Toronto, Ontario and New York, New York–(Newsfile Corp. – July 5, 2023) – Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) (“Micromem”) (“the Company”) is pleased to announce, further to the previous news released on June 29th, the Company has received a purchase order for the delivery of an ARTRA oil unit for delivery to Romania. This purchase order is separate from the order expected for the gas well project. The oil unit is similar in configuration and operation to the unit Micromem delivered to Chevron that was successfully tested in 2019-2020. With global supply chain constraints, Micromem’s expected delivery of the unit is 12-15 weeks, with evaluation to take an additional 2-3 weeks. When the initial unit is shipped to Romania, Micromem will begin reporting product sales.
Once the initial ARTRA oil unit is certified by our client in Romania, the go forward project will be to create an interconnected “smart well” system. This existing version of this unit will then be further developed with new performance and analytics functionality. Our client operates approximately 4,000 oil wells in Romania; there is a total of approximately 14,000 producing oil wells in the country.
Micromem is enthusiastic about the opportunity to work with its partners in Romania and the project management team referenced in our news release on June 5th.
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.
Listing: NASD OTC-QB – Symbol: MMTIF
CSE – Symbol: MRM
Shares issued 505,526,137
SEC File No: 0-26005
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172369