Micromem ARTRA Unit Update

Rhea-AI Summary

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has announced an update on its ARTRA unit for field testing. The company's contracted engineering affiliate has informed that the unit will be ready for shipment during the week of October 14th. This marks a significant milestone as it is the first ARTRA field unit prepared for a client other than Chevron.

Additionally, Micromem has secured access to an engineering patent for an automated sampler system previously filed by Chevron. The company is now set to begin work on a 'Configuration 2' device, which will be a well-mounted system capable of automated well sample collection in real-time for natural gas wells. Once completed, this new device is expected to provide new marketing opportunities for the company.

Positive

• First ARTRA field unit for a non-Chevron client ready for shipment
• Secured access to engineering patent for automated sampler system
• Development of 'Configuration 2' device for automated well sample collection
• Potential new marketing opportunities with Configuration 2 device

Negative

• None.

Toronto, Ontario and New York, New York--(Newsfile Corp. - October 10, 2024) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem") ("the Company") announces that, as a follow up to its news release dated September 25, 2023, the Company has been advised by its contracted engineering affiliate that the ARTRA unit for field testing will be ready for shipment during the week of October 14^th. This is the first ARTRA field unit prepared for a client other than Chevron.

As announced in our press release dated September 26^th, 2024, the Company has secured access to an engineering patent for an automated sampler system previously filed by Chevron. The Company will now begin work on a 'Configuration 2' device - a well mounted device capable of automated well sample collection in real time for natural gas wells. The Configuration 2 device, once completed, will provide new marketing opportunities for the Company.

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 567,419,413
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/226323

FAQ

When will Micromem's ARTRA unit be ready for shipment?

Micromem's ARTRA unit for field testing will be ready for shipment during the week of October 14th, 2024.

What is significant about this ARTRA unit for Micromem (MMTIF)?

This ARTRA unit is significant as it's the first field unit prepared for a client other than Chevron, expanding Micromem's customer base.

What new technology is Micromem (MMTIF) developing?

Micromem is developing a 'Configuration 2' device, a well-mounted system for automated real-time sample collection in natural gas wells.

How might the Configuration 2 device benefit Micromem (MMTIF)?

The Configuration 2 device, once completed, is expected to provide new marketing opportunities for Micromem, potentially expanding its product offerings and market reach.