Micromem Technologies Inc.
777 Bay Street, Suite 1910
Toronto, ON M5G 2C8 Telephone: 416-364-6513
Facsimile: 416-360-4034
www.micromeminc.com

Year End Financial Statements

Listing: OTC-Bulletin Board - Symbol: "MMTIF"

Shares issued: 51,582,187
SEC File No: 0-26005

Toronto, Ontario: March 22, 2004 - Micromem Technologies Inc. is pleased to present its audited financial statements for the year ended October 31, 2003, together with the Company's Annual Report on Form 20-F under the United States Securities Exchange Act of 1934 (containing the Management's Discussion & Analysis), which were SEDAR and EDGAR filed Friday March 19, 2004. These documents may be viewed at www.sedar.comand by searching EDGAR at http://www.sec.gov/.

Information

For further information, please contact Mr. Joseph Fuda, C.E.O., at tel. 1-877-388-8930. For information about Micromem please visit our web-site at: www.micromeminc.com.

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 this news release.

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