Micromem Technologies Provides an Update on Executed Manufacturing and Supply Agreements

    Current Manufacturing and Supply Agreements Provide Revenue Opportunities
                       of Approximately US $190 Million

    TORONTO and NEW YORK, Aug. 17 /CNW/ - Micromem Technologies Inc.,
(Micromem) (OTC BB: MMTIF, CNSX: MRM) is pleased to announce through its
wholly-owned subsidiary, Micromem Applied Sensor Technologies, Inc. (MASTInc)
(www.mastinc.com), that it has to date executed several manufacturing and
supply agreements. The agreements have initial terms of 3 to 5 years and have
a combined potential for approximately US$190 million in revenue.
    Micromem continues its work with other joint development partners (JDA)
partners with the objective of further building its sales pipeline.
    Joseph Fuda, President and CEO of Micromem, states, "The opportunities
that are being afforded to Micromem as a result of its technology are proof
that the Company is on the right track in successfully bringing its products
to commercialization in a variety of sectors and we look forward to the
ongoing growth of Micromem".

    About Micromem and MASTInc

    MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc
responsibly analyzes the specific industry sectors to create intelligent
game-changing applications that address unmet market needs. By leveraging its
expertise and experience with sophisticated magnetic sensor applications,
MASTInc successfully powers the development and implementation of innovative
solutions for healthcare/biomedical, natural resource exploration, government,
information technology, manufacturing, and other industries. Visit
www.micromeminc.com www.mastinc.com.

    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; the infringement of our technology
with proprietary rights of third parties; 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: 88,583,003
    SEC File No: 0-26005

    %SEDAR: 00004447E

For further information:

For further information: Investor Contact: Jason Baun, Chief Information
Officer, Micromem Technologies Inc., (416) 364-2023

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