Micromem To Develop 1000 Bit Memory Chip.

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 24, 2000

Shares issued: 36,651,319

(as at January 10, 2000)

SEC File No: 0-26005

Micromem Technologies Inc.(OTCBB:MMTI) (&uot;Micromem&uot;) - Micromem is pleased to announce that its wholly owned subsidiary, Pageant Technologies (U.S.A.) Inc., expects to complete fabrication of a 1000 bit array of its MAGRAM(TM) memory technology by early February. A series of arrays are currently under development by MAGRAM(TM) inventor, Richard Lienau, and his team at the Center for High Technology Materials (&uot;CHTM&uot;) in Albuquerque, New Mexico.

CHTM is a world class facility with the specialised equipment required to enable the advanced engineering that will lead to cell size reduction and integration. Thus increasing density, speed and array size, allowing further reduction of power consumption and cost.

Evaluation units (&uot;EVU's&uot;) for parametric and functional testing will be integrated to the extent that they will be made of groups of single bits all the way up to massive arrays of bits in one &uot;package&uot;, to include at least one array of 1,000 bits or more.

This is a very significant move forward in the development, in that compared to the first stage &uot;samples&uot; demonstrated last year, which were only 8 bits wide, these EVU's can be built using much smaller &uot;design rules&uot; thus allowing much denser arrays. The principle reason for building large dense arrays is to demonstrate that MAGRAM(TM) devices can function with individual memory cells (bits) densely packed in an array which would function similar to those in commercial memory products.

Having recently cleared a Form 20 F/A Registration Statement filed with the United States Securities &Exchange Commission, Micromem's shares have resumed trading on the OTC-Bulletin Board.

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. (&uot;PTI&uot;), holds a 100% exclusive worldwide license to develop MAGRAM(TM) technology and to manufacture and sell related products. Pageant 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, PTI is required to pay to the licensor or its nominee a royalty of 40% of the gross profits (less expenses).

For information about Micromem and MAGRAM(TM), please visit our website at: www.magramtm.com or call our investor relations line at ph. 1-800-251-4205.

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 the contents of this news release.