MEMEX Inc. Showcases New World-Class IIoT Solutions at IMTS 2016

MEMEX’s Real-Time Machine Manufacturing Value Proposition Increases

BURLINGTON, ON–(Marketwired – Sep 1, 2016) – Memex Inc. (“MEMEX” or the “Company”) (TSX VENTURE: OEE) will be unveiling and demonstrating the next generation of Industrial Internet of Things (IIoT) hardware and software solutions including the next release of MERLIN, the company’s core IIoT communication platform, at the International Manufacturing Technology Show (IMTS) in Chicago from September 12 to 17, located at booth E 3368.

Building upon the success of the current award-winning MERLIN platform, the next release of MERLIN allows manufacturers to take control of their shop floor and optimize efficiency at a whole new level. MERLIN has enabled manufacturers to achieve upwards of 50% increase in productivity and over 20% increase in profit based on a 10% increase in OEE. On average, over 100 MERLIN customers have secured payback in less than four months, which translates to an Internal Rate of Return greater than 300%.

“Our next release of MERLIN is designed to be the most scalable and powerful plant monitoring software in the company’s history,” said David McPhail, MEMEX’s CEO. “With this release we will expand MERLIN´s value proposition for our partners and our customers by giving manufacturers the option to move their real-time machine monitoring off-premise and to scale their Smart Manufacturing needs as required for IIoT centric business outcomes.”

New smart-edge IIoT hardware connectivity solutions by MEMEX will open up the world of IIoT for manufacturing by translating a wide variety of digital, analog and other signals/protocols into MTConnect® (the open source and royalty free interconnectivity communication standard).

With these announcements MEMEX is redefining what it means to truly know what is happening in your plant. Additionally, MEMEX will further itself as the leader in both shop floor monitoring, as well as providing MTConnect® software and hardware solutions for any machine on the plant floor.

David McPhail and Dave Edstrom, former President and Chairman of the MTConnect®Institute and the current CTO of MEMEX, will be in booth E3368 to demonstrate the new software and hardware platform along with other MEMEX industry experts. Both Mr. McPhail and Mr. Edstrom were recognized as two of the top 30 Advanced Manufacturing Visionaries by Smart Manufacturing Magazine and can speak on a wide range of industry trends.

MEMEX’s IIoT specialists will be looking forward to your visit at IMTS Chicago. If you require any further information or would like to make an appointment for a personal interview, please let us know by emailing Salesgroup@MemexOEE.com.

About IMTS

IMTS 2016 is the 31st edition of the premier manufacturing technology show in North America. More than 2,000 exhibiting companies will occupy 1.3 million net square feet of exhibit space at the McCormick Place complex in Chicago, Illinois. IMTS is held every even-numbered year in Chicago and attracts more than 114,000 buyers and sellers from over 112 countries.

About MEMEX

Memex Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Media Contact:

David McPhail, CEO

Phone: 519-993-1114

Email: david.mcphail@MemexOEE.com

 

Rashi Rathore, Marketing Specialist

Phone: 905-635-3040 ext 103

Email: Rashi.Rathore@MemexOEE.com

 

Investor Relations

Sean Peasgood

Phone: 416-565-2805

Email: Sean@SophicCapital.com

 

Cisco in MEMEX Booth @ IMTS 2016

BURLINGTON, ON–(Marketwired – Aug 31, 2016) – MEMEX Inc. (TSX VENTURE: OEE) is proud to announce that Cisco will be exhibiting in the MEMEX booth E3368 at IMTS 2016, Chicago. MERLIN, MEMEX Inc.’s award-winning IIoT communication platform, is part of Cisco’s Connected Machine Strategy as a front end machine monitoring dashboard application delivering Data-Driven Manufacturing business value.

At IMTS, North America’s largest manufacturing show, MERLIN will be securely capturing and reporting Real-Time data from machines, both on-site and remotely connected, using Cisco’s newly released IE4K switch. The IE4K is compliant with MTConnect®, the open source and royalty free interconnectivity communication standard, which collectively form an integral part of any manufacturing company’s Industrial Internet of Things (IIoT) strategy.

Present in the MEMEX booth will be IIoT specialists from MEMEX and representatives from Cisco Systems Inc. to further discuss Cisco’s Connected Machine Strategy and the benefits it offers.

About Cisco Connected Machines

The Cisco Connected Machine Solution is a digital solution portfolio, based on the Cisco IoT platform. The solution enables rapid and repeatable machine connectivity, providing business improvements such as: Overall Equipment Effectiveness (OEE) and machine monitoring, Machine optimization Predictive maintenance, Process optimization, and Process health.

About MEMEX

Memex Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Media Contact:

David McPhail

CEO
Phone: 519-993-1114
Email: david.mcphail@MemexOEE.com 

Rashi Rathore
Marketing Specialist
Phone: 905-635-3040 ext 103
Email: Rashi.Rathore@MemexOEE.com

Memex Inc. Releases Q3 – 2016 Results

Another Record Sales Volume Achievement

BURLINGTON, ON–(Marketwired – Aug 22, 2016) – Memex Inc. (“Memex” or the “Company”) (TSX VENTURE: OEE) a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights from its third quarter of fiscal 2016 which ended June 30, 2016. All results are reported in Canadian dollars.

Summary Financial Highlights for the Third Quarter Ended June 30, 2016:

  • Memex reported revenue of $919 thousand, 104% higher than the same period in the prior year. Third quarter revenue was 61% higher than Q2-2016. Year-to-date sales of $2.1 million eclipsed the $2 million level for the first time in the Company’s history, with one quarter still remaining in the fiscal year.
  • Gross margin of 72.5% was up from 50.4% reported in the same quarter a year ago.
  • Bookings1 were $895 thousand, up 7% from the prior quarter, with year-to-date bookings exceeding $2.6 million.
  • The Company showed a $447 thousand net and comprehensive loss for the quarter equating to a $0.004 loss per share. This compares with a $880 thousand net and comprehensive loss in the same quarter last year, and a $0.011 loss per share.
  • At June 30, 2016 the Company had $2.7 million in current assets including more than $1.5 million in cash and $1.8 million in working capital. Subsequent to quarter end, Memex added $790 thousand to its cash reserves through 5.0 million exercised warrants primarily associated with a private placement completed in August 2014.

Q3 Fiscal 2016 and Subsequent Operational Highlights:

  • In July, Memex was featured at Cisco Live (Cisco’s annual technology conference), where Cisco revealed that Memex’s MERLIN platform would be part of Cisco’s Connected Machines portfolio of solutions. A key component of Cisco’s value proposition is that MERLIN facilitates the real-time calculation of Overall Equipment Effectiveness (OEE).
  • Q3 saw Memex collect 5 new customer project orders and 5 follow on orders from its current customer group. Since quarter-end Memex has added another 3 new customer projects and 2 follow on orders, including a significant project from Pioneer Products Inc.
  • In April, Sun Hydraulics Corp. placed an 89 machine follow-on order for MERLIN MES Enterprise Edition Software, after completing an 11 machine initial phase.
  • In June, Company Management finalized arrangements and completed the early payout of lender Business Development Bank of Canada (the “BDC”). The early payout eliminated future interest and royalty payments, and led to a one-time recovery adjustment of $74 thousand for the period.

Management Commentary:

“Our third quarter financial and operational results show that manufacturers see MERLIN’s compelling value equation of delivering real returns from data-driven manufacturing,” said CEO David McPhail. “We are seeing an increase of follow-on orders as existing customers transition to company-wide deployments. This organic growth along with our recent partnership announcements positon the Company to continue on its current trajectory, delivering positive IIoT centric business outcomes.”

Selected Financial Information

Three-month period ended
June 30
Nine-month period ended
June 30
(Canadian dollars – in thousands except per share and margin%) 2016 2015 change 2016 2015 change
Revenue 919 451 + 104% 2,104 1,354 + 55%
Bookings1 895 Note 1 2,603 Note 1
Gross margin % 72.5 50.4 + 44% 64.0 55.4 + 16%
Operating expenses 1,188 1,095 + 8% 3,571 2,555 + 40%
Cash utilized in operating activities2 565 724  22% 2,186 1,608 + 36%
Net and comprehensive loss for the period (447) (880)  49% (2,079) (1,853) + 12%
Basic and diluted loss per share – period (0.004) (0.011)  62% (0.021) (0.026)  19%
1. Memex only began collecting bookings data July 1, 2015, comparable information is not available.
2. Before changes in non-cash working capital balances.
As at
(Canadian dollars – in thousands except WC ratio)
Jun 30,
2016
Sep 30, 2015
Cash on hand 1,516 3,316
Current assets 2,740 4,219
Total assets 3,235 4,745
Current liabilities 985 990
Working capital* 1,755 3,229
Working capital ratio** 2.78 to 1 4.26 to 1
Backlog1 782 409

* Working Capital = current assets – current liabilities
** Working Capital ratio = current assets / current liabilities

About Memex Inc.

Memex Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, Memex is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. Memex envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. Memex, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers Memex’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 This non-IFRS financial measure is identified, defined and reconciled to the closest IFRS measure, revenue, within our Management’s Discussion and Analysis for the three and nine month periods ended June 30, 2016 and 2015, in the section “Other Financial Measures.” That MD&A is available at www.sedar.com under our company profile.

For investor inquiries please contact:

 

Ed Crymble, Chief Financial Officer

905-331-4343

ed.crymble@MemexOEE.com

 

David McPhail, President & CEO

519-993-1114

david.mcphail@MemexOEE.com

 

 

Sean Peasgood, Investor Relations

416-565-2801

sean@sophiccapital.com

Memex Inc. Raises $779 Thousand Through Successful Warrant Exercise

BURLINGTON, ON–(Marketwired – Aug 11, 2016) – Memex Inc. (“MEMEX” or the “Company”) (TSX VENTURE: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that since the end of its third quarter, which ended June 30, 2016, it has received proceeds of $778,571 as a result of the exercise of 4,866,070 previously issued common share purchase warrants. The Company plans to use the proceeds for general working capital purposes.

The warrants were issued in connection with the Company’s private placement of units comprised of common shares and warrants completed in August 2014 and were set to expire on August 9, 2016. The exercise price of the warrants was $0.16 per share. As at the expiry date 98% of the warrants had been exercised.

About Memex Inc.

Memex Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For investor inquiries please contact:

 

Ed Crymble, Chief Financial Officer

905-331-4343

ed.crymble@MemexOEE.com

 

David McPhail, President & CEO

519-993-1114

david.mcphail@MemexOEE.com

 

 

Sean Peasgood, Investor Relations

416-565-2801

sean@sophiccapital.com

MEMEX Inc.’s winning streak continues

BURLINGTON, ON–(Marketwired – Aug 3, 2016) – Memex Inc. (“MEMEX”) (TSX VENTURE:OEE) announced today it has received several new orders for its MERLIN Enterprise Edition platform for manufacturing. Pioneer Products Inc. will be installing MERLIN in an 11 Machine initial phase, and both TECT Corp. and Aerofit, LLC., already MEMEX customers seeing success with MERLIN, have extended their adoption with follow-on orders for their facilities.

“The business risk in installing MERLIN is so small and the benefits are so big that it is almost a no loss business decision,” says Frank V. Bailey, COO, Pioneer Products, as he explains one of the key factors that determined the Pioneer Products’s decision to install MERLIN.

“Recognition of the tremendous benefits offered by MERLIN by high quality precision and aerospace manufacturers along with continuous increasing adoption by existing MEMEX clients is a testament of how valuable MERLIN is to the manufacturing sector,” says John Rattray, Vice-President Sales and Marketing at MEMEX Inc. “Accurate data provided by MERLIN enables business to harness the true power of Data-Driven Manufacturing along with achieving positive tangible business outcomes in terms of productivity, profits and payback.”

About Pioneer Products Inc.:
Pioneer Products is a precision CNC machine shop with machining, grinding, plating, heat treating and engineering support for all manufacturing needs. Their 112,000 square-foot manufacturing and office facility features multi-functional machining capabilities with about 100 machines.

About TECT Corp.:
With twelve facilities in the U.S., and with more than 65 years of aerospace experience, TECT Corp. manufactures complex aerostructure components, machined components, parts and complex assemblies from the full spectrum of traditional and aerospace alloys servicing commercial and military aircraft.

About Aerofit, LLC.:
Aerofit, LLC. designs and manufactures high and low pressure fluid fittings and fitting systems for the aerospace, marine, nuclear and other critical industries. Their capabilities span the entire business and production cycle, from feasibility studies to qualification testing and post-manufacturing functional testing.

About MEMEX:
MEMEX, the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement.

Media Contact

Memex Inc.:

David McPhail, CEO

Phone: 519-993-1114

Email: david.mcphail@MemexOEE.com

 

Rashi Rathore, Marketing Specialist

Phone: 905-635-3040 ext 103

Email: Rashi.Rathore@MemexOEE.com

Memex Inc. Expects to Report Record Sales in Q3 – 2016

BURLINGTON, ON–(Marketwired – Jul 28, 2016) – Memex Inc. (“Memex” or the “Company”) (TSX VENTURE: OEE) today released preliminary financial and operational highlights from its third quarter of fiscal 2016, which ended June 30, 2016. All results are reported in Canadian dollars. Full financial results are expected to be released after the Company’s regularly scheduled Board Meeting on August 18, 2016.

Memex expects to achieve revenue of $919 thousand for the third quarter of 2016, representing an increase of 104% over the same period a year ago, and 61% higher than Q2 2016. Revenue growth was driven by both new customer wins and follow-on orders. Year-to date sales of $2.1 million eclipsed the $2 million level for the first time in the Company’s history, with one quarter still remaining in the fiscal year. Gross margin for the third quarter of 2016 is expected to be approximately 72.5%, up from 50.4% a year ago. Bookings1 remain strong with year-to-date bookings exceeding $2.6 million.

Management Commentary:

“A considerable jump in our Q3 sales combined with our solid bookings and backlog is evidence that manufacturers recognize the value and benefits of production analytics and data driven manufacturing,” said the VP of Sales John Rattray. “Our recently announced partnership with Cisco positions Memex to accelerate the delivery of this value proposition.”

Q3 Fiscal 2016 and Subsequent Operational Highlights:

  • In July, Memex was featured at Cisco Live (Cisco’s annual technology conference), where Cisco revealed that Memex’s MERLIN platform would be part of Cisco’s Connected Machines portfolio of solutions. A key component of Cisco’s value proposition is that MERLIN facilitates the real-time calculation of Overall Equipment Effectiveness (OEE).
  • In April, Sun Hydraulics Corp. placed an 89 machine follow-on order for MERLIN MES Enterprise Edition Software, after a successful 11 machine initial phase.
  • Q3 saw Memex collect 5 significant new customer project orders and 5 follow on orders from its current customer base. Since quarter-end Memex has added another 2 new customer projects and 2 follow on orders.
  • In June, Management finalized arrangements and completed the early payout of lender, Business Development Bank of Canada. The early payout eliminated future interest and royalty payments.

About Memex Inc.

Memex Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, Memex is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. Memex envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. Memex, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers Memex’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 This non-IFRS financial measure is identified, defined and reconciled to the closest IFRS measure, revenue, within our Management’s Discussion and Analysis for the three and six month periods ended March 31, 2016 and 2015, in the section “Other Financial Measures.” That MD&A is available at www.sedar.com under our company profile.

For investor inquiries please contact:

Ed Crymble, Chief Financial Officer

905-331-4343

ed.crymble@MemexOEE.com

 

David McPhail, President & CEO

519-993-1114

david.mcphail@MemexOEE.com

 

 

Sean Peasgood, Investor Relations

416-565-2801

sean@sophiccapital.com

MEMEX @ Cisco Live Last Week

Cisco Presentation Discussed Collaboration With Business Partner MEMEX

LAS VEGAS, NV–(Marketwired – Jul 18, 2016) – Memex Inc. (“MEMEX” or the “Company”) (TSX VENTURE: OEE) was pleased to exhibit their award-winning Manufacturing Execution System, MERLIN, at the invitation of Cisco Systems Inc. as part of their Connected Machines Strategy at Cisco Live in Las Vegas from July 10-14. MERLIN was on display at Booth 109 in the World of Solutions pavilion, located in the Mandalay Bay Convention Center.

MERLIN captured and presented live data from both onsite and remotely connected machines securely over the Internet via Cisco’s newly released IE4K switch. The IE4K is compliant with MTConnect (the open source and royalty free interconnectivity communication standard), which collectively form an integral part of any manufacturing company’s Industrial Internet of Things (IIoT) strategy. This enables the promise of Data Driven Manufacturing centric business outcomes.

MEMEX Featured in Cisco’s Machine Intelligence Presentation
MEMEX is also pleased to announce that Douglas Bellin from Cisco presented “The Case for Machine Intelligence,” which featured what Cisco has done with business partner MEMEX. The presentation took place at 4:30pm on July 13, 2016 in the Islander D space at the Mandalay Bay Convention Center.

About Cisco Connected Machines
The Cisco Connected Machine Solution is a digital solution portfolio, based on the Cisco IoT system. The solution enables rapid and repeatable machine connectivity, providing business improvements such as: Overall Equipment Effectiveness (OEE) and machine monitoring, Machine optimization Predictive maintenance, Process optimization, and Process health.

About Cisco Live
Cisco Live Las Vegas is the destination for the education and inspiration you need to thrive in the world of digital business. Join thousands of technology innovators for a transformational experience that includes today’s IT visionary thought leaders, more than 1,000 education sessions, Cisco’s top partners, and numerous opportunities to build the connections that will fuel your personal and professional growth.

About Memex Inc.
MEMEX Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the accelerating adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

For investor inquiries please contact:
Ed Crymble
Chief Financial Officer
905-635-1540 ext. 110
ed.crymble@MemexOEE.comDavid McPhail
President & CEO
519-993-1114
david.mcphail@MemexOEE.comSean Peasgood
Investor Relations
416-565-2801
sean@sophiccapital.com

Memex Completes Early Payout of BDC

Early Payout Eliminates Future Interest and Royalty Payments

Burlington, ON, Canada – June 29, 2016 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE) a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced it has completed the early settlement of its debt obligation to the Business Development Bank of Canada (the “BDC”).  Funding for the pay-out came primarily from the Company’s Senior Management and Directors, who have collectively exercised $196 thousand of $0.16 warrants that were set to expire.  The early pay-out removes uncertainty over the bonus interest payment, which would have been due at loan maturity (Feb 2018), and also halts royalty interest payments.

Settlement Summary

In exchange for repayment of the outstanding principal ($160 thousand), an interest rate differential payment of $8 thousand, and the negotiated bonus interest payment of $103 thousand, the BDC has agreed to release its security and conclude its lending arrangement with Memex.  That arrangement would have seen the Company continue to pay principal plus interest at 9% in addition to royalty interest (of 1% of each year’s annual sales) and the unknown future bonus interest (2.3% of the Company’s fair value) at the maturity of the loan.

About Memex Inc.

MEMEX Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the rapid adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit: www.MemexOEE.com

For investor inquiries please contact:

Ed Crymble, Chief Financial Officer

905-635-1540 ext. 110

ed.crymble@MemexOEE.com

 

David McPhail, President & CEO

519-993-1114

david.mcphail@MemexOEE.com

 

Sean Peasgood, Investor Relations

416-565-2801

sean@sophiccapital.com

 

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy

 

Memex’s Senior Management and Directors Exercise Out-of-the-Money Warrants to Fund Anticipated Early Payout of BDC

Early Payout Reduces Future Interest and Royalty Payments

BURLINGTON, ON–(Marketwired – Jun 21, 2016) – Memex Inc. (“Memex” or the “Company”) (TSX VENTURE: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced it has come to an agreement in principal for the early settlement of its debt obligation to the Business Development Bank of Canada (the “BDC”). Funding for the pay-out will come primarily from Company’s Senior Management and Directors, who have collectively agreed to exercise $196 thousand of $0.16 warrants that were set to expire. The early pay-out removes uncertainty over the bonus interest payment, which would have been due at loan maturity (Feb 2018), and also halts royalty interest payments.

Settlement Summary
In exchange for repayment of the outstanding principal (currently $168 thousand) over the next three months, an interest rate differential payment of $9 thousand, and the negotiated bonus interest payment of $103 thousand, the BDC has agreed to release its security and conclude its lending arrangement with Memex. That arrangement would have seen the Company continue to pay principal plus interest at 9% in addition to royalty interest (of 1% of each year’s annual sales) and the unknown future bonus interest (2.3% of the Company’s fair value) at the maturity of the loan. Closing is subject to the execution of definitive documentation and is expected to occur on or about June 27, 2016.

Management Comment
“With our future potential we believed it was in the company’s and our investors’ best interest to negotiate the best outcome possible with the BDC right now,” expressed Company CFO Ed Crymble, in reaction to the decision to take out the BDC’s loan position. “The BDC’s bonus interest payment, which would have been based on Memex’s value at maturity, could have been for substantially more than what we agreed to today. Management as well as Company Directors backed up their decision and their belief in Memex’s future by agreeing to pay more than $40 thousand over current trading value with the exercise of their warrants.”

About Memex Inc.
MEMEX Inc., the developer of MERLIN, an award winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time, is the global leader in machine to machine connectivity solutions. Committed to its mission of “Successfully transforming factories of today into factories of the future” and encouraged by the rapid adoption and success of MERLIN, MEMEX is relentlessly pursuing the development of increasingly innovative solutions suitable in the IIoT era. MEMEX envisions converting every machine into a node on the corporate network, thereby, creating visibility from shop-floor-to-top-floor. MEMEX, with its deep commitment towards machine connectivity, offers solutions that are focused on finding hidden capacity by measuring and managing Real-Time data. This empowers MEMEX’s customers to effectively quantify and manage OEE, reduce costs and incorporate strategies for continuous lean improvement. For more information, please visit:www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

All statements included in this press release that address future events are forward-looking statements. For example, statements related to the early pay-out of the BDC loan are forward-looking statements. While Memex and the Company have come to an agreement in principal for the early settlement of the Company’s debt obligation to the BDC, completion of that transaction is subject to the execution of definitive documentation and there can be no guarantee that the parties will execute such definitive documentation or that closing will occur on or about June 27, 2016 or at all. Further, statements related to the future potential of the Company or the Company’s fair value at the maturity of the loan are forward-looking statements. There can be no guarantee regarding the future potential of the Company or the Company’s fair value at the maturity of the loan. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions the Company believes are reasonable but that are subject to inherent risks and uncertainties. These risks include several of the factors discussed further under the “Risks and Uncertainties to the Company” section of the Company’s most recent interim MD&A available under the Company’s profile at www.sedar.com including risks related to: the Company’s history of losses and the ability to achieve or sustain profitability; the fact that the IIoT is a relatively new market; there being no assurance that cash flow from operations or debt or equity financing will be available to implement the Company’s growth strategy; the ability of the Company to retain key personnel; competition; protection of the Company’s intellectual property; failure to manage growth; and difficulties associated with sales forecasting, These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.

For investor inquiries please contact:
Ed Crymble
Chief Financial Officer
905-635-1540 ext. 110
ed.crymble@MemexOEE.com

David McPhail
President & CEO
519-993-1114
david.mcphail@MemexOEE.com

Sean Peasgood
Investor Relations
416-565-2801
sean@sophiccapital.com

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Memex Inc. Releases Q2 – 2016 : Results Investment in Sales Infrastructure Paying Off

Burlington, ON, Canada – May 16, 2016 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE) a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its financial results and operational highlights for its second quarter of fiscal 2016 which ended March 31, 2016. All results are reported in Canadian dollars.

Financial Highlights for the Second Quarter Ended March 31, 2016:

·         Memex generated quarterly revenue of $571 thousand, 42% or $169 thousand, higher than the same period in the prior year, and 7% lower than Q1-2016.

·         Memex 53.4% gross margin for the quarter ($305 thousand in gross profit), was down 3.3% from the same quarter a year ago and 7.7% from Q1-2016. A higher hardware to software sales mix in the current quarter accounts for the decline.

·         Unearned revenue of $536 thousand closed the quarter up $54 thousand from December 31, 2016’s close and was $46 thousand off its highest level of $582 thousand at September 30, 2015.

·         Bookings[i] for the quarter were $833 thousand, down 5% from the prior quarter, but up 50% or $276 thousand from Q4-2015.

·         The Company showed a $991 thousand net and comprehensive loss for the quarter equating to a $0.01 loss per share.  This compares with a $512 thousand net and comprehensive loss in the same quarter last year, and a $0.007 loss per share.

·         At the end of the Q2 the Company had more than $3.0 million in current assets including more than $2.2 million in cash and $2.1 million in working capital.

 

Q2 Fiscal 2016 and Subsequent Operational Highlights:

  • In February, Memex received a substantial follow-on order from Kuss Filtration Inc. for 43 MERLIN licences as part of a multi-plant roll-out in the US, China, and Brazil. Memex also generated 5 new customer orders, and more than ten follow on orders from existing customers in the quarter.
  • Memex’s CEO and CTO were recognized by Smart Manufacturing Magazine as two of the top 30 advanced manufacturing visionaries.
  • In April, Memex launched MERLIN OPTime, a free downloadable real-time dashboard for manufacturing analytics.
  • In April, Sun Hydraulics Corp. placed an 89 machine follow-on order for MERLIN MES Enterprise Edition Software, after an 11 machine initial phase.

 

Management Commentary:

Memex’s President & CEO David McPhail said, “We continue to see strong interest in MERLIN with both follow-on orders from existing customers and new customers buying our solutions. Our investment into sales and marketing is paying off with substantial revenue gains over prior periods, and no reason not to expect the trend to continue.”

 

About Memex Inc.

Memex is a leading Industrial Internet of Things (IIoT) technology platform provider that delivers real-time manufacturing productivity analytics. Industrial strength MERLIN software provides Overall Equipment Effectiveness (OEE) efficiency metrics in real time, from shop-floor-to-top-floor. Specifically, MERLIN delivers a 10%-50% average productivity increase, and earns 20%-plus profit improvement based on just a 10% increase in OEE. It consistently achieves payback in less than four months with an Internal Rate of Return (IRR) greater than 300%, and connects to any machine, old or new, utilizing native MTConnect, other protocols or MERLIN hardware adapters for older machines. For more information, please visit: www.MemexOEE.com

 

For investor inquiries please contact:

 

Ed Crymble, Chief Financial Officer

905-635-1540 ext. 110

ed.crymble@MemexOEE.com

 

David McPhail, President & CEO

519-993-1114

david.mcphail@MemexOEE.com

 

Sean Peasgood, Investor Relations

416-565-2801

sean@sophiccapital.com

 

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[i] This non-IFRS financial measure is identified, defined and reconciled to the closest IFRS measure, revenue, within our Management’s Discussion and Analysis for the three and six month periods ended March 31, 2016 and 2015, in the section “Other Financial Measures.”  That MD&A is available at www.sedar.com under our company profile.