In today’s news, Micromem Technologies announced that its wholly-owned subsidiary, Micromem Applied Sensor Technologies (MAST), has opened a corporate office in New York City. This new office was established as part of the company’s plan to increase focus on magnetic sensor opportunities, with a priority on targeting aerospace/defense and consumer applications.
Joe Fuda, Chief Executive Officer of Micromem, commented, “Opening a New York office brings us closer to our U.S.-based clients. More important, our sensor is relevant to a number of critical government and military applications, many of which may become protected under International Traffic in Arms Regulations (ITAR), a policy that requires a U.S. presence and management team. Launching MAST in New York sends a clear message to the market that we are here to stay and are serious about solving difficult application problems for unmet needs.”
The first product to be launched into the market is GC-0301, which is currently the most sensitive hall sensor on the market that doesn’t require external amplification. In order to work with U.S. defense companies, Micromem will operate within the guidelines set forth by the International Traffic in Arms Regulations (ITAR). A number of consumer applications have already been designed, and several contracts related to the technology have been signed, according to the press release.
Mr. Fuda concluded, “After years of development we are transitioning from the research and development stage to a sales and marketing company. Steven Van Fleet and his team are making rapid progress in business development and will bring products to the market in the coming quarters. We have several production quality magnetic sensors under evaluation with potential clients. This third party validation of our technology is extremely valuable. Our next step is to sign several parallel joint development agreements with marquee companies that will drive revenues for MAST in short order. We are also advancing development in our memory products and our team continues to make progress on that front. We look forward to getting our products into the marketplace and will update our shareholders as we reach our milestones.”
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