BAE Systems to Implement Micromem’s Patented TechnologyApril 2, 2008
Company will integrate Micromem's nanosensor technology into its military platforms and products to enhance magnetometers and over-the-horizon threat detection systems.
TORONTO, Canada /PRNewswire-FirstCall/ -- Micromem Technologies Inc. (OTC BB: MMTIF) is pleased to announce that BAE Systems, the premier global defense and aerospace company, is in the process of transferring the Micromem's MRAM and sensor technology to its Nashua New Hampshire foundry facility. BAE Systems plans to complete the productization of Micromem's technology over the coming months. The focus is for the planned integration of Micromem's patented technology into the BAE Systems military platforms and product pipeline.
Micromem's patented submicron nano-sensor technology can enable and enhance highly accurate magnetometers and "over-the-horizon" threat detection solutions for application in homeland security and defense force protection. The technology is also applicable in enabling solutions in many other areas such as providing early detection and "pre-failure" weak-parts/defect identification in product manufacturing. The intrinsic low-power characteristics of Micromem's technology lend itself to numerous new applications as well as suitability into harsh environments such as those experienced in the aerospace and automotive sector.
Joseph Fuda, President and CEO stated, "This partnership is the ultimate technical validation that Micromem has been looking for. To partner with a global leader such as BAE Systems is the ideal situation for Micromem and the successful productization of our technology. The vast array of applications that BAE Systems can facilitate through its client base will fundamentally change the face of the company and its future."
About BAE Systems
BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 97,500 employees worldwide, BAE Systems' sales exceeded $31.4 billion in 2007.
About Micromem Technologies
Micromem Technologies, Inc. is focused on the development of magnetic random access memory (MRAM) technology.
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