An anonymous director reports

MICROMEM - UPDATE ON JOINT DEVELOPMENT AND LICENSING AGREEMENTS WITH CHEVRON, AGM

Micromem Technologies Inc. has provided a current update on its dealings with Chevron. As previously reported Micromem's chief financial officer met most recently with Chevron's team at its Houston offices on Dec. 4, 2023, regarding the automated tracer technology. Further discussions took place last week, the week of Feb. 5, 2024.

Currently, Micromem and Chevron are working together to update the joint development agreement that was originally executed between the parties in 2014. Micromem awaits a licence agreement from Chevron with respect to the patent that Chevron holds for tracer technology applications which the company believes will be useful in its go-forward projects. The opportunity to license and market Chevron developed technology to other potential clients will streamline the development time and cost for delivering completed tracer technology solutions.

As the project in Romania develops, the company will release further news. Micromem will host technology update discussions with its Romanian clients and Chevron, as appropriate.

The company also announces that it will hold its annual general meeting of shareholders on Monday, April 22, 2024, virtually.

About Micromem Technologies Inc.

Micromem, a publicly traded company, 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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