Toronto, Ontario and New York, New York--(Newsfile Corp. - December 22, 2016) - Micromem Technologies Inc. (CSE: MRM) (OTCQX:
MMTIF) ("Micromem") ("the Company") through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is
pleased to announce that it has received $100,000 USD as payment for work successfully completed per our joint product development
agreement with our major oil and gas company partner. This phase will be completed in January 2017 upon which the commercialization
phase will start. Micromem anticipates routine deliveries of the commercial product to our clients in the second half of 2017.
Further information and specific deliverables will be subject to a subsequent release.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQX: MMTIF) (CSE: MRM)
company. MASTInc analyzes 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 oil & gas, utilities, automotive, healthcare, 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
statements.
The CSE 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.
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Listing: NASD OTC-QX - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 204,498,569
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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