Micromem Technologies Inc.

Micromem Technologies Inc.

February 24, 2005 10:05 ET

Micromem Technologies Inc. Files Broad Based MRAM Patent


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MICROMEM TECHNOLOGIES INC.

OTC Bulletin Board SYMBOL: MMTIF

FEBRUARY 24, 2005 - 10:05 ET

Micromem Technologies Inc. Files Broad Based MRAM
Patent

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - Pursuant to a Research
Collaboration Agreement between Micromem (NASD OTCBB:MMTIF), the
University of Toronto, Professor Harry Ruda and OCE, a not for profit
corporation supported through the Ontario Ministry of Economic
Development and Trade's Ontario Centres of Excellence program, Micromem
is pleased to announce the filing of a broad based MRAM patent earlier
this quarter.

The patent application was filed January 31, 2005 and will help to
secure the company in its go forward strategy. This strategy relies on
innovations made by the company through the work of Professor Harry
Ruda, the University of Toronto and its collaborators. This patent
filing encompasses compositions of matter as well as methods of making
an MRAM device.

"This most recent filing will serve as a keystone in our patent
portfolio as the company places great importance on its patent portfolio
strategy. MRAM is undoubtedly a competitive industry and therefore we
will continue to pay great attention to securing our business in that
space," said the company's CTO, Dr. Cynthia Kuper.

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 February 24, 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
    www.micromeminc.com
    or
    Press Contact:
    Schwartz Public Relations
    Steven Wright-Mark
    (212) 677-8700 ext. 29
    steven@schwartzpr.com