Business
Micromem Update on Purchase Orders
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 25, 2023) - Micromem Technol...
About this update from Micromem Technologies Inc.
[{"type":"text","content":"Micromem Update on Purchase OrdersToronto, Ontario and New York, New York--(Newsfile Corp. - September 25, 2023) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) (\"Micromem\") (\"the Company\") is pleased to announce that it has received the first installment payment towards the purchase order received for the initial sale of 2 of its ARTRA units (the \"Units\") for its project in Romania. This first installment of $63,800 USD is one of 4 payments to be received; the total funds to be received by Micromem for these initial 2 units will exceed $280,000 USD. The Company has been advised that it can expect purchase orders for an additional 3 ARTRA units. Each of the 5 ARTRA units ordered will be used for testing by different clients. As previously announced, the Units will be produced and shipped to Romania by the Company's California-based contractor/partner, Entanglement Technologies, and will be used to assess our analytics software for both natural gas and oil applications. The Company expects that the Units will be delivered to the clients before the calendar yearend. The analytics software system will be designed around analyzing tracer compounds which were previously successfully tested by Chevron. Micromem is confident that these analytics tests will be successful. Following positive testing at the University of Ploiesti in Romania, the software will be installed in the Units and evaluated by the Romanian partners. 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 StatementThis 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 differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to diff...