Business
Micromem Update
Toronto, Ontario and New York, New York--(Newsfile Corp. - March 27, 2023) - Micromem Technologie...
About this update from Micromem Technologies Inc.
[{"type":"text","content":"Micromem UpdateToronto, Ontario and New York, New York--(Newsfile Corp. - March 27, 2023) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) (\"Micromem\") (\"the Company\"). Micromem is pleased to announce that it has completed its agreement (\"Agreement\") between WING[1], Universitatea Petrol SI Gaze Ploiesti (the \"University\"), Augustine Professionals and the Company. This Agreement governs three phases of development for Micromem's projects in Romania.Phase one of the Agreement relates to the development of analytics software for Micromem's ARTRA project which is to be customized for use by Romgaz and Petrom in their respective gas and oil well operations. Micromem will maintain a 50% interest in the jointly developed analytics software which is intended to provide comprehensive real time data and analysis for operating wells. Micromem will receive recurring monthly revenues as this software is utilized. Phase two of the Agreement relates to purchase orders for ARTRA units:(i) Initially, Micromem will receive a purchase order for two units to be delivered to the University for their evaluation. These initial two units will be identical to the ARTRA technology that Micromem has previously delivered to Chevron. Micromem will recover all of the costs it incurs with respect to these initial units. The University's team will complete their assessment of the required modifications that will be needed for these initial units in order to conform with all required specifications for a well-mounted device that incorporates all of the analytics software (\"Configured Units\"). (ii) The follow up component of the purchase order will be for 20 of the Configured Units to be assessed and tested for field use in operating wells in Romania. These Configured Units will be built in Romania.(iii) If the Configured Units are successfully tested in the field, the final component of the purchase order will be for up to 3,800 Configured Units, over 24 months, for installation and networking on gas wells and an additional 1,200 units for installation and networking on oil wells. These units will be built in Romania. The proposed selling price for each of these units has currently been established as Euro 200,000 per unit. Phase three of the agreement, which will occur concurrently, will be to develop a solution for the powerline monitoring sy...