An anonymous director reports

MICROMEM PROVIDES UPDATE ON MEETING WITH CHEVRON

Micromem Technologies Inc.'s management met with Chevron representatives in its Houston offices on Sept. 25, 2024. Several topics were reviewed and a go-forward process and timetable have been mutually agreed upon; these are the subject of additional press releases.

Micromem has secured access to the Chevron-designed automated sampler system, the system and methods for the automated fluid sampling for tracer testing. The company will not pay any fees for the use of the system and any intellectual property that it may generate will remain with Micromem. The system is crucial in any well-mounted system for Micromem's Artra device.

Chevron will introduce Micromem to the engineer who designed its sampler system; this will provide Micromem with the opportunity to make any required modifications for use with third parties. Access to this system should save the company substantial time and expense in developing sampler systems in future dealings with other users. Micromem will provide modified sampler designs to Chevron for its own testing and evaluation for potential future use.

About Micromem Technologies Inc.

Micromem, a publicly traded company, and its subsidiaries analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing and other industries.

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