July 2005

The market for a memory integrated circuit that combines the speed of SRAM, the density of DRAM and the non-volatility of flash, could be $76.3 billion by 2019, according to market research company iSuppli Corp.
The so-called “universal” memory would, by then, have grabbed about 80 percent of the market, the market researcher has estimated in a long-range forecast it described as “speculative.”

There is no single semiconductor memory technology today that has all the desired attributes, which on top of speed, density and non-volatility include: low-cost of manufacture, low switching energy and scalability to nanometer-scale dimension.

Product sales for the quarter increased 31% over the prior-year quarter to $1.78 million from $1.36 million. Total revenue, which consisted of product sales and contract research and development revenue, was $3.03 million for the first quarter of fiscal 2006 compared to $2.89 million for the prior-year quarter, an increase of 5%. Income before taxes for the quarter was $655,117 or $0.14 per diluted share, compared to $483,671 or $0.10 per diluted share for the prior-year quarter. After the effect of a non-cash provision for income taxes of $242,468, net income for the first quarter of fiscal 2006 was $412,649 or $0.09 per diluted share.
"We are pleased to report another quarter of record product sales and solid profits," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Sales of spintronic medical sensors and spintronic couplers were especially strong. Pretax margin improved to 22% due to a more favorable revenue mix and reduced expenses. Our cash plus investments increased by $774,215 during the quarter and we eliminated all of NVE's long-term debt."

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Micromem announced today that they have signed an agreement with the University of Toronto (UT) giving Micromem exclusive world wide rights to all MRAM technology developed at the University and funded on behalf of Micromem Technologies. This proprietary technology was initially discovered and developed under collaborative research projects led by Professor Harry Ruda of the University of Toronto and co-funded by Micromem Technologies and two divisions of the Ontario Center of Excellence which include the Materials Manufacturing division of Ontario (MMO), and the Communications and Information Technology division of Ontario (CITO).

The license agreement with the University allows Micromem access to this MRAM technology on favorable financial terms, and provides Micromem substantially greater benefit than the company's previous licensing agreement with Estancia.

The deal gives Micromem full control over the last three years of technological innovation including the development of the single bit memory prototype announced last February. The company now has worldwide exclusivity on all prior, current, and future patent applications relating to this MRAM technology.
In addition the agreement strongly positions Micromem to explore industrial partnerships to accelerate the development and availability of commercial MRAM products.