Micromem Technologies receives initial US$30 million purchase order
Toronto's Micromem Technologies Inc. and its wholly owned subsidiary, Micromem Applied Sensor Technologies, Inc. has received an initial purchase order for its sensors from Life Medical Technologies, Inc. which upon completion, will total US$30 million.
Micromem anticipates delivery to begin in 2009 with the bulk expected in 2010, in accordance with fulfilling LMTI client orders. Micromem’s sensors will be used for LMTI’s product to enhance breast cancer detection. Work has already begun and routine manufacturing will commence as early as applicable regulatory approvals permit. The initial terms of the purchase order are a request for up to 10 million units and MASTInc to complete a design, test prototype, and deliver a device approved for commercial use within 30 days. It is anticipated that Micromem’s sensors will be included in two components of the device, the wearable portion and the handheld reading component. LMTI and Micromem are working to produce a series of products to serve the breast cancer diagnostic market and anticipate the launch of future generations of design.
“After years of research and development it is gratifying to receive our first of many purchase orders and represents a significant milestone for the company and its shareholders in the very relevant field of breast cancer detection,” said Joseph Fuda, Chief Executive Officer of Micromem Technologies Inc.