Micromem Technologies Inc.: American Automobile Manufacturer Client Approves Proof of Concept and Commences Negotiations for

Micromem Technologies Inc.: American Automobile Manufacturer Client Approves
Proof of Concept and Commences Negotiations for Licence Agreement

TORONTO and NEW YORK, April 3, 2013 (GLOBE NEWSWIRE) -- Micromem Technologies
Inc. (the "Company") (CNSX:MRM) (OTCBB:MMTIF) through its wholly owned
subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to
announce that the American automobile manufacturer client (the "client") has
completed all dynamic testing at their facility of the MAST oil condition
sensor and has accepted the proof of concept. The performance of the proof of
concept exceeded the client's requirements by 50%. In addition, the proposal
describing commercialization and routine manufacturing timetables has been
submitted to the client and as a result, discussions with a client recommended
Tier 1 manufacturer have begun. The client's executive committee has
authorized their management to negotiate a licence agreement with MAST in
exchange for worldwide exclusive rights to the application. The negotiations
are based upon either a licence fee to be paid to Micromem with guaranteed
minimum units sold, and/or a onetime payment to Micromem for the rights.

About Micromem and MASTInc

MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc.,
a publicly traded (OTCBB: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: 146,338,572

SEC File No: 0-26005

Investor Contact: info@micromeminc.com; Tel. 416-364-2023

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