News Article
US Magnetic Memory Developer Micromem Has Been Approved For Funding By A
US magnetic memory developer Micromem has been approved for funding by a
non-profit research funding agency to support a proposed research
collaboration with a university.
The funding is conditional upon signing of a collaboration agreement among
Micromem, the agency and a university. Further, Micromem will have to match
the external funding. No shares will be issued.
The company is in discussions with a university to be named in the future to
carry on its magnetic memory R&D. This move would enable Micromem to
continue its involvement in magnetic memory R&D while significantly reducing
its R&D budget.
Micromem has already started restructuring of operations to achieve an
orderly transition. Its facility in Missouri is to close by August 31, 2002.
The company's head office in Toronto, Canada, will be "downsized".
carry on its magnetic memory R&D. This move would enable Micromem to
continue its involvement in magnetic memory R&D while significantly reducing
its R&D budget.
Micromem has already started restructuring of operations to achieve an
orderly transition. Its facility in Missouri is to close by August 31, 2002.
The company's head office in Toronto, Canada, will be "downsized".
