Investment - Page 9

Micromem Technologies has received very encouraging feedback regarding its financing efforts in Europe. The company has been advised by the agent they have encountered no issues with  completing the financing. In a previously announced press release, it remains the company’s intention to raise US$8,500,000. The agent reserves the right to close in tranches.

A portion of  the funds have been earmarked to engage an identified U.S. based foundry that will enable the company to accomplish its commercialization plans. The purpose of the foundry is to design  and build a commercial MRAM device utilizing Microme m’s patented technology.

Product sales for the fourth quarter of fiscal 2007 increased 50% over the prior-year quarter to $4.19 million from $2.80 million. Total revenue, consisting of product sales and contract research and development revenue, increased 31% to $4.57 million for the fourth quarter of fiscal 2007 from $3.48 million in the prior-year quarter. Net income for the fourth quarter of fiscal 2007 increased 151% to $1.55 million, or $0.33 per diluted share, compared to $619,744, or $0.13 per share, for the prior-year quarter.

No news regarding MRAM... 

Product sales for the quarter increased 95% over the prior-year quarter to $3.40 million from $1.74 million. Total revenue, consisting of product sales and contract research and development revenue, increased 48% to $3.86 million for the third quarter of fiscal 2007 from $2.61 million in the prior-year quarter. Net income for the third quarter of fiscal 2007 was $1.05 million, or $0.22 per diluted share compared to $401,385, or $0.09 per diluted share, for the prior-year quarter.

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Product sales for the quarter increased 87% over the prior-year quarter to $3.78 million from $2.02 million. Total revenue, consisting of product sales and contract research and development revenue, increased 44% to $4.40 million for the second quarter of fiscal 2007 from $3.05 million in the prior-year quarter. Net income for second quarter fiscal 2007 was $1.28 million, or $0.27 per diluted share compared to $363,968, or $0.08 per diluted share, for the prior-year quarter.

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Freescale has agreed to be sold to for $17.6 billion, to a private equity consortium led by Blackstone Group, in what could be the biggest leveraged buyout of a technology company.

An article in Smartmoney about NVE's patents and the Freescale MRAM chip. They claim that Freescale do not use NVE's IP, and that NVE will not sign a licensing contract with them.
Please note the article's comments - a lot of people say that several claims in this article is not correct. They certainly are not in par with NVE's statements in the past. It will be interesting to see what will finally happen between those two companies.

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Dr. Daniel A. Baker, NVE's CEO commented in NVE's conference call: "On July 10 Freescale announced that the first commercial MRAM device was in volume production. This is an impressive accomplishment by a talented Freescale team, and we congratulate them. It is also gratifying for Dr. Jim Daughton, our founder and an MRAM pioneer who made many inventions in the field and had a vision for MRAM...."

"We are proud NVE's role in MRAM's development and we look forward to a bright future. Based on a preliminary analysis, we believe Freescale's MRAM comes within the scope of claims in a number of NVE patents. We hope to negotiate a mutually beneficial agreement with Freescale to give them access to NVE intellectual property without having to resort to litigation. As we have said before, we cannot predict the possible timing of agreements, but we are confident of the strength of NVE's MRAM inventions and patent portfolio."