Micromem Technologies Inc. (MMTIF): Micromem: Update on Oil and Gas Client P...

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Thursday, 08/11/2016 9:37:37 AM

Thursday, August 11, 2016 9:37:37 AM

Micromem: Update on Oil and Gas Client Product Developments

GlobeNewswire•August 11, 2016Comment
TORONTO and NEW YORK, Aug. 11, 2016 (GLOBE NEWSWIRE) -- Micromem Technologies Inc. (“Micromem”) (“the Company”) (CSE:MRM) (MMTIF) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that, pursuant to our July 13, 2016 press release, the initial invoice has been accepted by the partner. The first payment of US $200,000 for work to be completed by the Company under this agreement will be received on or before September 8, 2016. The funds will be reported as revenue, not as a recovery of deferred development costs. The contract value of this portion of the agreement is approximately US $2 Million.

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