UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
December, 2014
Commission File Number 0-26005
MICROMEM TECHNOLOGIES INC.
121 Richmond Street West, Suite 304, Toronto, ON M5H 2K1
[Indicate by checkmark whether the
registrant files or will file annual reports under cover Form 20-F or Form
40-F.]
Form 20-F [X]
Form 40-F [ ]
[Indicate by check mark whether
the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.]
Yes [ ]
No [X]
[If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with rule 12g3-2(b): N/A
This report on Form 6-K is hereby incorporated by reference
in the registration statement on Form F-3 (Registration No. 333-134309) of
Micromem Technologies Inc. and in the prospectus contained therein, and this
report on Form 6-K shall be deemed a part of such registration statement from
the date on which this report is filed, to the extent not superseded by
documents or reports subsequently filed or furnished by Micromem Technologies
Inc. under the Securities Act of 1933 or the Securities Exchange Act of 1934.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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MICROMEM TECHNOLOGIES INC. |
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By:
/s/ Joseph Fuda |
Date: December 29, 2014 |
Name: Joseph Fuda |
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Title: Chief Executive Officer |
Exhibit Index
FOR IMMEDIATE RELEASE |
December 29, 2014 |
Micromem Provides Update
Toronto, New York, December 29, 2014: Micromem
Technologies Inc. (the Company) (Micromem) (CSE: MRM, OTCQX: MMTIF) is
pleased to provide the following update.
Development on all of the projects is proceeding on each of
their respective schedules as planned, a summary of the active projects and the
client list is available on either the Micromem (www.micromeminc.com) or MAST
(www.mastinc.com) website. Through 2014 all of the development projects
announced have met their respective milestone requirements and in all cases are
proceeding to their various next stages.
All of the patents required for the automotive oil pan plug
were filed. The company received Notices of Allowance on 2 of those patents and
is still awaiting the notices for the next 4. The actual patents on the first 2
notices are expected to be received in January. The selected manufacturer has
completed the evaluation of their sub component suppliers and in addition has
committed to providing marketing samples to MAST and the OEM companies in
January. In addition the manufacturer has begun marketing the oil pan plug to
several of its other automotive clients. This project is now on its way to
commercialization and is under the control of our selected manufacturer.
The status of other patent filings on other projects is
proprietary to Micromem and will not be disclosed at this time.
The oil particle tracer that was approved by our International
oil client has had the final manufacturer of the lab units selected and Micromem
is now awaiting the purchase order for the first units. This project is now on
its way to commercialization, details will be subject to a separate press
release. In addition work has begun on the ruggedization of the detector
platform so it can be installed directly onto the oil wells which will provide
real time detection of nanoparticle concentration on production oil streams.
A supplemental agreement with our utility client is now
awaiting execution. Post the approval of the prototype a joint marketing and
royalty agreement was negotiated during the last 2 months which will now govern
the relationship between the two companies on the sale and distribution of the
partial discharge technology. Agreements on further projects with this client
are now being prepared for review by both companies.
The LIBS oil condition sensor project has passed the prototype
milestone and as a result a second invoice of USD $238,000 for a total of USD
$488,000 invoiced to the client over the last 45 days. The client has now
submitted to Micromem their assessment of the market size and product
distribution for both the first and second stages of the product development.
There are now two size configurations that the client is looking to market
through their distribution chain and the first will resemble the prototype
delivered on December 19th 2014.
With approval of the results of the second particle tracer
project, our American based oil company has approved the next stage of work to
commence January 5th and as a result a second invoice to the client
in excess of USD $400,000 was submitted for payment for a total of approximately
USD $1,100,000 invoiced in the last 45 days. In addition, a new agreement was
negotiated and signed by both companies that will determine the ownership and
marketing structure of the product going forward. As a result the client will be
reimbursing Micromem for 50% of the patent costs to date on this project and the
rights to the IP, subject to the terms of the new agreement, will transfer now
to the client in exchange for a per unit payment on the final device. This
clients satisfaction with the work on this project has allowed for the
negotiation of the next stage in the cement integrity sensor project and that
agreement will also mirror the joint ownership and distribution agreement
recently executed.
Micromem has successfully negotiated, with several Fortune 100
companies, marketing and distribution agreements that were conditional on
approved results, those results have now been met. Micromem has successfully
delivered prototypes or met milestones measured to the exacting standards of the
most discerning engineering teams. Micromem has built a solid relationship with
leaders in their respective fields to deliver on the promise that the Internet
of Things holds for the future of infrastructure and smart systems. Strong
relationships built on our core technology has brought us partnerships with the
worlds largest business providing a distribution system for these exciting new
products.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem
Technologies Inc., a publicly traded (OTC QX: MMTIF, CSE: MRM) company. MASTInc
analyzes the specific industry sectors to create intelligent game-changing
applications that address unmet market needs. By leveraging its expertise and
experience with sophisticated magnetic sensor applications, MASTInc successfully
powers the development and implementation of innovative solutions for
healthcare/biomedical, natural resource exploration, government, information
technology, manufacturing, and other industries. Visit www.micromeminc.comwww.mastinc.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 Companys 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 OTCQX-Bulletin Board -
Symbol:
MMTIF
CSE
- Symbol: MRM
Shares issued: 188,436,724
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
Subscribe to receive News Releases by Email on our websites home page.
www.micromeminc.com
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