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Micromem Technologies Inc.: Micromem and Northeast Utilities Sign US$5,400,000 Joint Development Agreement
Toronto, Ontario & New York, New York--(Newsfile Corp. - December 11, 2013) - Micromem Technologies Inc. (CNSX: MRM) (OTCQB: MMTIF) (the "Company") through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that it has executed a joint development agreement with Northeast Utilities ("Northeast") (NYSE: NU) for US$5,400,000.
The principal objective outlined in the agreement would have the Company provide Northeast with Micromem's MEMS-based sensor solution to detect transformer partial discharges. Transformer outages have considerable economic impact on the operation of an electrical network. Transformers are subject to electric discharges, caused by electrical disturbances, deterioration of insulation, inadequate maintenance, moisture and overloading. The probability of these electric discharges increases as the transformers age. This can lead to catastrophic system failures and damage to utility assets.
Steven Van Fleet, President of MAST stated "We are very pleased to partner with Northeast Utilities. They have a competent project team and a strong desire to be the leader in solving this difficult industry problem. We are planning to introduce to this industry a new generation of sensors that will characterize the magnitude, the shape, and the location of root cause of partial discharges. Our deliverables include MEMs sensors deployed throughout the transformer, wireless communication, scavenged sensor power and an efficient communication system. This will provide previously unavailable data and notice to their Operation team, in a timely manner to allow actionable decision. This will significantly improve the risk profile for utility companies."
Joseph Fuda, President of Micromem Technologies stated "Continuing our practice of contracting with industry leaders has provided Micromem opportunities for distribution of our patented technology that would otherwise take years to develop."
Ken Bowes, VP of Northeast Utilities and the lead executive assigned to this collaborative effort stated "This breakthrough sensor technology will change the way Northeast Utilities predicts electrical faults in transformers and power cables improving the service reliability for our customers."
"Northeast Utilities (NYSE: NU), a Fortune 500 and Standard & Poor's 500 energy company based in Connecticut and Massachusetts operates New England's largest energy delivery system. NU is committed to safety, reliability, environmental leadership and stewardship, and expanding energy options for its more than 3.6 million electricity and natural gas customers." http://www.nu.com/.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQB: 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. Visitwww.micromeminc.com www.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 Company's 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 CNSX 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.
Get to know The Green Grunion
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California may have the sun, warmth and ocean, but who needs any of that when you can have a San Diego-style burrito in Danbury.
Food trucks are becoming more and more popular in the food industry these days, and The Green Grunion has brought this trend to Danbury.
Owner Paul Mannion, 33, a third-generation native of Bethel, is bringing a unique flavor to Danbury with some local and organic ingredients that, when combined, create a burrito that has attracted a cult following.
Located at 109 North St., the sunny Green Grunion truck, with a scenic seashore painted on it, is open most days for lunch, but make sure to check the Facebook page because sometimes the elements keep the truck and the burritos from rolling.
We sat down with Mannion to talk about The Green Grunion, burritos and life as a food trucker.
Q: What led you to open The Green Grunion?
A: I dreamed of having an opportunity in this industry. I think taking the chance is worth it.
Q: What is a San Diego-style burrito?
A: It is more component-based. For example, a chipotle-style burrito (which is based on the San Francisco style burrito) is big, big, big with rice and beans and then steamed and wrapped in foil. They're good in their on right, just different. Steamed tortillas are good, there is just a little more chew than I would want.
San Diego style is pretty much this: You take the tortilla and before you serve it you throw it on the grill for about 10 seconds on either side, so you get just a little bit of texture. And they are more component-based because you don't just put the rice and beans on it (unless you're just doing a bean burrito). It's more about the steak, french fries, the produce, the sauce and the guacamole.
Q: Did you ever live in San Diego?
A: Yes, for about two-and-a-half years and there are taquerias (taco shops) on every corner.
Q: Food trucks seem to be getting really popular in the industry, any thoughts on why?
A: I think I am a prime example of that. It allows you to take the chance with much less risk but at the same time, possibly a lot of reward, if you do it right. I am also working on a catering menu.
Q: We heard you use some local ingredients in your food, can you tell us a little about that?
A: One reason it's called The Green Grunion is I strive to be as environmentally friendly and organic as I can. I know some people who own or work at some local farms and kind of help me out. As I get more established I will definitely be buying fully organic and be as sustainable as possible. I strive to make it greener and greener as I go along.
Q: How have you used social media and word of mouth to market the truck?
A: It is everything for me. As far as I'm concerned (especially at this level) I think any kind of marketing that you pay for is just a complete waste. All I do is tell people to check out the page. It's amazing how big it has been for me, I was never a huge player in it. I have had a Facebook account here and there, but I don't really go on it for myself. With a business I feel like win, lose or draw, if I'm out there posting, people appreciate it.
Q: What is the secret to your burritos?
A: Preparation, it's a lot of preparation. It's pretty cool, I use Omaha Beef out of Danbury and they have great products. I use Bell and Evan's chicken. Be as consistent as you can be and give people what they want. They want to see freshly made food. I always thought my burritos were good and I'm so happy other people are having that same feeling. A burrito is in a league of its own.
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Reports of gunshots panic Danbury Fair mall shoppers
DANBURY -- Panicked shoppers ran and more than a dozen local police and State Police troopers descended upon the Danbury Fair mall Friday after hearing reports of gunfire in the food court.
Authorities said a fight broke out in the second-floor food court shortly after 7 p.m., but there was no indication any weapons were involved, no arrests were made and no injuries were reported.
Police said they believe, however, that someone may have yelled "gun" as the fight broke out, leading to panic as shoppers fled.
The incident occurred on Black Friday, the busiest shopping day of the year while the mall was filled with holiday shoppers.
Witnesses said about four or five youths jumped another youth near the McDonald's restaurant but fled when security personnel arrived.
"I certainly didn't hear any gunshots," said Kenny Roy, who was about to get dinner when the melee broke out about 50 feet in front of him. "There was just a lot of punching and shoving, but the guy who was getting attacked looked like he was OK."
A worker at the mall who declined to be identified said patrons in the food court rushed to get out of the area as the scene unfolded.
He said State Police troopers with assault rifles were searching the labyrinth of corridors behind the stores in the mall shortly after the fight.
Maura Ruby, senior property manager at the mall, said there was a "disturbance" in the food court and all internal safety protocols were followed.
"We were in contact with the police throughout the incident," she said. "The safety of our customers is our No. 1 priority."
She added some stores may have locked down during the incident because they were following their own internal protocols, "and we encourage them to do that."
Police said the investigation is continuing.
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