Micromem Technologies Inc. First Foundry MRAM Manufactured

    TORONTO, Dec. 20 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) ("the
Company" or "Micromem") is pleased to announce that it has successfully
manufactured foundry grade fully functioning MRAM cells. This culminates an
intensive three-year research and development proof of concept phase followed
by a foundry phase focused on manufacturability and scalability of our MRAM
product. The first phase of the foundry process will be completed in January
2008. Our development team at Strategic Solutions is to be applauded for
working closely with the California-based foundry Global Communication
Services ("GCS") to meet the aggressive schedule that the Company initiated in
the fall of 2007.
    Reference is made to the September 17, 2007 press release wherein the
Company described the Reticle Design and Test Plan. The initial foundry phase
has generated an extensive amount of statistically validated MRAM performance
data in accordance with the scheduled Test Plan. During January 2008 the
Company will be analyzing this large data set. Initial data review indicates
that the Test Plan was successful and the data set is rich with scala ble data
that indicates a clear path to an optimized MRAM cell design.
    "The positive results of this initial foundry phase are a further
validation of the work protected by our patent applications" Joe Fuda, Chief
Executive Officer of Micromem Technologies Inc. noted. "Our engagement with
the University of Toronto since 2003 has resulted in numerous patent
submissions to date. Whenever you can validate the claims of your patents,
particularly those of manufacturing process steps and product scaling, you are
significantly increasing the value of the Company's assets".
    "One additional positive outcome of this initial foundry phase is the
market opportunity afforded Micromem Technologies Inc. resulting from the high
sensitivity performance of our thin film Hall Cross Sensor component of our
MRAM cell structure," says Steven Van Fleet, Program Director. "This has
afforded the Company an opportunity to increase our product portfolio with a
high sensitivity, low cost Hall Cross Sensor". The February 2006 Frost &
Sullivan Report on Extremely Sensitive Magnetic Sensors indicates a 2010
market size projection of $2 billion with Hall sensors potentially
representing about 80% of the market. In 2005 the total world magnetic sensor
markets was approximately $1 billion.
    The Company has completed preliminary market discussions with targeted
clients and there appears to be a good revenue opportunity for Micromem for
the supply of stand alone Hall Cross Sensors to be incorporated into the
various applications by others. In January 2008 the Company will be delivering
Hall Cross Sensor evaluation packaging to several clients who have agreed to
test and provide performance and cost/benefit feedback.
    In January 2008, the Company will also be delivering functioning MRAM
cells in specific packaging formats to others for third party radiation hard
testing. This testing will focus on medical device sterilization radiation
requirements, galactic radiation test protocol for space-based applications
and weapons radiation protocols. The Company is confident that its MRAM will
pass all three radiation hard protocol tests.
    Micromem Technologies Inc. has now contracted Strategic Solutions to
begin to design a Reticle Design and Test Plan for a 64 bit MRAM cell. These
arrays will be transistorized and packaged so as to allow third parties to
test and validate standard memory test protocols, including power, speed and
robustness. In that same foundry run the Company will take the necessary steps
to further optimize the fundamental MRAM bit cell architecture. These
optimization steps will be driven from the Phase One Test Plan data set. It is
anticipated that 64 bit MRAM arrays will be available for client testing in
3-4 months.
    With this successful Phase One Foundry activity, the availability of
foundry grade MRAM cells packaged for third party testing and the release of
the 64 bit MRAM array into the next foundry phase, Micromem is now equipped to
engage clients with targeted product development and integration requirements.
These steps were mandatory to have discussions in earnest with clients who
have expressed interest in partnering. When compared to competitive MRAM cell
architectures with multiple thin film layers Phase One has proven to Micromem
and to our potential partners that our memory is simple to manufacture and is
robust in its design.
    Joe Fuda states, "I am extremely pleased with these most recent
advancements in Micromem. The next few months are going to be exciting and the
best in the company's history. The Company is now focused on its client
capture strategy that will proceed in three parallel market pursuits:

    -   Secure a developmental and market development partner for
        GaAs-based MRAM. This focus will primarily be military,
        health-care and automotive.

    -   Secure end user clients for Hall Cross Sensor applications
        requiring high sensitivity in thin film solutions.

    -   Secure a developmental and market development partner for
        Silicon Germanium conversion of our GaAs memory. This focus
        will allow the Company to participate in the larger silicon-
        based memory space. This market focus is on lower cost,
        higher density memory requirements."

    To view image click here:

    Micromem Technologies Inc. plans to communicate the results of the Phase
One Test Plan and release MRAM performance data in early February 2008.

    Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
    Shares issued: 73,809,688
    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.

For further information:

For further information: Jason Baun, Chief Information Officer,

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