Micromem

Micromem Technologies is pleased to announce that it is fully engaged and conducting business development work in two foundries in the United States. The company expects to enter into a third foundry contract by Q3 2008. Joseph Fuda, the company’s CEO, stated, “With our potential clients beginning to validate our technology and moving towards specific productization  plans for their product lines, it is imperative that we continue to have full access to foundry operations. This will ensure the process of moving from constant innovation to product revenue is accelerated.”

Micromem Technologies is pleased to announce the company has significantly enhanced its product offering as a result of the foundry success with its MRAM design. With the success of the GaAs version the company can now look to enhance its memory offerings with recently filed patents for silicon germanium and silicon designs. Micromem plans to announce market release dates for each memory option in the future. The company’s sales and marketing effort is now being divided between MRAM and sensors.

Micromem also announces that its foundry success has enabled the company to explore the lucrative magnetic sensor market. The ultra low power, high sensitivity Hall cross sensor, is a strategic component of the non-volatile random access memory design. Based on business development contacts and sharing foundry results with key verticals, Micromem has now expanded its portfolio into the following key markets:

Micromem Technologies is pleased to announce its Magneto-resistive random access memory (MRAM) is a highly probable candidate for the  universal memory, characterized mainly by high speed (read/write), high density and non-volatility. Micromem has designed a new process architecture for MRAM. We are pleased to announce that our foundry tests have demonstrated a number of valuable advantages for a magnetic-based sensor and memory device: including high sensitivity, thermal stability and simplicity and low cost manufacturing.

Micromem Technologies is pleased to announce that it has successfully manufactured foundry grade fully functioning MRAM cells. This culminates an intensive three-year research and development proof of concept phase followed by a foundry phase focused on manufacturability and scalability of our MRAM product. The first phase of the foundry process will be completed in January 2008. Our development team at Strategic Solutions is to be applauded for working closely with the California -based foundry Global Communication Services (“GCS”) to meet the aggressive schedule that the Company initiated in the fall of 2007.

The Hall Sensor forms an integral component of the Micromem MRAM design. The Hall Sensor is used to measure the external field of a magnet whose magnetization can be reversed by generating a current in a coil.

Micromem Technologies Inc. (OTC BB: MMTIF) is pleased to announce that it has raised $400,000 by way of arms length private placements ranging from $0.45-$0.48 per share. The shares issued will be subject to Rule 144. These funds are in addition to the previously announced financing dated October 18, 2007. These funds will be used to further the company's effort to commercialize its patented MRAM technology for a wide variety of uses beyond RFID applications. No commission was paid on this financing.

Micromem is pleased to announce that as of September 20 2007 the MRAM wafers are in production in the global Communications Semiconductor, Inc. (GCS) foundry. On September 17, 2007 Strategic Solutions, a design partner of Micromem, released the approved reticle design to the foundry. The reticle design incorporates an extensive matrix of tests to be  performed on the Micromem MRAM bit structure as it is processed through the foundry. By October 29, 2007 the reticle test matrix will yield valuable information of the MRAM  scalability, power consumption, read write speed and cross talk separation. Micromem is also planning additional radiation hardening test that will validate and supplement similar  testing previously communicated in our May 24, 2007 press release.