Micromem Technologies Inc. (the "Company") through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that a second, American based, oil company has awarded MAST a USD $4,000,000 contract to evaluate our nanoparticles as a potential tracer element in their secondary oil recovery operations. Under the agreement, MAST will develop and deliver a client specific, proof of concept.
MAST developed unique magnetic nanoparticles with functionalized surface chemistry that can be customized to meet specific client objectives. These nanoparticles are used in conjunction with a patented detection platform that has been validated to detect 20 nm particles in a production oil stream at concentrations less than 1 part per billion.
Steve Van Fleet, President of MAST, says, "This combination of client specific nanoparticles and our sensor platform represents an effective means, via particle introduction into injection wells around a production well, of assessing the morphology of an oil/gas production field. If this approach is successful, the process of evaluating the condition of operating oil/gas fields will be accelerated considerably when compared to conventional tracer methodologies."
Joseph Fuda, CEO of Micromem, says, "To have Micromem working with two independent world renowned companies, to deliver a product that is industry changing is a great accomplishment for Micromem and is a clear demonstration of the added value that our technology can provide. The fact that this is our second major client in the natural resources exploration/production industry is a clear indication that we are on track with our nanoparticle-based product development."
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCBB:MMTIF) (CNSX:MRM) company. MASTInc responsibly 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.com, www.mastinc.com.