Micromem Technologies Inc. announced it has received the purchase order referred to in its previous press release dated March 27, 2023 for two ARTRA technology units (the "Initial Units"). The receipt of this purchase order is Phase Two (of three phases) of the agreement completed between WING, Universitatea Petrol SI Gaze Ploiesti (the "University"), Augustine Professionals and the Company (the "Agreement"). The Initial Units will be identical to the ARTRA technology that Micromem previously delivered to Chevron with modifications for operation in Romania; these Initial Units will be built in the United States.

Following delivery, the University's team will complete their assessment of the required modifications necessary for these Initial Units to conform with all required specifications for a well-mounted device that incorporates all of the analytics software (" Configured Units"). The Company will then work directly with the University and will deliver 20 Configured Units; these are intended to be the forerunner process that, if successful, will result in a purchase order for up to 5,000 commercial units to be deployed in future.