Business
Micromem Receives Second Purchase Order
Toronto, Ontario and New York, New York--(Newsfile Corp. - July 27, 2023) - Micromem Technologies...
About this update from Micromem Technologies Inc.
[{"type":"text","content":"Micromem Receives Second Purchase OrderToronto, Ontario and New York, New York--(Newsfile Corp. - July 27, 2023) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) (\"Micromem\") (\"the Company\") is pleased to announce that the Company has received a second purchase order for an ARTRA unit for delivery to Romania. This build is the first order for a unit for use in the natural gas industry and follows the order previously announced on July 5th for the oil well project. This additional purchase order expands the market opportunities for Micromem with our Romanian partners. With ongoing global supply chain constraints, Micromem's expected delivery of this unit is 16-18 weeks, with evaluation to take an additional 4-6 weeks. When the initial unit is shipped to Romania, Micromem will report revenues from this product sale. This unit will be built by our California-based contractor/partner, Entanglement Technologies.Once this unit is certified by our client in Romania, the go forward project will be to create an interconnected \"smart gas well\" system. This version of the unit will then be further developed with new performance and analytics functionality, it is expected that the analytics for this application will be ready for installation once this unit arrives. Our client operates approximately 3,000 gas wells in Romania; there is a total of approximately 10,000 producing gas wells in the country. Micromem is enthusiastic about the opportunity to work with its partners in Romania and the project management team referenced in our news release on June 5th.About Micromem.Micromem Technologies Inc. and its subsidiaries, a publicly traded (OTCQB: MMTIF) (CSE: MRM), company analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the Company successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing and other industries. Visit www.micromeminc.com.Safe Harbor Statement This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to dif...