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Micromem Technologies Inc. Provides Update

October 15, 2012

TORONTO AND NEW YORK, Oct. 15, 2012 /PRNewswire/ – Micromem Technologies Inc.
(the “Company”) (CNSX: MRM, OTCBB: MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc. (MAST), is
pleased to provide an update on current and new initiatives.  Also,
please visit our website to read the CEO’s Letter to the Shareholders
dated October 5, 2012.

GSI Westwind
As reported in our press release dated October 1, 2012, MAST is now
proceeding with routine production of the Hall Sensor Speed Control
Circuit. First delivery is expected for November 2012. Our foundry
partner, Global Communication Semiconductor (GCS) has been advised to
begin wafer production to support the anticipated Hall sensor volume
requirements. Quik Pak, our packaging partner, has designed the
volume-manufacturing package for our sensors.

International Oil Company
As a result of successful completion of the first phase the client has
now expanded our scope of work to include measurement for the actual
concentration of magnetic particles in the oil stream versus only a
detection of their presence. MAST has submitted a provisional patent to
cover some unique and innovative technology that involves use of
resonance wave technology and measurement of particle fluorescence.
This new technology builds upon our ability to “steer” the magnetic
particles toward our sensor platform and overcomes the issues that
others have had to this point with the use of fluorescence in an opaque
oil stream. We are on schedule to deliver the new field devices for
testing and evaluation by end of 2012.  After receipt of successful
results we have been advised that the ultimate order will be in excess
of 10,000 field units.

American Automobile Manufacturer
MAST successfully demonstrated our ability to detect variations in an
automotive oil pan using oil levels of less than 1mm, including
compensation for oil temperature and inclination of the vehicle. This
was performed with an additional MEMS structure on our oil condition
sensor platform. MAST has also demonstrated our ability to inductively
scavenge power from the vehicle and wirelessly communicate the oil pan
level to the vehicle computer well after the vehicle power has been
shut off. We are now entering the next phase of this project, which
involves a custom MEMS chip design that will reside fully within the
confines of the automotive oil pan plug.

U.S. Department Of Defense (DoD) and the Terrorist Support Working Group
(TSWG)

We have been advised by the U.S. Department of Defence that the status
of our bids are as follows:

        --  Forward-Looking Surface Penetrating Sensor Fusion of Combined
            Sonar/Radar for Disturbed Ground;Designed for IED detection,
            this forward-looking sensor-fused phased-array radar/sonar
            provides multi-modal detection of disturbed ground:Has been
            approved and will now move to approval for funding.
        --  Rotationally Invariant Temporal Bayesian Classifier for
            Wide-Area Target Tracking:Has not been approved.
        --  Multi-Layer Temporal Bayesian Classifier for Wide-Area Motion
            Imagery:Has not been approved.

Monitoring of Large Scale Power Line Deflection
A large national power line company has requested a prototype of a
device capable of measuring and remotely reporting the deflection of
power cables used in the transmission of electricity through a national
network of power lines. We have provided testing data indicating that
we can successfully and repeatedly measure to an accuracy of better
than 10 centimetres sag in large high power transmission lines and we
are scheduled to demonstrate our technology at the client’s facility in
October 2012. The results exceeded the client’s requirement and
specifications. MAST has also supplied costing and delivery timetables
for this project.

Sensor Technology and Methods for Measuring Cement Integrity
A second Fortune 100 global oil production company is seeking sensor
technology and methods to permit direct assessment of the integrity of
cement used in well drilling. MAST proposed to embed literally millions
of nanoparticle-sized sensors in the concrete that are capable of
scavenging power from the environment and communicating via RF
inductive energy.  Discussions are directly with the company and MAST
expects approval for this project in November 2012. As a result of a
review of our technology, MAST has been added to the Deepwater Horizon
Consortium Initiative, which will allow for MAST’s input into design
requirements.

Technology for Sensing Wide-Range Magnetic Flux Density
A second multi-billion dollar automotive manufacturer is looking for
technology for sensing wide-range magnetic flux density, which is time
varying inside the drive motor. Their interest is for sensors that can
be inserted into a narrow gap within the motor, similar to the
application utilized by GSI Westwind. The submitted proposal is pending
approval by client.

High Precision 3-D Position Detection within the Human Body
A major global manufacturer is seeking technology for high-precision,
real time and wireless detection of the three-dimensional position of
the tip of a catheter within the human body. MAST has submitted a
proposal and is currently awaiting approval for this project by the
client.

Ultra Small Electronic-Scanning Ultrasonic Transducer for High
Resolution Imaging

A major medical equipment manufacturer is looking for technology to
create high-density arrays of ultra small electronic scanning
ultrasonic transducers. These transducers will be incorporated onto
cylindrical medical devices to enable high-resolution imaging. MAST
proposes to place its technology on the end of the client’s catheter.
This technology will allow greater visibility to the surgeon. This
project is pending approval by client.

Volume Production of MAST Hall Sensors
MAST’s Hall Sensor is currently undergoing testing and evaluation by a
client. The client has validated that our technology can maintain
linearity in a magnetic field up to 2.5 Tesla. Our technology has
undergone head to head tests by this client with other technologies and
the client has reported back that our Hall sensor was the winner in all
four of the first tests. Final testing is scheduled to be completed in
2012. If we are successful in winning this order, we can begin high
volume manufacturing in early 2013 in custom packaging for integration
into the client’s application. This project does not require MAST to do
any development and will be handled as routine production of our
standard Hall sensor.

Miniature Current Sensing Device
MAST submitted a proposal to an international client to design and build
a miniature electric current sensor device. The objective is to detect
a current in very small wires in a dense wiring environment. This
device will be MEMS based and incorporates a wireless chip capable of
communicating to external data collection services. Our proposal was
selected for final negotiations, a Non-Disclosure Agreement (“NDA”) has
been signed with the client and discussions have begun.

Wireless Power Transfer Device
MAST submitted a proposal to a client interested in providing wireless
power solutions for residential use. Our proposal is now on the short
list and discussions have begun under NDA.

Ability to Weigh Extremely Small Quantities in a Production Environment
MAST has successfully demonstrated the ability to measure very small
weights down to the molecular level to a global client. Our patented
technology involves a vibrating MEMS structure that interacts with
individual molecules of the compound being tested. The application will
involve multiple routine and continuous measurements in a production
environment. Discussions are proceeding under NDA.

Remote Monitoring of Elderly Home Care Patients
MAST has submitted a proposal for technology that will provide the
ability to garner health information from elderly home care patients
through routine monitoring at home. MAST is currently designing an
in-home device that the home care patient would simply touch. Through
that touch the device will be able to provide information on the
patient’s health. Through contact with the patient’s skin the device, a
nanostructure initiator mass spectrometer chip, can provide information
such as microbial and chemical exposure to toxic substances, track
stress, addiction, disease recovery and dietary changes. It would also
be designed to monitor the efficiency of antibiotics or antibacterial
agents. This project is currently under NDA and technical discussions
on specific performance requirements are scheduled to begin in
November, 2012.

Stable Hydrocarbon Sensor for use in Automotive Exhaust
MAST has submitted a proposal to a third global automotive company to
develop a stable hydrocarbon sensor for use in automotive exhaust. Our
technology would be used to measure vibration and rotation modes of
hydrocarbon bonds, enabling accurate detection of low concentrations of
hydrocarbons in exhaust. A provisional patent has been prepared as this
innovative design is based upon quantum entanglement. MAST is currently
awaiting NDA execution to proceed.

Early Breast Cancer Awareness Device
Micromem has executed a Memorandum of Understanding (“MOU”) with a
European company to assess the requirements for the beginning of
clinical trials in Europe and presentation of Micromem’s patented
device at an upcoming medical conference. Discussions have already
begun to assess any design changes and all requirements to meet the
criteria for clinical trials and eventual marketing in Europe.

Aerial Magnetic Exploration Platform
MAST is negotiating with a firm that will productize our magnetic aerial
exploration platform.  Our measurement platform is scheduled to
incorporate the world’s most sensitive sensor front end in the form of
a SERF Magnetometer. A differential measurement will allow measurement
sensitivity of better than 1 pT/root Hz. Commercialization is expected
to be complete in 2013.  Negotiations continue with a third party who
is planning to license and distribute this device.

Tools to Characterize Sub-Micron Particles in Complex Mixtures
MAST was not selected.

Innovative Biometric Applications for Smart Phones
MAST was not selected.

Compact Power Quality Measurement Devices
This project was not awarded to any bidder.

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 statements.

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:  130,701,175
SEC File No: 0-26005

SOURCE Micromem Technologies Inc.


Source: PR Newswire