Micromem Technologies Inc. Annual Filings

    TORONTO, Feb. 23 /CNW/ - Micromem Technologies Inc. (the "Company")
(CNSX: MRM, OTCBB: MMTIF) announces it has filed its audited financial
statements for the year ended October 31, 2008, together with the Management's
Discussion & Analysis, and the Company's Annual Report on Form 20-F prepared
in accordance with the United States Securities Exchange Act of 1934 ("SEC"),
on SEDAR and EDGAR. The Company has also filed the Report of Independent
Registered Public Accounting Firm on the Internal Control Over Financial
Reporting in accordance with SEC regulations. These documents may be viewed at
www.sedar.com and by searching EDGAR at http://www.sec.gov/.

    About Micromem Technologies Inc. and MASTInc:
    MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC: MMTIF CNSX: MRM) fabless semiconductor company
with headquarters in Toronto, Canada and an office in New York City. Micromem
holds and continues to develop a broad-based patent portfolio of
Magnetoresistive Random Access Memory (MRAM) and magnetic sensor technologies.
Micromem's MRAM patents create a solution for performance driven, radiation
hard, non-volatile memory applications. MASTInc is focused on business
development efforts and is working on the launch of sensory products for use
in both defense and consumer applications. Its first product, GC-0301, is far
superior to the competition with over 200 V/T, making it one of the most
sensitive hall sensors on the market without the need for external
amplification. MASTInc is working with companies that have large-scale
capabilities and expects to sign contracts in the coming quarters.

    Safe Harbor Statement

    This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks, assumptions and
uncertainties that could cause the Company's actual results to differ
materially from those projected in such forward-looking statements. In
particular, factors that could cause actual results to differ materially from
those in forward looking statements include, our inability to obtain
additional financing on acceptable terms, risk that our products and services
will not gain widespread market acceptance; continued consumer adoption of
digital technology, inability to compete with others who provide comparable
products, the failure of our technology, inability to respond to consumer and
technological demands, inability to replace significant customers; seasonal
nature of our business and other risks detailed in our filings with the
Securities and Exchange Commission. Forward-looking statements speak only as
of the date made and are not guarantees of future performance. We undertake no
obligation to publicly update or revise any forward-looking statements. When
used in this document, the words "believe," "expect," "anticipate,"
"estimate," "project," "plan," "should," "intend," "may," "will," "would,"
"potential," and similar expressions may be used to identify forward-looking

    The CNSX or any other securities regulatory authority has not reviewed
    and does not accept responsibility for the adequacy or accuracy of this
    press release that has been prepared by management.

    Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
           : CNSX - Symbol: MRM

    Shares issued: 83,555,521
    SEC File No: 0-26005

    %SEDAR: 00004447E          %CIK: 0001085921

For further information:

For further information: Jason Baun, 1-877-388-8930

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Micromem Technologies Inc.

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