Micromem Technologies Inc. – Update

    TORONTO, July 17 /EMWNews/ - Micromem Technologies Inc.

(OTC BB: MMTIF) comments that in light of market conditions and the current

share price, the company would like to reaffirm that all of its

partnerships and commercialization initiatives are moving forward.



    Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"



    Shares issued: 80,345,446



    SEC File No: 0-26005

    About Micromem Technologies Inc.



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    Micromem Technologies, Inc. (http://www.micromeminc.com) is focused on the

development of magnetic random access memory (MRAM) and sensor technology.



    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 Micromem's

actual results in future periods to differ materially from those expressed

or suggested herein. These uncertainties and risks include, without

limitation, the inherent uncertainty of research, product development and

commercialization, the impact of competitive products and patents, our

ability to fund our current and future business strategies and respond to

the effect of economic and business conditions generally as well as other

risks and uncertainties detailed from time to time in Micromem's filings

with the Securities & Exchange Commission. There can be no guarantee that

Micromem will be able to enter into any commercial arrangements on terms

that are favorable to it, or at all. For more information, please refer to

Micromem's Annual Report on Form 20-F and its Form 6-Ks as filed with the

U.S. Securities and Exchange Commission. Micromem is under no obligation

(and expressly disclaims any obligation) to update or revise any

forward-looking statements whether as a result of new information, future

events or otherwise.