Micromem files interim financials and grants options

    TORONTO, March 28 /CNW/ - Micromem Technologies Inc., ("Micromem")
(OTC-BB:MMTIF) a Toronto-based developer of magnetic random access memory
(MRAM), has filed its interim financial statements for the period ended
January 31, 2008, together with the Management's Discussion & Analysis on
SEDAR and EDGAR. These documents may be viewed at www.sedar.com and by
searching EDGAR at http://www.sec.gov/.
    The Company also announces that between March 3, 2008 and March 12, 2008
its Board of Directors approved the granting of an aggregate of
695,000 incentive stock options to certain directors and key consultants of
the Company. Of the total grant, 350,000 were granted pursuant to the
appointment of a new director. These options have exercise prices ranging
between $1.01 and $1.20 per share. Of these Options, 595,000 will vest
immediately; the remaining options will vest pursuant to the stock option
agreement. These stock options are exercisable according to the terms of the
Company's stock option plan and will expire five years from the grant date.

    Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
    Shares issued: 77,220,575
    SEC File No: 0-26005

    About Micromem Technologies Inc.
    Micromem Technologies, Inc. (www.micromeminc.com) is focused on the
development of magnetic random access memory (MRAM) 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.

    %SEDAR: 00004447E

For further information:

For further information: Jason Baun, Chief Information Officer,

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