Micromem - Page 3

Micromem Technologies, a Toronto-based developer of magnetic random access memory (MRAM), and Omron Corporation today announces an agreement to investigate viable MRAM technology.

Under the agreement Omron will evaluate the performance and suitability of Micromem's MRAM memory as it relates to Omron's extensive array of RFID products. In the initial phase of the agreement Omron will research and evaluate Micromem's MRAM to determine the suitability of MRAM for commercial applications.

The decision to enter into this technology investigative stage with Micromem is based on the potential that MRAM has for delivering some specific and useful characteristics for RFID products.
Micromem has solved many key problems associated with commercializing MRAM and has key patent filings that solve many common problems often blocking product commercialization. Micromem's unique MRAM technology creates a viable synergy between MRAM applications and products used in radar systems, satellites, sensors and RFID.

Micromem announced today that they have signed an agreement with the University of Toronto (UT) giving Micromem exclusive world wide rights to all MRAM technology developed at the University and funded on behalf of Micromem Technologies. This proprietary technology was initially discovered and developed under collaborative research projects led by Professor Harry Ruda of the University of Toronto and co-funded by Micromem Technologies and two divisions of the Ontario Center of Excellence which include the Materials Manufacturing division of Ontario (MMO), and the Communications and Information Technology division of Ontario (CITO).

The license agreement with the University allows Micromem access to this MRAM technology on favorable financial terms, and provides Micromem substantially greater benefit than the company's previous licensing agreement with Estancia.

The deal gives Micromem full control over the last three years of technological innovation including the development of the single bit memory prototype announced last February. The company now has worldwide exclusivity on all prior, current, and future patent applications relating to this MRAM technology.
In addition the agreement strongly positions Micromem to explore industrial partnerships to accelerate the development and availability of commercial MRAM products.

Dr. Cynthia Kuper, Chief Technology Officer, appeared on a plenary panel on Tuesday, May 24, to discuss "Nano Firsts," and how MRAM differs from competing memory technologies. Dr. Kuper explained why MRAM is particularly well suited to the growing RFID market, and highlighted the company's current business strategy and major technology milestones in the development of MRAM technology for the RFID market.

In addition to Dr. Kuper's presentation, Steven Van Fleet, Senior RFID Consultant for Micromem participated in a plenary panel discussion on nanotechnology systems integration on Tuesday, May 24. Mr. Van Fleet discussed technical challenges and industry standards affecting nano systems integration.

Micromem Technologies is pleased to announce that it has completed its long awaited milestone of integrating its three main memory components into a one-bit prototype.
The components were assembled into a responsive device. Previously, Professor Ruda and his team of researchers demonstrated the ability to repeatedly fabricate the memory cell components. A set of prototypes have been completed, proving a method of making this device. Dr. Kuper said "This is a very exciting time for Micromem."

As a result of recent discussions with potential joint development partners, the company has decided to increase its planned 96- bit array to a 128-bit development effort. This change is a result of the change in the marketplace and the use of RFID tags requiring a denser memory. Micromem is committed to completing its development of a commercially viable MRAM device.

The patent application was filed January 31, 2005 and will help to secure the company in its go forward strategy. This strategy relies on innovations made by the company through the work of Professor Harry Ruda, the University of Toronto and its collaborators. This patent filing encompasses compositions of matter as well as methods of making an MRAM device.

"This most recent filing will serve as a keystone in our patent portfolio as the company places great importance on its patent portfolio strategy. MRAM is undoubtedly a competitive industry and therefore we will continue to pay great attention to securing our business in that space," said the company's CTO, Dr. Cynthia Kuper.

Micromem is pleased to announce that it has raised approximately US $1,500,000 from a private placement of securities at a price agreed upon by Micromem in December 2004.
The proceeds of the financing will be used to fund the further development of Micromem's MRAM technology and Micromem's filing of further patent applications as well as to meet its ongoing operational and working capital requirements.

Although integration of the technology is not complete, Micromem is now at a stage to enable the company's acting CTO, Dr. Cynthia Kuper and CFO Dan Amadori to address cost modeling. This step will allow the company to begin the process of identifying a manufacturing and/or development partner.

After conducting what the company called an independent review, consultant Cynthia Kuper claimed MMT (Toronto) has demonstrated the ability to design and fabricate an MRAM memory cell. Micromem's research team plans to develop a 96-bit memory array, which will be aimed at new applications in the RFID market.