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Micromem Technologies Inc. Provides Update

Monitoring of Large Scale Power Line Deflection

MAST is currently awaiting approval by the client of the supplied roll out pricing. Terms of the agreement are still being negotiated. Provisional patents are in place. Expanded marketing of our POC has resulted in contract discussions with an additional client. MAST will be able to release the commercialization schedule to both clients by the end of March.

Sensor Technology and Methods of Measuring Cement Integrity

MAST is waiting for contract execution. Terms and conditions of the project contract have been agreed to.

Early Breast Cancer Awareness Device

MAST unveiled our early breast cancer detection technology platform, using Artificial Neural Network aided interpretation of Thermograms of Women's Breast, at NASA's FutureMed Conference in February. As a result of the MAST presentation, discussions have begun with both General Electric (GE) and Kaiser Permanente. Discussions with GE are focused on collaborative business opportunities in Brazil, India and China. Kaiser Permanente discussions are centered on our proposed franchising model in North America.

A copy of the presentation made at the conference is available for review on our website.

MAST is currently negotiating with our European partner on establishing franchises in Eastern Europe to deploy our early breast cancer detection in several countries. The entire project will be subject of a separate press release.

Global Oil/Natural gas and Geothermal Company

MAST has started discussions under Non-Disclosure Agreement (NDA) with a 3 rd oil company regarding their use of our magnetic tracer technology and detection platform and how we may help them with their secondary resource recovery. A development agreement is currently under negotiation.

Ultra Small Electronic-Scanning Ultrasonic Transducer for High Resolution Imaging

Client has postponed contract discussions until Q313 due to their internal resource allocation issues, MAST remains under NDA with the client. Detailed project plans and design documents have been issued to client. We anticipate our next follow up in June 2013.

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