Micromem: Provides Current Update
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September 22, 2017 17:28 ET | Source: Micromem Technologies Inc.
TORONTO and NEW YORK, Sept. 22, 2017 (GLOBE NEWSWIRE) -- Micromem Technologies Inc. (CSE:MRM) (OTCQB:MMTIF) ("Micromem") ("the Company") and its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), provide the following current update on business developments.
At the Annual General Meeting of Shareholders on July 21st, the independent directors (Directors) advised that they were undertaking a current assessment of all facets of the Company’s operations. The summary observations from this process are as below:
(a) An independent review has been undertaken of the Company’s two key development agreements with its major development partners; including a review of the working arrangements with our key subcontractors for each of those projects. Based on this work, the Directors are satisfied that that both of these projects are of future commercial value to the Company.
Post AGM, the Company has continued to negotiate the go forward terms of these commercial agreements, addressing the issues raised in the review as well as those identified in past discussions, a process in which it has been engaged in since 2016 and which process has been duly reported in our periodic quarterly filings. We anticipate that these discussions may be finalized in Q4.
