Avanticorp International Inc. Announces Shareholders Ratified Acquisition of Pageant Technologies.

TORONTO--(BUSINESS WIRE)--Jan. 13, 1999--Avanticorp International Inc. ("Avanticorp")(OTC BB:AVTL) The board of directors of Avanticorp is pleased to announce that shareholders have ratified the acquisition of Pageant Technologies Inc. ("Pageant") pursuant to an agreement between Avanticorp and Ataraxia Corp. dated December 7, 1998 (the "Agreement"). Under the terms of the Agreement, Avanticorp has issued to Ataraxia (and other persons on direction by Ataraxia) an aggregate of 32.0 million common shares and 1.0 million warrants in exchange for all of the issued and outstanding shares of Pageant. Each warrant entitles its holder to purchase one additional common share of Avanticorp for (Cdn.) $2.00 during the first year and (Cdn.) $2.30 during the second year following closing. As required under the Agreement, certain documentation with respect to the transaction was released from escrow on January 11, 1999. Avanticorp will also be changing its name to Micromem Technologies Inc.

At the shareholders meeting, Stephen Fleming, Sam Fuda and Ross McGroarty were elected as directors. Following the meeting, the new board has made the following appointments: Stephen Fleming as President and Chief Executive Officer, Sam Fuda as Chairman and Ross McGroarty as Executive Vice-President and Secretary.

Stephen Fleming has been President and C.E.O. of Pageant Technologies (U.S.A.) Inc. ("Pageant (U.S.A.)"), a subsidiary of Pageant since 1997. He was the co-founder and President of SGL International Inc. from 1996 to present. Also, he was Senior Vice-President for International Development, Ion Incorporated from 1990 to 1995.

Sam Fuda was President and Chief Executive Officer of Ontex Resources Limited from 1986 to December, 1998, and at present he continues as Chairman of the Board of Ontex.

Ross McGroarty has been President of Avanticorp for the past 10 years and a director and Ontex Resources Limited since 1988.

Pageant is the holder of a 50% interest in the U.S. patent and patent applications worldwide in respect of the non-volatile random access memory technology known as MAGRAM(TM) and invented by Richard Lienau of Pecos, New Mexico, U.S.A. Pageant has been granted an exclusive worldwide license to develop, market, manufacture and exploit the MAGRAM(TM) technology. Under the terms of the license. Pageant is required to pay to the licensor or its nominee a 40% gross profits royalty (less those expenses agreed to by the parties) for each technology license sold, per unit of royalty received, or on any other revenues to Pageant which are related to the grant of rights to the use of the MAGRAM(TM).

The MAGRAM(TM) ferromagnetic device combines the best features of existing memory technologies: non-volatility, speed, random read and write, and the capability to match DRAM-like density. The technology, invented by Richard Lienau of Pecos, New Mexico, now is in final development at the University of Utah's HEDCO Laboratories. The university lab is under contract with Pageant for this work. A working eight-bit sample is anticipated within weeks.

MAGRAM(TM) is non-volatile random access memory that retains digital data without requiring battery backup after loss of main power. A computer system centered on MAGRAM(TM) would be considerably faster than current systems, would require less software overhead, and would better protect data. MAGRAM(TM) can be implemented as a sub-component, a component or a standalone system in a wide range of applications including cell phones, pagers, handheld devices (such as two-way pagers, palm PCs and organizers), application specific integrated circuits and appliances and consumer electronics (such as digital clocks, VCRs and calculators).

Pageant (U.S.A.) will continue to operate out of Santa Fe, New Mexico.

Avanticorp also announces that Mr. Hugh Campbell who was recently appointed as Pageant's General Manager is no longer with the company.

For further information, please contact Mr. Stephen Fleming, President & C.E.O. at ph. [phone] or Mr. Ross McGroarty, Executive Vice-President, at ph. [phone].

For further information, please also visit our Web site at: www.magramtm.com. Neither the NASDAQ Bulletin Board nor any securities regulatory authority has approved or disapproved of the contents of this news release.