This is good they are looking to open up new uses. Possible near term revenue.
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Micromem Technologies Inc. - Test Results From Honeywell FM&T Indicate New Application for Memory Devices
WEDNESDAY, JANUARY 24, 2001 6:36 PM
- BusinessWire
TORONTO, Jan 24, 2001 (BUSINESS:MMTI)
Shares issued: 41,916,326 (as of January 24, 2001)
SEC File No: 0-26005
Micromem Technologies Inc. is pleased to announce that in the course of the continuing development of our magnetic based thin film NVRAM arrays, we have identified other potential applications for our magnetic memory technology.
Independent tests performed by Honeywell Federal Manufacturing and Technologies ("Honeywell FM&T") confirmed that the memory devices potentially exhibit the necessary component characteristics for radio frequency identification ("RF-ID") products. Individual devices acting as specific frequency resonators were constructed and tested in the range of 190 - 203 MHz. The footprint area of the devices was 150 square microns.
Some notable aspects of Micromem's magnetic memory device as an RF-ID product are that it has the ability to be re-programmed and incorporates only passive elements. Much of the current RF-ID technology utilizes active circuits requiring CMOS processing techniques. This active circuit fabrication requires a crystalline substrate or a re-crystallization of a deposited silicon film. Our technology is purely passive having no crystalline substrate requirements, providing for a simplified, low cost fabrication process incorporating only standard materials. To the best of our knowledge, other passive RF-ID products are far larger, generally at least 3 - 4 mm square, and relatively expensive to manufacture. We anticipate that our smaller devices will be far more cost effective to produce; we are now undertaking a detailed cost analysis for the manufacture of these devices.
Over the last several months we have invested in R&D equipment which enables our personnel to design, create mask plates for, and fabricate prototype devices utilizing 1 micron process technology in our current facilities. Furthermore, currently available sensing equipment can be utilized to read the information from devices incorporating our technology.
The RF-ID industry worldwide is now extremely large (estimated to be in excess of 20 billion units per year) and is experiencing explosive global growth. RF-ID products provide an efficient and effective method for tracking items of value, such as shipping labels, automotive ignition keys, clothing, office equipment and even pets, and the technology is used in manufacturing processes as well as in military and medical applications. In fact, when RF-ID tags can be manufactured at low enough cost the replacement of bar codes as a major identification technology is expected to occur. The potential advantages of Micromem's approach over conventional RF-ID technology include the smaller device footprint, lower manufacturing costs for reprogrammable devices and a higher range of operating frequencies, dependent upon the application.
Our development work with respect to thin film NVRAM will not be affected or reduced by this new initiative. While the primary goal of our R&D program is focused on the development of thin film NVRAM, the radio frequency component market is being approached because of the potential to license this technology in the short term. Further, our work on the RF-ID devices has resulted in simplification of the existing memory read technology, thus furthering the company's NVRAM development. We invite potential users, licensees and current RF-ID tag and equipment manufacturers to contact us with respect to potential utilization of our technology. We would be pleased to discuss specifications and to work with users to design prototypes for their evaluation.
Information
For further information, please contact Dr. David Hayes, Manager, Investor Relations, at tel. 1-877-388-8930. For information about Micromem please visit our web-site at: www.micromeminc.com.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities & Exchange Commission.
No securities regulatory authority has approved or disapproved of this news release.
CONTACT: Dr. David Hayes, Investor Relations, 877/388-8930
www.micromeminc.com
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