Micromem Technologies Inc. (MMTIF): MORE TO COME,IMO: Micromem: Castrol Inn...

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Micromem Technologies Inc. (MMTIF)

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Friday, 12/09/2016 9:12:09 AM

Friday, December 09, 2016 9:12:09 AM

MORE TO COME,IMO: Micromem: Castrol Innoventures Issues Order for First Round of Manufactured Units

GlobeNewswire•December 8, 2016
TORONTO and NEW YORK, Dec. 08, 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 Castrol Innoventures (“Castrol”) has issued a US $100,000 purchase order for 10 evaluation units. The Company has received payment. This initial commercial order for the evaluation units will be used for field deployment, additional orders to follow.

Our partnership with Castrol began September 3rd, 2014 to jointly develop technology that will improve client experience with Castrol. This is the beginning of the commercial phase for this project and as such will be reported as revenue.

Micromem is in discussions with other corporations as adopters for this technology in market verticals other than those Castrol are focusing on.

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