Gentlemen,
Anyone familiar with this one?:
Thursday March 23, 10:30 am Eastern Time
Company Press Release
Micromem Appoints New CEO to Its Subsidiary,
Pageant Technologies
Raymond Butler Adds Critical Industry Expertise As Company Readies
Breakthrough Memory Technology
TORONTO, Canada--(BUSINESS WIRE)--March 23, 2000--Micromem Technologies Inc. (OTC BB:MMTI - news)
Thursday announced it has appointed Raymond E. Butler as chief executive officer of its wholly owned subsidiary, Pageant
Technologies (USA) Inc.
Butler will be responsible for the strategic management and marketing efforts of Pageant USA, which is focused solely on the
research, development and licensing of MAGRAM(TM) memory technology. MAGRAM is believed to be the only digital
memory technology to offer the long-sought-after combination of non-volatility and random read/write access. These and other
characteristics make MAGRAM a potentially superior replacement to all digital memory currently available.
Former CEO, Stephen B. Fleming, will continue his involvement as a member of Micromem's board of directors. In this new role,
Fleming will head up a new organization chartered with identifying potential applications for MAGRAM technology and evaluating
other complimentary technologies for possible future company acquisitions.
Butler brings more than 25 years of business experience to the Micromem team. Joining Micromem from NetSales in Kansas
City, Kansas, where he served as executive vice president, Butler has broad experience in business development, international
strategy and sales. Prior to his work at NetSales, Butler was managing director for Bell Atlantic Corporation, Asia Pacific and the
president and CEO of Bell Atlantic Indonesia Inc.
``Butler adds invaluable experience at an exciting stage in the development and marketing of MAGRAM technology,' said Sam
Fuda, chairman of Micromem Technologies. ``His expertise in business development, licensing and industry partnerships will be
critical as Micromem moves forward in its market introduction of MAGRAM technology.'
``I believe the impact that MAGRAM technology could have on the computer and consumer electronics industry is enormous,'
said Butler. ``I am thrilled to join the Micromem team at such an exciting time for both the company and its breakthrough memory
technology.'
About Micromem
Micromem, a corporation with head offices in Toronto, Ontario, is dedicated to the development of next-generation memory
technology known as MAGRAM. Micromem, through its wholly owned subsidiary, Pageant Technologies Inc. (``PTI'), holds a
100% exclusive worldwide license to develop MAGRAM technology and to manufacture, sell and distribute related products.
PTI is the holder of an undivided 50% interest in the U.S. patent and patent applications worldwide in respect of MAGRAM.
Under the terms of the license, PTI is required to pay to the licensor or its nominee a royalty of 40% of the gross profit (less
expenses).
For further information contact Sam Fuda, chairman, Micromem Technologies Inc. at 416/364-6513. For information about
Micromem and MAGRAM memory, visit our website at www.micromeminc.com or call our investor relations hotline at
800/251-4205.
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 the contents of this news release.
Contact:
Benjamin Group/BSMG WORLDWIDE
Brad Brenner, 714/245-7500
brad_brenner@benjamingroup.com |
