Memry (MRY)

Dean J. Tulumaris Promoted to President and COO

Bethel, CT, May 3, 2006 — Memry Corporation (AMEX: MRY) announced today that the board of directors has elected Robert P. Belcher chief executive officer of the company. Belcher, who served as interim president and CEO, will retain his title of CFO. The board promoted Chief Operating Officer Dean J. Tulumaris to president. Tulumaris will retain his position as COO.

In December, the company announced the retirement of President and CEO James Binch, who served as CEO of the company since December 1991.

Dr. Edwin Snape, chairman of the Memry Board of Directors, said, “During his tenure at Memry, Bob has been involved in all phases of the company’s operations, including formulating and implementing its acquisition strategy. Since serving the company as acting CEO, Bob has demonstrated his leadership qualities, and we are confident that he is the right person for this position.”

Belcher joined Memry Corporation in July 1999 as vice president, CFO and corporate secretary. He was elected director in 2004. Prior to joining Memry, he served as CFO for Eatwell Enterprises as well as managing director for Associated Asset Management Inc. He has also served as CFO for Anderson Group Inc.; principal of Booz, Allen & Hamilton; executive vice president of Trinity Capital Corporation; and held a variety of senior staff positions with Combustion Engineering, including corporate vice president operations consulting and corporate vice president strategic planning.

Belcher received his B.A. and M.A. in economics from Vanderbilt University and his M.B.A. with high distinction from the Harvard Business School. In addition, he served in the U.S. Navy as a duty supply officer from 1971 to 1974.

Tulumaris has served as COO since June 2004. Before being promoted to that position, he was Memry’s vice president and general manager since August of 2002. Prior to joining Memry, he was vice president and general manager with Medsource Technologies’ Plastics Division in Danbury, Conn. Before that, he was director of Ohio operations for Rubbermaid Inc. where he was responsible for two manufacturing facilities, four distribution centers and all supplier outsourcing. Tulumaris earned his B.A. and M.B.A. at Lewis University.

Belcher said, “Dean’s promotion to president recognizes the outstanding contributions he has made leading the integration of Putnam’s operations into Memry. Putnam’s impressive growth and resulting financial achievement are just one aspect of Dean’s capabilities as chief operating officer during the last two years. He has improved all aspects of our operations during his tenure with Memry. I look forward to working closely with him to guide our company toward success.”

Memry will release its fiscal third quarter 2006 earnings on Thursday, May 4 after the market closes. The company will host a conference call with Belcher and Tulumaris on Friday, May 5 at 11 a.m. Eastern. The call will cover Memry’s 2006 fiscal third quarter earnings. Belcher will open the conference call, followed by a question-and-answer session.

To participate in this call, dial (877) 407-8031 any time after 10:55 a.m. Eastern on May 5. International callers should dial (201) 689-8031.