Micromem Technologies Inc. (Micromem), is a development-stage Company. The Company is engaged in the business of developing non-volatile magnetic memory technology (the Technology). Non-volatile memory implies the ability to retain information after power has been shut off. The Company’s technology is based on its ability to use magnetic materials in combination with a sensor to record a state of magnetization as a mechanism of data storage. The Company’s technology represents 1s and 0s by the different polarization of magnets.