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Dave Edstrom Resigns as the CTO of MEMEX to Pursue Personal Interests

COO of U.S.A. Operations to Serve as Interim CTO

BURLINGTON, ON–(Marketwired – Oct 12, 2016) – Memex Inc. (“MEMEX” or the “Company”) (TSX VENTURE: OEE) announces that Dave Edstrom has resigned as the CTO of MEMEX effective Monday, October 10th 2016. Dave Edstrom started with MEMEX in January 2014 and will continue in a transition role over the next 30 days. Rick Mosca, the current COO of MEMEX U.S.A. operations, has stepped in to serve as interim CTO of MEMEX.

Rick Mosca has over 30 years of software engineering experience. He started as a developer and has successfully held several technical leadership positions. Additionally, he has run software engineering divisions at Fortune 500 companies and held the position of a principal at a custom software engineering consulting firm.

Over Mr. Edstrom’s tenure as MEMEX’s CTO, he has played a fundamental role in MEMEX’s technology development initiative. His legacy at MEMEX includes: MERLIN Tempus; MERLIN Tempus Enterprise Edition, the next generation of Industrial Internet of Things (IIoT) communication platform; MERLIN OPTIME, a free gateway to Real-Time manufacturing analytics; along with MERLIN MTC-One, a new breed of IIoT hardware.

In his statement, Dave Edstrom said, “I came to MEMEX almost three years ago, as the CTO to run the Software and Hardware Development division, be an evangelist, and help MEMEX grow. I am extremely proud of what has been accomplished in that time period. At IMTS 2016 we introduced new industry leading products MERLIN Tempus, MERLIN Tempus Enterprise Edition, the MTC-One, Financial Overall Equipment Effectiveness, and MERLIN DNC. I believe these products will pay dividends for many, many years to come. With this strong array of new products, MEMEX will continue to extend its lead as the market innovator and the market leader in measuring manufacturing excellence. I want to be clear, while I am resigning from MEMEX as the CTO, I am not going to another company, and certainly not a competitor. I am quite lucky in that I can take an extended time off to travel, to see friends, relatives, and just kick back. I was very fortunate to have worked with the best development team in the industry at MEMEX and could not be more proud of their smart, creative, and hard work. I wish everyone at MEMEX the absolute best!”

“Dave Edstrom came here from the MTConnect Institute as President and Chairman of the Board, and author of ‘MTConnect: To Measure Is To Know’ as MEMEX’s first CTO,” said CEO and President David McPhail. “Dave Edstrom made it clear from the beginning that he wanted to ‘put a dent in the manufacturing universe.’ Under his leadership, I believe we have done that with all of our new products. Dave was a prolific writer, speaker, and thought leader for MEMEX. Dave was selected as one of 30 visionaries around the globe by Smart Manufacturing Magazine, and he certainly has been a visionary for us. We wish him the best as he takes an extended break from the work life.”

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 networks, 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

 

Investor Relations

Sean Peasgood, Investor Relations

Phone: 416-565-2805

Email: Sean@SophicCapital.com

MEMEX - Measuring Manufacturing Excellence Logo

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 - Measuring Manufacturing Excellence Logo

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 - Measuring Manufacturing Excellence Logo

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 - Measuring Manufacturing Excellence Logo

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