Feb. 05, 2021
FROM : Dan Amadori, CFO, Micromem Technologies Inc. To whom it may concern: I am sending this email as additional commentary to the letter of support that we have provided directly to Power Up Lending Group Ltd. located in Great Neck New York . This is in response to the proposed Rule 144 revisions and we are pleased to provide the following observations with respect to our relationship with Power Up. Micromem Technologies Inc is an early stage company that develops proprietary sensor based technology applications for the energy and power sectors . We have worked with major international companies including Chevron, Castrol, Eversource Energy , Flextronics and other such companies . We completed our initial financing with Power Up in mid 2017 , a convertible debenture financing . Since then , we have completed an additional 12 rounds of convertible debenture financings under the same working arrangements with Power Up. Over the past 4 years , as an early stage company, it has become increasingly difficult to secure conventional financing ; this has been even more pronounced over the past year or so with the current health pandemic. Our relationship with Power Up has been effective and productive. They have been good to work with and they keep their commitments . The fact is that without their continued participation in multiple financing rounds over the past 3-4 years, our company would have had considerable difficulty in keeping the business alive and moving forward. Sincerely, “Dan Amadori” Dan Amadori CFO, Micromem Technologies Inc