld, Castrol innoVenture's Technology Director, assigned to lead this effort stated: "This is our latest exciting move as we use open innovation and third party collaboration to accelerate the development of disruptive technologies and business models."
Steven Van Fleet, President of MAST, stated: "With Castrol's underlying business principles aligning well with those of MAST, our technical competency of creating unique and customized sensor platforms in a MEMS environment, with functionality typically seen in large, lab scale instruments."
Joseph Fuda, CEO of Micromem Technologies, stated: "We continue to penetrate global markets with corporations that are leaders in their respective industries."
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCBB:MMTIF) (CSE: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
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