Toronto, Ontario and New York, New York--(Newsfile Corp. - January 23, 2018) - Micromem Technologies Inc. (CSE: MRM) (OTCQB:
MMTIF) ("Micromem") ("the Company") through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is
pleased to announce the commercial release of the AROMA Tracer Detection product ("AROMA"). This innovative, first in the world,
product is the result of a four-year joint development agreement with a major oil and gas energy production company. Please refer
to the attached product data sheet for a description of the product.
http://www.micromeminc.com/pdf/AROMA_TRACER.pdf
MAST has a worldwide exclusive license agreement for the oil and gas tracer detection field of use of the underlying
Entanglement Technologies Inc. ("Entanglement") patented technology. Entanglement has integrated their core technology into the
MAST product that combines next generation broadly-tunable cavity ring-down spectroscopy (CRDS) with unique surface-interaction
dependent separation techniques to apply the extraordinary sensitivity of CRDS to entirely new classes of complex chemical
analysis.
This product will allow companies performing tracer detection studies in producing oil fields to install the AROMA platform
either directly on the oil well production piping, allowing for continuous tracer sampling, or alternatively, in a project trailer
at the producing site, where one AROMA platform could support multiple wells participating in the tracer test. In either
configuration, the MAST product will eliminate the dangers to employees of performing manual sampling. In addition, it will reduce
errors in sample quality and will eliminate the associated delays and costs of shipping manually collected samples from around the
world back to corporate labs for chemical analysis. As announced on December 14th, 2017 in addition to the oil and gas
applications the company has been approached to demonstrate this device to a company that is looking to detect alcohol levels in
food shipments as a quality control measure prior to processing.
Steven Van Fleet, President of MAST, who managed this four-year product development program stated, "Partitioning alcohols are
superior to traditional FBA's as tracers, particularly in the added matrix knowledge their dual peak arrival times provide. Besides
our product bringing never before capability to the field, the sensing platform level of detection of better than 1 part per
billion is 1000 times more accurate than current lab analytical devices in use. This combination along with the competitive pricing
of our product makes for a compelling business value proposition to our clients. The product is ready for the market and its
performance has exceeded the initial expectation that we set in place four years ago."
Please refer to www.micromeminc.com and www.mastinc.com for additional information on this product.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQB: 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-QB - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 232,019,363
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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