Micromem Technologies Inc.

Micromem Technologies Inc.

March 18, 2005 08:45 ET

Micromem Technologies Inc. Retains Steven Van Fleet as Senior RFID Advisor


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MICROMEM TECHNOLOGIES INC.

OTC Bulletin Board SYMBOL: MMTIF

MARCH 18, 2005 - 08:45 ET

Micromem Technologies Inc. Retains Steven Van Fleet as
Senior RFID Advisor

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Micromem Technologies
("Micromem")(OTCBB:MMTIF), a company engaged in the research and
development of Magnetic Random Access Memory (MRAM), announced today
that Steven Van Fleet has been retained as its senior RFID advisor.

As the Company commences to the stage in its product development cycle
where they have begun optimization of their prototype device, Mr. Van
Fleet will work alongside Micromem's CTO Dr. Cynthia Kuper to continue
discussions in earnest with development partners who can work with
Micromem to bring its MRAM technology to commercialization.

"We're pleased that Steven Van Fleet has joined our growing team in an
expanded and critical role," said Joseph Fuda, CEO of Micromem
Technologies. "He remains committed to driving technology that will
allow RFID to be pervasive on a global basis."

"The RFID market is a projected billion dollar industry," said Steven
Van Fleet. "I am impressed with Micromem's technology and potential
market value."

Van Fleet has served as a member of Micromem's Board of Directors for
the last four years. Active in the RFID technology and market space
since 1999, Mr. Van Fleet has been recognized as a world leader in
understanding the business value associated with EPCglobal and
implementation. EPCglobal develops industry-driven standards for the
Electronic Product Code (EPC) to support the use of RFID.

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.

Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"

Shares issued: 59,291,771 (as of February 11, 2005)

SEC File No: 0-26005

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Schwartz Public Relations
    Press Contact:
    Steven Wright-Mark
    (212) 677-8700, ext. 29
    steven@schwartzpr.com
    No securities regulatory authority has approved or disapproved of this
    news release.