Avanticorp International Inc. - Announcements.

TORONTO--(BUSINESS WIRE)--Sept. 28, 1998--

- Agreement to Purchase Pageant Technologies

- Appointment of New Director

- Name Change to MicroMem Technologies Inc.

Avanticorp International Inc. ("Avanti") Shares Trade: USA, OTC BB SYMBOL: "AVTL" is pleased to announce that the company has signed an agreement to purchase 100% of Pageant Technologies Inc. ("Pageant").

In consideration for the acquisition of Pageant's MAGRAM(TM) Avanti will issue 32 million common shares and 1 million purchase warrants. Each warrant shall entitle the holder to purchase one common share of Avanti at CD$2.00 during the first year and CD$2.30 for the second year. The warrants shall expire two years from date of issue. Pursuant to the agreement the closing shall be completed on or before the 65th day following the date that all of the documents including audited financial statements requested from Pageant are received by Avanti. On closing there will be 35,480,646 shares issued. Shareholders of Avanti will be notified of the Special Meeting date to approve the purchase of Pageant.

Pageant has developed a non-volatile random access memory called MAGRAM(TM). This technology utilizes ferromagnetic principles to provide non-volatility, passive read capability, DRAM speed, high density, no half life, and near concurrent read/write. Prototype research and development is being conducted for Pageant by The State of Utah's Center of Excellence for Electronic Systems Technology at the University of Utah.

MAGRAM(TM) is unique in its application to multiple markets. It is designed to replace current memory technologies. The product can be implemented as a sub-component (embedded memory for micro-controllers), a component (memory component mounted on a circuit board as part of a circuit system), or as a stand-alone system (separate module e.g. an alternative to battery backed SRAM). Attractive market opportunities with IMMEDIATE need for MAGRAM(TM) are: Cell phones, Pagers, PDA's, Application Specific Integrated Circuits (ASIC's), Portable PC's, Appliances, and Consumer Electronics.

Under the agreement Avanti, through its wholly owned subsidiary (Pageant), will hold a 50% interest in the registered US Patent and corresponding Japanese and European patent applications relating to high performance memory and memory intensive logic products invented by Richard M. Lienau. In addition Avanti through its subsidiary holds 100% of an exclusive worldwide license to market and manufacture the MAGRAM (TM) Technology. The license provides that Avanti will pay a royalty of 40% of the gross profits less expenses for each technology license sold.

An appraisal and opinion by the Business Equity Appraisal Reports Inc. ("BEAR") dated July 6, 1998, stated that the market value of the technology in its current state of prototype development is approximately US$30 million, based on certain assumptions and qualifications.

Upon completion of the agreement, the Company will attempt to increase shareholder value by establishing a partnership with major memory manufacturers. An additional significant value increase is expected to be attained when the products, based on the technology begin to realize success in the marketplace. Pageant is now positioned to begin PHASE II and license the MAGRAM (TM) technology to major companies in the memory chip industry.

Avanti also announces that Stephen B. Fleming BGS has been appointed to the board of directors. Mr. Fleming is the C.E.O. of the Pageant Technologies, USA. He is a former Lieutenant Colonel with the US Army for which he served for 20 years. He was a Director of Engineering for international business development for "Telecom USA", and was responsible for planning MCI's wireless data products and Intelligent Network and Frame Relay initiatives internationally for MCI. Mr. Fleming has been a founding partner in several consulting and innovative emerging technology companies. He built an "800" network for Teleconnect (Telecom USA) and was a President of a long distance reselling company in the State of New Mexico.

James O'Callaghan is a director of Avanti's subsidiary, Pageant USA. Mr. O'Callaghan brings to Avanti his expertise and experience in major marketplaces. He is the co-founder of Cirque Corporation, the inventor of the GlidePoint touchpad pointing device. Cirque was awarded INC. Magazine's 500 Fastest Growing Companies award for 1995 & 1996. Other awards include Utah's Top 100 Fastest Growing, Blue Chip Entrepreneurial and Exporter of the Year Award. He holds a BBA in accounting and an MBA in marketing.

Mark E. Brecher has been appointed as the marketing consultant for Avanti. Mr. Brecher has been an investment advisor and marketing consultant for the last fifteen years, which includes operating his own brokerage firm and raising the capital for small venture companies. Mr. Brecher was very instrumental in raising capital to finance MAGRAM and taking it public. He will assist in future funding requirements and corporate communications.

Avanti also wishes to announce that the name of the company will be changed to MicroMem Technologies Inc., to reflect the new direction of the corporation.

TRADING SYMBOL: U.S.A.: OTC BB: "AVTL" S.E.C. file no. 82-2059 Section 12g3-2(b) SHARES ISSUED: 3,480,646