MEMEX to Unveil MERLIN Performance Management Model at IMTS 2018

BURLINGTON, ON / ACCESSWIRE / September 12, 2018 MEMEX Inc. (“MEMEX” or the “Company”) (TSX-V: OEE) unveiled its MERLIN Performance Management Model (MPMM) this week at the International Manufacturing Technology Show (IMTS) 2018, in Chicago. MEMEX is located at booth 133368.

Building upon the power of MERLIN Tempus, MPMM is a measurement framework that quantifies the effectiveness of a Data-Driven Manufacturing strategy on identified organizational objectives.

“By adding MEMEX’s MPMM to our product portfolio, we now offer manufacturers a comprehensive start-to-end Data-Driven Manufacturing solution,” says David McPhail, CEO & President, MEMEX Inc.

About MEMEX Inc.:

Established in 1992, MEMEX grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. MEMEX is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.

Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenges manufacturers face. We made it our mission to, “successfully transform factories of today into factories of the future.” As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from “Shop-Floor-to-Top-Floor.”

The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com

For inquiries please contact:

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

Rashi Rathore, Marketing Manager

905-635-1540

investor.relations@memexOEE.com

David McPhail, President & CEO

905-635-1540

investor.relations@memexOEE.com

MEMEX demonstrates MTC-One at IMTS 2018

BURLINGTON, ON / ACCESSWIRE / September 10, 2018 / MEMEX Inc. (“MEMEX” or the “Company”) (TSX-V: OEE), will be demonstrating its MTC-One all week at the International Manufacturing Technology show (IMTS) 2018, in Chicago. The MTC-One, one of world’s most advanced and easiest to configure MTConnect® connectivity boards is MEMEX’s third generation offering. This component addresses the “last meter” challenge and ensures no machine is left behind on the plant floor. MEMEX has its entire MERLIN line-up of products on display at McCormick Place booth 133368 through to September 15th.

“We believe in providing our customers with a complete solution for their Data-Driven Manufacturing needs,” says David McPhail, CEO & President, MEMEX Inc. “One of the core elements of the solution is our MTC-One IIoT hardware which allows manufactures to connect all their machines, including those older legacy devices, into their network and draw accurate real-time production data from these machines.”

About MEMEX Inc.

Established in 1992, MEMEX grew to be an industry leader in Industry Internet of Things (IIoT) through development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. MEMEX is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.

Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenges manufacturers face. We made it our mission to, “successfully transform factories of today into factories of the future.” As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from “Shop-Floor-to-Top-Floor.”

The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom line financial performance. For more information, please visit: www.MemexOEE.com

For inquiries please contact:

Rashi Rathore, Marketing Manager
905-635-1540
investor.relations@memexOEE.com

David McPhail, President & CEO
905-635-1540
investor.relations@memexOEE.com

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

MEMEX Inc. to Showcase MERLIN Tempus at IMTS 2018: The Next Generation of Data-Driven Manufacturing Software

BURLINGTON, ON / ACCESSWIRE / September 6, 2018 / MEMEX Inc. (“MEMEX” or the “Company”) (TSX-V: OEE) is proud to announce that it will be showcasing and demonstrating its latest release of MERLIN Tempus Enterprise Edition (EE) at the International Manufacturing Technology show (IMTS) 2018, being held at McCormick Place in Chicago. The show runs from September 10th through the 15th, and MEMEX will be located at booth 133368.

Developed utilizing the latest technology (HTML5, .NET, RESTful API’s), MERLIN Tempus’ real-time data collection capabilities can capture machine-generated information and real-time sensor data including alarm states, feed and speed rate overrides, as well as various other green-light metrics. This data can then be contextualized in a wide array of easy-to-read visual dashboards and KPI reports.

Tempus provides for easy navigation and has many enhanced features useful to production personnel, engineers, operators and managers for shop floor production operations, including role-based dashboards, Op-Step management functionality, priority and alternate machine routings, asset management, traceability, event manager pan and zoom, analytics, and advanced data source conditioning. The ‘enterprise edition’ allows for all this plus, with its new durable gateway architecture, allows for multi-plant operations across time zones. The EE also offers bi-directional communication to virtually all ERP systems.

“The 5-steps to success in Data-Driven Manufacturing are: Connect – Visualize – Analyze – Optimize – Monetize. MERLIN Tempus allows manufacturers to take control of this process and optimize operational efficiency at a whole new level.”, says David McPhail, CEO & President, MEMEX Inc., “This release of MERLIN is the most scalable and powerful plant monitoring software in the Company’s history.”

About MEMEX Inc.:

Established in 1992, MEMEX grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. MEMEX is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.

Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenges manufacturers face. We made it our mission to, “successfully transform factories of today into factories of the future.” As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from “Shop-Floor-to-Top-Floor.”

The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom line financial performance. For more information, please visit: www.MemexOEE.com

For inquiries please contact:

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

Rashi Rathore, Marketing Manager

905-635-1540

investor.relations@memexOEE.com

David McPhail, President & CEO

905-635-1540

investor.relations@memexOEE.com

MEMEX Secures $650 Thousand in New Purchase Orders

Company Announces Appointment of New Director

BURLINGTON, ON / ACCESSWIRE / July 5, 2018 / Memex Inc. (“MEMEX” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that in the month of June the Company secured more than $650 thousand in new (purchase) orders. Although June’s orders were primarily follow-on business from existing clientele, there were some new customer orders booked that have the potential to develop into significant future business.

“We are very pleased with the support shown by our current customer base and their continued willingness to expand MERLIN’s footprint within their manufacturing environments,” stated MEMEX President and CEO David McPhail. “June was a good month for business development, and we are continuing to see as much new business opportunity now as we did at the end of May.”

New Director Appointment

By unanimous resolution, on June 14th, MEMEX appointed Michael Christiansen to its Board of Directors. Mr. Christiansen is the Managing Director and Chief Financial Officer of Weild & Co., Inc., a Colorado-based leading network investment bank serving independent investment bankers and corporate issuer clients. Michael brings more than three decades of Senior Management, Advisory, and Director-level experience and has a diverse background that includes Technology, Digital Media, Pharmaceuticals, and Mining, as well as investment banking.

About MEMEX:

MEMEX was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. MEMEX’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300%. For more information, please visit: www.MemexOEE.com

For investor inquiries please contact:

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

Rashi Rathore, Marketing Manager
905-635-1540
investor.relations@memexOEE.com

David McPhail, President & CEO
905-635-1540
investor.relations@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.­­­­­­­­­­­­­­­­­­­­­

Memex Inc. Releases Q2-2018 Financial Results

BURLINGTON, ON / ACCESSWIRE / May 24, 2018 / 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 highlights for the second quarter ending March 31, 2018. All results are reported in Canadian dollars. A complete set of the March 31, 2018 Consolidated Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com.

Summary Financial Highlights for the Three-months Ended March 31, 2018:

  • Memex reported $764 thousand in revenue during the second quarter, up 120% from the $348 thousand in the year-ago quarter and up 111% from last quarter;
  • Gross margin was 71% during the quarter compared to 32% in the year-ago quarter and 43% last quarter, the significant improvement in margins this quarter was due to the increase in sales and flat direct labour cost;
  • Net and comprehensive loss was $511 thousand ($0.004 per share) compared to a $1.26 million loss ($0.011 per share) in the year-ago quarter, and $985 thousand ($0.007 per share) last quarter;
  • Bookingsi for the quarter were $633 thousand versus $573 thousand during Q2-2017 and $660 thousand last quarter;
  • Cash consumed from operating activities (before changes in working capital balances) was $416 thousand for the current period, an improvement of $756 thousand from the same period a year ago and better than the $901 thousand consumed last quarter, and;
  • The Company had $1.43 million in working capital including $1.78 million in cash at March 31, 2018, as compared with $1.87 million in working capital and $2.46 million in cash at December 31, 2017.

Summary Financial Highlights for the Six-months Ended March 31, 2018:

  • Memex reported $1.13 million in revenue for the six-months ended March 31, 2018 compared to $853 thousand in total revenue in the same period a year ago (a 32% increase);
  • Gross margin was 62% for the period compared to 47% for the year-ago period, primarily due to higher sales volume;
  • Bookingsi for the period totalled $1.29 million versus $966 thousand in the same period a year ago, a 34% increase;
  • Net and comprehensive loss for the period was $1.50 million ($0.011), compared to $2.03 million ($0.018) for the same period a year ago.

Management Commentary:

“I am pleased with both the sequential and year-over-year improvement in revenue and bookings in Q2, but we still have more work to do,” said Memex President and CEO David McPhail. “Following a few challenging quarters, we are starting to see a strong reversal in sales opportunities with more motivated prospects than ever before. While we continue to invest in targeted customer market outreach and will be showcasing our technology at IMTS 2018 in Chicago this coming September, we are now focusing on closing advanced sales opportunities.”

Selected Financial Information:

 

Three-months period ended
March 31
Six-months period ended
March 31
(Canadian dollars – in thousands except per share and margin%)
2018
2017
Change
2018
2017
Change
Revenue
764 348 + 120 % 1,126 853 + 32 %
Bookingsi
633 573 + 10 % 1,292 966 + 34 %
Gross margin %
71.1 32.1 + 121 % 62.0 46.7 + 33 %
Operating expenses
1,041 1,362 – 24 % 2,168 2,435 – 11 %
Cash utilized in operating activities1
416 1,172 – 65 % 1,317 1,904 – 31 %
Net and comprehensive loss for the period
(511 ) (1,263 ) – 60 % (1,497 ) (2,025 ) – 26 %
Basic and diluted loss per share – period
(0.004 ) (0.011 ) – 64 % (0.011 ) (0.018 ) – 37 %

 

1. Before changes in non-cash working capital balances.

 

As at
(Canadian dollars – in thousands except WC ratio)
March 31,
2018
September 30,
2017
Cash on hand
1,775 3,458
Current assets
2,632 4,104
Total assets
3,004 4,522
Current liabilities
1,206 1,313
Working capital*
1,426 2,791
Working capital ratio**
2.18 to 1
3.13 to 1
Backlogii
1,388 1,311

 

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

Outlook:

Strategic cost saving initiatives implemented in March 2018, which included reducing Senior Management salaries as well as corporate overhead, are already yielding benefits. This is evident in the Company’s second quarter results and should help to produce better financial results in future quarters.

Based upon current backlogii of $1.39 million at March 31, 2018, Memex anticipates recognizing between $500 to $750 thousand in revenue for its third quarter of fiscal 2018, in addition to several larger projects moving towards completion but not anticipated to be completed in Q3. Management is still targeting a cash flow break-even run rate in the fourth quarter of fiscal 2018.

About Memex Inc.:

Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since its inception Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enables customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com

Forward-Looking Statements:

The statements “…Memex anticipates recognizing between $500 and $750 thousand in revenue for its fiscal Q3-2018…” and “Management is still targeting a cash flow break-even run rate in the fourth quarter of fiscal 2018” are forward-looking statements. The intention was to communicate management’s interpretation of the Company’s backlog and the effect that their cost cutting initiatives will have on future financial results. These forward-looking statements are based upon bookings the Company has already received from its Customers that are supported by purchase orders, as well as from management’s best estimate of future bookings to be generated and converted into revenue beyond the end of the third quarter of fiscal 2018. These statements also consider internally prepared future forecasts of Company performance and take into account the spending reductions implemented since the end of December 2017. However, there is no guarantee that revenues will fall within management’s projections or if actual cost cutting initiatives can or will be maintained or will have the anticipated effect, or if other factors may prevent the Company from achieving revenue growth, a cash flow break even run rate or profitability at any point in the future. These forward-looking statements are subject to material risk factors such as anticipated future bookings not materializing, bookings not converting into revenue as quickly as management anticipates, or at all, and that unforeseen costs may be incurred delaying profitability beyond management’s expectations or achieving profitability at all. In addition, these forward-looking statements are subject to various unknown material risks and uncertainties, many of which are beyond the ability of the Company to control or predict. Such forward-looking information represents Management’s reasonable judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The aforementioned forward-looking statements are made as of the date of this press release and, except as required by applicable securities legislation, MEMEX assumes no obligation to update publicly or revise these forward-looking statements to reflect subsequent information, events, or circumstances.

For investor inquiries please contact:

Ed Crymble, Chief Financial Officer
905-635-1540
investor.relations@memexOEE.com

David McPhail, President & CEO
905-635-1540
investor.relations@memexOEE.com

Sean Peasgood, Investor Relations
647-977-9264
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 & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management’s Discussion and Analysis for the periods ended March 31, 2018 and 2017, in the section “Other Financial Measures.” That MD&A is available at www.sedar.com under our company profile.

 

Click here to view: Memex-Q2 2018 MDA

Click here to view: Memex-Q2 2018 Financial Statements

Memex Inc. Receives Over $1 Million in Aggregate Purchase Orders Since Mid-December

Includes $560,000 in New Business Since February 1

Burlington, ON, Canada – March 27, 2018 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, is pleased to announce that it has received approximately $560,000 in new purchase orders since February 1, 2018. An aggregate of six existing and four new customers make up these new purchase orders. This builds upon the previously announced $475,000 in purchase orders from mid-December through February 1, 2018, bringing the total purchase orders received since mid-December to over $1 million.

“In less than 100 days, we have generated more than $1 million in new purchase orders,” said MEMEX President and CEO David McPhail. “We’ve noticed an uptick in order flow and prospects due to changes in U.S. tax code, namely the lowering of corporate tax rates, the repeal of the alternative minimum tax, and immediate expensing of certain capital expenditures. As a result, we’re seeing manufacturers take advantage of these reforms to invest in IIoT solutions, and we anticipate follow-on orders to continue.”

In the fourth quarter of 2017, the National Association of Manufacturers Outlook Survey of 14,000 manufacturers found that industry optimism is at a 20-year high. Nearly 63% stated that      business tax reform would encourage their company to increase capital spending, and almost 58% said they would expand their businesses.

Allied Market Research forecasts that the $115 billion IIoT market of 2016 could grow to $197 billion by 2023 with manufacturing maintaining its leading position through the period. IDC sees a $189 billion market for manufacturing IoT with manufacturing operations and production asset management being focus areas.

MEMEX also announces that it has renewed its contract with Sophic Capital for capital markets services for one year. As part of these services, the Company has granted Sophic Capital 500,000 options at a $0.07 strike. The options will vest in equal tranches over a twelve-month period. 

About Memex Inc.:

Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com

For investor inquiries please contact:

Rashi Rathore, Marketing Manager

905-635-1540

investor.relations@memexOEE.com

 

David McPhail, President & CEO

905-635-1540

investor.relations@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.

 

Memex Inc. Announces Over $475,000 in Aggregate Orders

BURLINGTON, ON / ACCESSWIRE / February 1, 2018 / Memex Inc. (“MEMEX”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that over the past 45 days it has received more than $475 thousand in new purchase orders. Three first-time clients contributed to these orders.

“We’re pleased that new and existing customers have seen the value provided by MEMEX’s MERLIN, Tempus,” said MEMEX CEO David McPhail. “We previously shared that we’re seeing increased interest in our IIoT centric data-driven manufacturing solutions, and this continues to be the case.”

SME and Modern Machine Shop Hosting MEMEX Webinars

On February 21st, 2018, at 2pm – 3pm EST, The Society of Manufacturing Engineers (SME) will host a webinar entitled “Data-Driven Manufacturing: A roadmap for achieving Operational Excellence.” To register for the webinar, please visit SME’s website at http://sme.advancedmanufacturing.org/r/AMM/d/resources

On March 7, 2018, at 2pm – 3pm EST, Modern Machine Shop will host a webinar entitled “Data-Driven Manufacturing: The Route to be a Top Shop.” To register for the webinar, please visit Modern Machine Shop’s website at https://www.mmsonline.com/webinars.

About MEMEX

MEMEX was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Since then MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real Time. MEMEX’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 percent. For more information, please visit: www.MemexOEE.com

Media Contact

Memex Inc.:
David McPhail, CEO
Phone: 519-993-1114
Email: David.McPhail@MemexOEE.com

Rashi Rathore, Marketing Manager
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 Inc. Participating at SOUTH-TEC & the NTMA Fall Conference

BURLINGTON, ON / ACCESSWIRE / October 12, 2017 / Memex Inc. (”MEMEX”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that it will be presenting the Company’s Data-Driven Manufacturing vision to SOUTH-TEC attendees in Greensville, South Carolina, from October 24 through 26, 2017 at SME’s Smart Manufacturing Hub, as well as exhibiting at booth number 1932.

Additionally, MEMEX will be participating at the NTMA Fall Conference from October 24 – 27 in San Antonio, Texas, where MEMEX President and CEO, David McPhail, will be part of the Ignite Session, ”Job Shops of the Future: Present vs. Future – Expectations of the Job Shop.” Earlier this month, MEMEX also participated in, and presented at, the IMPACT Manufacturing fall summit in Chicago, held on October 1 – 4 2017.

”Over the past few months, MEMEX has had increased manufacturer interest in MERLIN Tempus’ capabilities to uncover hidden operational value,” said Mr. McPhail. ”SOUTH-TEC, IMPACT, and the NTMA Fall Conference are industry leading events and great opportunities to present our manufacturing technology to prospective customers. We’re excited and proud to showcase MEMEX’s MERLIN Tempus to manufacturers that are actively seeking to reduce operating costs and boost productivity in their facilities.”

About SOUTH-TEC

SOUTH-TEC draws manufacturing suppliers, distributors, and equipment builders from across North America and around the world – bringing them together in Greenville, South Carolina. With hundreds of exhibiting companies, attendees can find all the latest technologies and services – plus the experts who build them – ready to demonstrate solutions that can help them grow their business. Visitors can make side-by-side comparisons, discover integrated equipment, hear about industry trends and forecasts, and leverage their purchasing power. For more information, please visit http://www.southteconline.com/.

About MEMEX

MEMEX was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Since then, MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of ”successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real Time. MEMEX’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 percent. For more information, please visit: www.MemexOEE.com.

Media Contact

Memex Inc.:
David McPhail, CEO
Phone: 519-993-1114
Email:David.McPhail@MemexOEE.com

Rashi Rathore, Marketing Manager
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 Inc. Releases Q3-2017 Financial Results: Record Bookings and Backlog Set the Stage for a Return to Growth

Burlington, ON, Canada – August 28, 2017 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its third quarter financial and operational highlights for its 2017 fiscal year, which ended June 30, 2017. All results are reported in Canadian dollars.

Summary Financial Highlights for the Third Quarter Ended June 30, 2017:

  • Memex reported revenue of $529 thousand, 42% lower than the same quarter a year ago, but up 52% sequentially;
  • Gross margin of 56.4% was down from 72.5% reported the same quarter a year ago – (excluding Amortization and Client Services labour, which was down 16.1% in Q3-2017 vs 2016, gross margin is down only 7.3%).
  • Bookings[i] for the quarter were a record $1.04 million, up 16% from the same quarter a year ago, and 82% higher than Q2-2017;
  • The Company reported a net and comprehensive loss of $1.078 million for the quarter, equating to a $0.009 loss per share. This compares with a $447 thousand net and comprehensive loss in Q3 last year, and a $0.004 loss per share.
  • At June 30, 2017, the Company had $2.34 million in current assets including $1.60 million in cash and $976 thousand in working capital.

Management Commentary:

“Memex began F2017 with clients sitting on the side-lines due to uncertainties introduced during the 2016 U.S. election that impacted much of the discretionary spending within the US manufacturing sector. Mid-way through our third quarter this client behaviour appears to have shifted and we experienced a significant ramp in current and new customer engagement. Although our third quarter results were down year-over-year, we did improve by more than 50% over the prior quarter and are pleased to report record bookings of $1 million during Q3, as well as exiting the quarter with record backlog near $1.6 million,” said David McPhail, President and CEO of Memex.  “In addition, since the end of June we have announced over $480 thousand in purchase orders as demand from the U.S. manufacturing sector continues to ramp and more importantly, we recently announced our largest single-customer deployment with a plant wide adoption of our technology. Recent industry data also portrays an improving macro picture, with a U.S Commerce Department survey that showed factory activity rising to a 3-year high, and the U.S. Cutting Tool Institute report that June consumption increased 6% year-over-year, and year-to-date was up 5.8% compared to the same period in 2016. Based on our conversations with customers and prospects, we expect these trends to continue.”

Selected Financial Information for Q3 2017

   

Three-months period ended

June 30

 

   

Nine-months period ended

June 30

 

(Canadian dollars – in thousands except per share and margin%) 2017 2016 Change  

 

2017 2016 Change
Revenue 529 919     42%   1,381 2,104 –    34%
Bookingsi 1,041 895 +   16%   2,004 2,605 –    23%
Gross margin % 56.4 72.5     50.5 64.0  
Operating expenses 1,364 1,188 +   15%   3,799 3,571 +      6%
Cash utilized in operating activities1 1,005 441 +  128%   (2,910) (2,061) +    41%
Net and comprehensive loss for the period (1,078) (447) +  141%   (3,103) (2,079) +    49%
Basic and diluted loss per share – period (0.009) (0.004) +  113%   (0.027) (0.021) –     29%
  1. Before changes in non-cash working capital balances.
 

As at

(Canadian dollars – in thousands except WC ratio)

 

June 30,  2017 September 30, 2016  

 

       
Cash on hand 1,601 2,899          
Current assets 2,339 4,156          
Total assets 2,782 4,639          
Current liabilities 1,363 1,047          
Working capital* 976 3,109          
Working capital ratio** 1.72 to 1 3.97 to 1          
Backlogii 1,567 848          

*   Working Capital = current assets – current liabilities

**  Working Capital ratio = current assets / current liabilities

Summary Financial Highlights for the Nine-months Ended June 30, 2017:

  • Memex reported revenue of $1.381 million, 34% lower than the same period a year ago;
  • Gross margin of 50.5% was down from 64.0% reported the same period a year ago (excluding Amortization and Client Services labour, which is up 1.3% in the current YTD, GM% is down only 3.9% YTD over a year ago).;
  • Bookings[ii] for the period were $2.00 million, down 23% from the same period a year ago;
  • The Company reported a net and comprehensive loss of $3.10 million for the period, equating to a $0.027 loss per share. This compares with a $2.08 million net and comprehensive loss in the prior year period, and a $021 loss per share; and

Q3 2017 and Subsequent Operational Highlights:

  • Memex generated $1.04 million in bookings for Q3-2017, its highest ever quarterly achievement, and finished the quarter with $1.57 million in backlog, the highest level the Company has ever seen;
  • The Company secured its largest ever single-customer project, SEW Eurodrive, worth more than $450 thousand dollars for a plant-wide MERLIN implementation;
  • The Company restructured its Sales Management and hired new VP of Sales, John Artman, to mine Memex’s existing U.S. Pipeline, and to develop new markets and growth opportunities;
  • The Company engaged SalesForce to assist and monitor the Company’s sales development activities; and
  • The Company announced (via Press Release) August 21, 2017 its engagement of Eight Capital to assist in raising $1.5 million to $2.0 million in capital through the sale of Memex securities.

About Memex Inc.

Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com

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

 

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 & ii  These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management’s Discussion and Analysis for the periods ended March 31, 2017 and 2016, in the section “Other Financial Measures.”  That MD&A is available at www.sedar.com under our company profile.

Memex Q3 2017 Financial Statements  | Memex Q3 2017 MDA

Memex Announces $1.5 Million Private Placement

BURLINGTON, ONTARIO–(Marketwired – Aug. 22, 2017) –

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Memex Inc. (“MEMEX” or the “Company”) (TSX VENTURE:OEE) is pleased to announce that it has entered into a letter of engagement with Eight Capital acting as sole bookrunner and lead agent, on behalf of a syndicate (together, the “Agents”), under which the Agents have agreed to offer for sale units of the Company (the “Units”), on a “best efforts” private placement basis, subject to all required regulatory approvals, at a price per Unit of $0.16 (the “Issue Price”) for total gross proceeds of up to approximately $1,500,000 (the “Offering”).

Each Unit shall consist of one common share of the Company (a “Share”) and one-half of one Share purchase warrant (each full warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.25 for a period of 24 months following the closing of the Offering. In the event that the closing sale price of the Company’s common shares on the TSX Venture Exchange is greater than $0.35 per Share for a period of 20 consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

The Company has granted the Agents an option to offer for sale up to an additional $500,000 of the Units, at the Issue Price, exercisable in whole or in part at any time for a period of up to 48 hours prior to the closing date of the Offering.

The net proceeds from the Offering will be used for working capital and general corporate purposes. The securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.

The closing date of the Offering is scheduled to be on or about September 12, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About MEMEX

Memex Inc. was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Since then MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real Time. MEMEX’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com

Cautionary Notes

Certain statements contained in this news release, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. In particular, this news release contains forward-looking statements relating to, among other things the expected completion of the Offering and the Corporation’s ability to obtain necessary approvals from the TSX Venture Exchange. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. MEMEX believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and should not be unduly relied upon. Information on additional risks related to MEMEX’s business is included in our management’s discussion and analysis of our financial results for the year ended September 30, 2016 which may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These forward-looking statements and information speak only as of the date of this news release. MEMEX does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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