Micromem financing update

    TORONTO, Aug. 7 /CNW/ - Micromem Technologies Inc. [OTC BB: MMTIF] has
received very encouraging feedback regarding its financing efforts in Europe.
The company has been advised by the agent they have encountered no issues with
completing the financing. In a previously announced press release, it remains
the company's intention to raise US$8,500,000. The agent reserves the right to
close in tranches.
    A portion of the funds have been earmarked to engage an identified U.S.
based foundry that will enable the company to accomplish its commercialization
plans. The purpose of the foundry is to design and build a commercial MRAM
device utilizing Micromem's patented technology.

    Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
    Shares issued: 73,268,799
    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. We believe
that once fully developed, this technology will be suitable for various
applications including, without limitation, Radio Frequency Identification
(RFID) It is anticipated that RFID will be Micromem's first market objective.
Micromem's primary technology was developed pursuant to an exclusive world
wide commercial license issued by the University of Toronto ("UT"). Pursuant
to the terms of the license, Micromem can buy out the balance of its financial
obligations with respect to the patents and technology licensed by UT for a
fixed fee. The MRAM development work was undertaken in accordance with
research collaboration agreements among Micromem, the University of Toronto,
Dr. Harry Ruda and OCE Inc., a not-for-profit corporation supported through
the Ontario Ministry of Economic Development and Trade's (MEDT) Ontario
Centres of Excellence program.

    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.

For further information:

For further information: Jason Baun, Chief Information Officer,

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Micromem Technologies Inc.

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