Update on Micromem's ARTRA Unit

Rhea-AI Summary

Micromem Technologies announces the arrival of its ARTRA unit in Toronto for field trials in the natural gas industry. The unit will serve as the foundation for a second configuration: a well-mounted, fully automated unit specifically designed for gas wells. The company's contracted engineer will modify and implement an automated sampler system, previously designed by Chevron, enabling precise fluid sampling and tracer testing capabilities.

Before shipping to its European client for inspection and certification, the company will conduct demonstrations for engineers representing potential clients. Following the review, Micromem expects to announce a timeline for subsequent phases.

Positive

• Development of new ARTRA unit for natural gas industry applications
• Utilization of Chevron-designed automated sampler system technology
• Planned demonstrations for potential clients
• European client inspection and certification process in pipeline

Negative

• None.

News Market Reaction

-16.01%

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-16.01% News Effect

On the day this news was published, MMTIF declined 16.01%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario and New York, New York--(Newsfile Corp. - November 11, 2024) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem") ("the Company") announces the arrival of its ARTRA unit (the "Unit") in Toronto, prepared for field trials within the natural gas industry.

This Unit serves as the foundation for a second configuration: a well-mounted, fully automated unit tailored specifically for gas wells. The Company's contracted engineer will modify and utilize the automated sampler system, that was previously designed by Chevron, in this new configuration, enabling precise fluid sampling and tracer testing capabilities.

Before shipping the Unit to its European client for inspection and certification, the Company will conduct demonstrations for engineers representing potential clients. Following the review, Micromem expects to announce a timeline for the following phases.

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 572,985,698
SEC File No: 0-26005

Investor Contact: info@micromeminc.com; Tel. 416-364-6513

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/229505

FAQ

What is the latest development for Micromem Technologies (MMTIF) ARTRA unit?

Micromem's ARTRA unit has arrived in Toronto and is being prepared for field trials in the natural gas industry, with plans for demonstrations to potential clients before shipping to Europe for inspection and certification.

What are the key features of Micromem's (MMTIF) new ARTRA unit configuration?

The ARTRA unit serves as a foundation for a well-mounted, fully automated unit specifically designed for gas wells, incorporating an automated sampler system for precise fluid sampling and tracer testing capabilities.

What is the next step for Micromem's (MMTIF) ARTRA unit after Toronto demonstrations?

After demonstrations to potential clients' engineers in Toronto, the ARTRA unit will be shipped to a European client for inspection and certification, followed by an announcement of timeline for subsequent phases.