Micromem Announces Collaboration with the University of Toronto, DRDC and NSERC on Biochemical Weapons Detection Technology
Rhea-AI Summary
Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has announced a new collaboration with the University of Toronto, Defense Research and Development Canada (DRDC), and the Natural Sciences and Engineering Research Council of Canada (NSERC) to develop advanced biochemical sensors technology. The project, which began in 2023 at the University of Toronto, has already made significant progress in developing artificial intelligence and machine learning capabilities.
The company will receive an exclusive worldwide license to all intellectual property and patents created through the project, which targets both military and commercial applications. NSERC is providing partial funding for the initiative. The project team is led by Doctor Harry Ruda, who previously collaborated with Micromem on a white paper report for Chevron. This new venture expands Micromem's technological capabilities, particularly in detecting environmental contaminants across military and commercial sectors.
Positive
- Secured exclusive worldwide license for all IP and patents from the project
- Partial funding provided by NSERC
- Project expands company's technological capabilities into military and commercial sectors
- Development includes AI and machine learning capabilities
Negative
- None.
News Market Reaction
On the day this news was published, MMTIF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario and New York, New York--(Newsfile Corp. - February 10, 2025) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem" or the "Company") is pleased to announce its new collaboration with the University of Toronto, Defense Research and Development Canada ("DRDC") and the Natural Sciences and Engineering Research Council of Canada ("NSERC"). The primary objectives and goals of this collaboration ("the Project") are to develop cutting-edge technology for military and industrial applications, specifically in the field of state-of-the-art biochemical sensors ("the Technology"). This program was initiated in 2023 at the University of Toronto and has, to date, made significant strides in advancing the Technology. NSERC is providing a portion of the funding for the Project.
Micromem will have an exclusive worldwide license to the intellectual property and any patents created through the Project, which is expected to have application for both military and commercial use. Notable progress to date includes the development of artificial intelligence and machine learning capabilities.
Micromem engaged the University of Toronto to help develop the 'white paper' report that Micromem recently delivered to Chevron, as previously announced. Micromem will be working on this Project, with the same team at the University of Toronto, led by Doctor Harry Ruda.
This initiative represents a significant new opportunity for Micromem, in addition to our current initiatives. It expands our technological capabilities and provides new opportunities in military and in commercial sectors for the detection of environmental contaminants.
Doctor Ruda comments on the participation of Micromem as follows: "Having worked with Micromem previously, we are pleased to welcome Micromem as a key partner in this Project and look forward to the team developing and commercialising new sensing technologies".
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 differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
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Listing: OTCQB - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 584,366,086
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023 Subscribe to receive News Releases by Email on our website's home page. www.micromeminc.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240206
FAQ
What is the purpose of Micromem's (MMTIF) collaboration with University of Toronto and DRDC?
When did MMTIF's biochemical sensors project begin at the University of Toronto?
Who is funding MMTIF's biochemical weapons detection technology project?
What intellectual property rights does MMTIF have in the biochemical sensors project?
What technologies are being developed in MMTIF's biochemical detection project?
