Micromem Technologies Inc. - MAGRAM Read Speeds of 2.4 - 3.5 Nanoseconds Achieved.

Business Editors

TORONTO--(BUSINESS WIRE)--Aug. 17, 2000

Micromem (OTCBB:MMTI)

Shares issued: 39,683,679 (as at August 17, 2000) SEC File No: 0-26005

Micromem Technologies Inc. announced today the results of new tests on MAGRAM(TM) memory devices reported to Pageant Technologies (USA) Inc. ("Pageant USA"), its indirectly held subsidiary.

On June 29, 2000 Micromem issued a press release detailing preliminary results of testing 9 bit samples, performed by Analytical Solutions Inc. ("ASI") an independent laboratory in Albuquerque, New Mexico. The release discussed the fact that equipment limitations prevented independent observation of read speeds on the devices tested below 70 nanoseconds, although our own researchers observed speeds as fast as 7 nanoseconds.

We subsequently submitted additional devices for the explicit evaluation of read speed utilizing test equipment recently secured by ASI. Read speeds in the range of 2.4 to 3.5 nanoseconds were observed.

The tests were performed on die with 4 micron cells which were mounted and wire bonded. The devices were mounted in 28 pin dual in-line packages using silver load epoxy die attach. The die attach was cured at C170 degrees for 15 minutes. Wire bonding was performed using 1 millimetre gold wire.

A number of memory elements were selected for timing characterization from the die. The results were similar for all of the devices tested. The differential output voltage of the sensor was found to follow the input excitation pulse by 2.4 to 3.5 nanoseconds, i.e. read speed, depending on the particular device.

For comparison, according to www.globetechnology.com (technology encyclopedia), SRAM chips, the fastest of the current EEPROM memories in the market today, have access times in the 10 to 30 nanosecond range. DRAM chips are usually above 30 nanoseconds.

Subsequently, we plan to evaluate devices for storage or write speed and memory retention (non-volatility).

We will report results on such evaluations when available.

About Micromem

Micromem, a corporation with head offices in Toronto, Ontario, is dedicated to the development of next-generation memory technology known as MAGRAM(TM). Micromem, through its wholly-owned subsidiary, Pageant Technologies Inc. ("Pageant International"), holds a 100% exclusive worldwide license to develop MAGRAM(TM) technology and to manufacture and sell related products. Pageant International is the holder of an undivided 50% interest in the U.S. patent and patent applications worldwide in respect of MAGRAM(TM). Under the terms of the license, Pageant International is required to pay to the licensor or its nominee a royalty of 40% of the gross profits (less expenses). Pageant USA has been delegated the responsibility of conducting research and development in the U.S.A. by Pageant International.

Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed form time to time in the Company's filings with the Securities & Exchange Commission.

No securities regulatory authority has approved or disapproved of this news release.