An anonymous director reports

MICROMEM EXPANDS OPPORTUNITY IN ROMANIA

Micromem Technologies Inc. has received the detailed specifications for an ARTRA oil unit to be delivered to Romania. The unit, in operation and type, is a similar unit that was delivered to Chevron and successfully tested in Lost Hills, California. This unit, which is now being costed, will be built in California by the company's engineering partner firm, Entanglement Technologies, and will be utilized for lab testing as well as to determine the viability for use in the field, with the objective of designing an interconnected smart network in the oil field. This is a new opportunity for Micromem.

Currently there are approximately 14,000 actively producing oil wells in Romania, with the identified partner having approximately 4,000 oil wells. The unit is different from the ARTRA devices being developed for gas operations in Romania, and will provide additional hardware sales of the oil version and analytics contracting opportunities for the company. This project will benefit from work already being done in Romania by Micromem's team for deployment of ARTRA units in the gas well industry. The company expects to launch this project concurrently with the ARTRA gas well deployment. The analytics work being done can now be expanded to include opportunities in the oil industry.

About Micromem Technologies Inc.

Micromem and its subsidiaries analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.

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