TORONTO, Aug. 18 /PRNewswire-FirstCall/ -- Micromem Technologies Inc. (OTC BB: MMTIF) announced that the U.S. Department of Labor Occupational Safety and Health Administration ("OSHA") has acknowledged that it has dismissed the complaint by Dr. Cynthia Kuper against the Company dated February 11, 2008, but OSHA has informed Micromem that due to OSHA's inadvertent error in not providing notice to Dr. Kuper when the dismissal letter was first issued, Dr. Kuper continues to have the right to object to OSHA's findings.
As previously disclosed, the Secretary of Labor, acting through her agent, the Regional Administrator for OSHA, Region III, found following an investigation of this matter by a duly authorized investigator that there is no reasonable cause to believe that Micromem violated the Sarbanes-Oxley Act of 2002, as Dr. Kuper had alleged in her complaint. The complaint was thus dismissed.
According to rule, both parties involved have 30 days from the receipt of OSHA's findings to file objections and to request a hearing before an Administrative Law Judge (ALJ). If no objections are filed, OSHA's findings will become final and not subject to court review. While OSHA's findings letter to Dr. Kuper was dated July 14, 2008, and a copy was sent to Micromem on July 16, 2008, Micromem has been informed that OSHA is not able to confirm from its internal records that it in fact sent the July 14 letter to Dr. Kuper. OSHA has therefore determined that it will allow Dr. Kuper an additional period to determine whether to object to its findings. Micromem believes this period will expire on or around September 17, 2008.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF" Shares issued: 79,893,779 SEC File No: 0-26005 About Micromem Technologies Inc. --------------------------------
Micromem Technologies, Inc. (http://www.micromeminc.com/) is focused on the development of magnetic random access memory (MRAM) technology.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties, which may cause Micromem's actual results in future periods to differ materially from those expressed or suggested herein. These uncertainties and risks include, without limitation, the inherent uncertainty of research, product development and commercialization, the impact of competitive products and patents, our ability to fund our current and future business strategies and respond to the effect of economic and business conditions generally as well as other risks and uncertainties detailed from time to time in Micromem's filings with the Securities & Exchange Commission. There can be no guarantee that Micromem will be able to enter into any commercial arrangements on terms that are favorable to it, or at all. For more information, please refer to Micromem's Annual Report on Form 20-F and its Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem is under no obligation (and expressly disclaims any obligation) to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
