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To: Sam who wrote (8173)	3/27/2000 10:36:00 AM
From: Stitch	Read Replies (1) \| Respond to of 9256

Gentlemen, Anyone familiar with this one?: Thursday March 23, 10:30 am Eastern Time Company Press Release Micromem Appoints New CEO to Its Subsidiary, Pageant Technologies Raymond Butler Adds Critical Industry Expertise As Company Readies Breakthrough Memory Technology TORONTO, Canada--(BUSINESS WIRE)--March 23, 2000--Micromem Technologies Inc. (OTC BB:MMTI - news) Thursday announced it has appointed Raymond E. Butler as chief executive officer of its wholly owned subsidiary, Pageant Technologies (USA) Inc. Butler will be responsible for the strategic management and marketing efforts of Pageant USA, which is focused solely on the research, development and licensing of MAGRAM(TM) memory technology. MAGRAM is believed to be the only digital memory technology to offer the long-sought-after combination of non-volatility and random read/write access. These and other characteristics make MAGRAM a potentially superior replacement to all digital memory currently available. Former CEO, Stephen B. Fleming, will continue his involvement as a member of Micromem's board of directors. In this new role, Fleming will head up a new organization chartered with identifying potential applications for MAGRAM technology and evaluating other complimentary technologies for possible future company acquisitions. Butler brings more than 25 years of business experience to the Micromem team. Joining Micromem from NetSales in Kansas City, Kansas, where he served as executive vice president, Butler has broad experience in business development, international strategy and sales. Prior to his work at NetSales, Butler was managing director for Bell Atlantic Corporation, Asia Pacific and the president and CEO of Bell Atlantic Indonesia Inc. ``Butler adds invaluable experience at an exciting stage in the development and marketing of MAGRAM technology,' said Sam Fuda, chairman of Micromem Technologies. ``His expertise in business development, licensing and industry partnerships will be critical as Micromem moves forward in its market introduction of MAGRAM technology.' ``I believe the impact that MAGRAM technology could have on the computer and consumer electronics industry is enormous,' said Butler. ``I am thrilled to join the Micromem team at such an exciting time for both the company and its breakthrough memory technology.' About Micromem Micromem, a corporation with head offices in Toronto, Ontario, is dedicated to the development of next-generation memory technology known as MAGRAM. Micromem, through its wholly owned subsidiary, Pageant Technologies Inc. (``PTI'), holds a 100% exclusive worldwide license to develop MAGRAM technology and to manufacture, sell and distribute related products. PTI is the holder of an undivided 50% interest in the U.S. patent and patent applications worldwide in respect of MAGRAM. Under the terms of the license, PTI is required to pay to the licensor or its nominee a royalty of 40% of the gross profit (less expenses). For further information contact Sam Fuda, chairman, Micromem Technologies Inc. at 416/364-6513. For information about Micromem and MAGRAM memory, visit our website at www.micromeminc.com or call our investor relations hotline at 800/251-4205. Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the company's customers, competition and other factors discussed from time to time in the company's filings with the Securities & Exchange Commission. No securities regulatory authority has approved or disapproved of the contents of this news release. Contact: Benjamin Group/BSMG WORLDWIDE Brad Brenner, 714/245-7500 brad_brenner@benjamingroup.com