Micromem Technologies Provides an Update on Executed Manufacturing and Supply Agreements

Micromem Technologies Provides an Update on Executed Manufacturing and Supply
Agreements

Current Manufacturing and Supply Agreements Provide Revenue Opportunities
of Approximately US $190 Million

TORONTO and NEW YORK, Aug. 17 /PRNewswire-FirstCall/ - Micromem Technologies
Inc., (Micromem) (OTC BB: MMTIF, CNSX: MRM) is pleased to announce through its
wholly-owned subsidiary, Micromem Applied Sensor Technologies, Inc. (MASTInc)
(www.mastinc.com), that it has to date executed several manufacturing and
supply agreements. The agreements have initial terms of 3 to 5 years and have
a combined potential for approximately US$190 million in revenue.
Micromem continues its work with other joint development partners (JDA)
partners with the objective of further building its sales pipeline.
Joseph Fuda, President and CEO of Micromem, states, "The opportunities that
are being afforded to Micromem as a result of its technology are proof that
the Company is on the right track in successfully bringing its products to
commercialization in a variety of sectors and we look forward to the ongoing
growth of Micromem".

About Micromem and MASTInc

MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc.,
a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc responsibly
analyzes the specific industry sectors to create intelligent game-changing
applications that address unmet market needs. By leveraging its expertise and
experience with sophisticated magnetic sensor applications, MASTInc
successfully powers the development and implementation of innovative solutions
for healthcare/biomedical, natural resource exploration, government,
information technology, manufacturing, and other industries. Visit
www.micromeminc.comwww.mastinc.com.

Safe Harbor Statement

This press release contains forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions and uncertainties
that could cause the Company's actual results to differ materially from those
projected in such forward-looking statements. In particular, factors that
could cause actual results to differ materially from those in forward looking
statements include: our inability to obtain additional financing on acceptable
terms; risk that our products and services will not gain widespread market
acceptance; continued consumer adoption of digital technology; inability to
compete with others who provide comparable products; the failure of our
technology; the infringement of our technology with proprietary rights of
third parties; inability to respond to consumer and technological demands;
inability to replace significant customers; seasonal nature of our business;
and other risks detailed in our filings with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date made and are
not guarantees of future performance. We undertake no obligation to publicly
update or revise any forward-looking statements. When used in this document,
the words "believe," "expect," "anticipate," "estimate," "project," "plan,"
"should," "intend," "may," "will," "would," "potential," and similar
expressions may be used to identify forward-looking statements.

The CNSX or any other securities regulatory authority has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
press release that has been prepared by management.

Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM

Shares issued: 88,583,003
SEC File No: 0-26005

SOURCE Micromem Technologies Inc.

Investor Contact: Jason Baun, Chief Information Officer, Micromem Technologies
Inc., (416) 364-2023