Dutton Associates Announces Investment Opinion: Memry Neutral Rating Maintained in Update Coverage by Dutton Associates.

EL DORADO HILLS, Calif. -- Dutton Associates updates its coverage of Memry Corporation (AMEX:MRY) maintaining a Neutral rating. The 15-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Memry Corporation markets products using the Company's proprietary shape memory alloy (SMA) and polymer-extrusion technologies. Memry's principal SMA is a nickel-titanium alloy called nitinol. Approximately 95% of the Company's sales are to the medical device industry. Memry reported a 1.1% decline in second quarter fiscal 2007 revenue to $12.5 million and a net loss of $280,000, or $0.01 per share (diluted), compared with a net loss of $236,000, or $0.01 per share, in the second quarter of fiscal 2006. Adjusted EBITDA declined 48% to $1.1 million, or 8.6% of revenue, from $2.0 million, or 16.2% of revenue a year earlier. Second quarter results fell short of our break-even estimate mainly because of lower-than-projected revenue and gross margin. In discussing the outlook for the balance of fiscal 2007, Memry's management cautioned that it expects weakness in the Company's nitinol products segment's revenue and margins to continue for the rest of the fiscal year. We reduced our full-year fiscal 2007 diluted earnings estimate for Memry from $0.08 per share to $0.01 per share, versus $0.11 per share in fiscal 2006 excluding one-time separation expense of $0.02 per share. Our fiscal 2008 diluted earnings estimate is $0.05 per share. We believe that Memry's long-term prospects are bright. Nevertheless, in light of the uninspiring near-term earnings outlook, we are maintaining our Neutral rating on the Company's shares.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $67,950 from the Company for 8 Research Reports with coverage commencing on 9/09/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.