Micromem Technologies Inc. (OTCBB: MMTIF) saw its shares sprint ahead 35.6% by Thursday’s closing to 21.7 cents, on word it had received a second milestone payment from Westwind Air Bearings. Volume was just shy of 25,000 shares, compared to an average daily volume around 29,000.

A news release dated July 21 stated that the Toronto-based Micromem has successfully met its second contractual milestone with Westwind Air Bearings and the client has formally approved the mechanical and electrical design drawings for the proposed product.

The Company’s patented Hall sensor is the centerpiece of the design which leverages the industry’s smallest product footprint with proven zero hysteresis over the full control range and having less than a four-nanosecond response time. The project remains on schedule with pre-manufacturing device volumes being shipped to the client in August, 2011

Micromem management was not available for comment.

Westwind Air Bearings is the world’s leading specialty manufacturer of air bearing spindles. Westwind’s technology is used across a broad spectrum of industries throughout the world — for applications which include printed circuit board (PCB) manufacture, semiconductor processing and specialist coatings delivery systems.