Micromem Technologies Inc.

Micromem Technologies Inc.

March 01, 2005 09:49 ET

Micromem Technologies Inc. Demonstrates Prototype


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MICROMEM TECHNOLOGIES INC.

OTC Bulletin Board SYMBOL: MMTIF

MARCH 1, 2005 - 09:49 ET

Micromem Technologies Inc. Demonstrates Prototype

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - Micromem Technologies
Inc. (NASD OTCBB:MMTIF) is pleased to announce that it has completed its
long awaited milestone of integrating its three main memory components
into a one-bit prototype. This latest milestone of integration was
referred to in our press release dated May 13, 2004. This prototype
utilizes the technology developed under the research collaboration
between Micromem and the University of Toronto.

On Friday February 25, 2005, at 9:30 a.m. E.S.T., Professor Harry Ruda
of the University of Toronto, and Dr. Cynthia Kuper, CTO of Micromem,
demonstrated the device to Micromem's Board of Directors. Mr. Joseph
Fuda, president and CEO of Micromem Technologies said, "It is personally
gratifying that Professor Ruda accomplished the core of the technology
that will form the basis of Micromem's future."

The components were assembled into a responsive device. Previously,
Professor Ruda and his team of researchers demonstrated the ability to
repeatedly fabricate the memory cell components. A set of prototypes
have been completed, proving a method of making this device. Dr. Kuper
said "This is a very exciting time for Micromem. The forward momentum
that the company is undergoing is quite real and the next milestone's
for Micromem should occur at an accelerated pace." Further development
will include optimization of the prototype, which entails scaling the
device and signal-to-noise optimization.

As a result of recent discussions with potential joint development
partners, the company has decided to increase its planned 96- bit array
to a 128-bit development effort. This change is a result of the change
in the marketplace and the use of RFID tags requiring a denser memory.
Micromem is committed to completing its development of a commercially
viable MRAM device.

About Micromem Technologies Inc.

Over the last five years, Micromem has been devoted to the development
of MRAM technology. Once fully developed, this technology should be
suitable for various applications including Radio Frequency
Identification (RFID) tags, which will be Micromem's first market
objective. All MRAM development work is undertaken pursuant to research
collaboration agreements among Micromem, the University of Toronto, Dr.
Harry Ruda and OCE Inc., a not-for-profit corporation supported through
the Ontario Ministry of Economic Development and Trade's (MEDT) Ontario
Centres of Excellence program. Micromem holds the first right to an
exclusive, world-wide and perpetual sub-license for the use of the
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 Micromen's filings with the Securities & Exchange
Commission. 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.

Shares issued: 59,291,771 (as of March 1, 2005)

SEC File No: 0-26005

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Micromem Technologies Inc.
    Jason Baun
    1-877-388-8930
    or
    Schwartz Public Relations
    Press Contact:
    Steven Wright-Mark
    212-677-8700 ext. 29
    steven@schwartzpr.com