MEMEX - Data-Driven Manufacturing Application

MEMEX Extends Auto industry Penetration

Burlington, ON, Canada – October 10, 2019 – Memex Inc. (“MEMEX” or the “Company”) (TSXV: OEE), a global leader in Industrial Internet of things (IIoT) manufacturing productivity software, announces that a truck parts facility of a top 15 global vehicle manufacturer has licensed MEMEX’s MERLIN Tempus Enterprise Edition. This order extends MEMEX’s reach in the automotive manufacturing industry and is the Company’s largest order in the sector following a deployment with a wholly owned R&D subsidiary of a big 3 automotive manufacturer earlier this year.

“This client plans to showcase MERLIN’s capabilities in two separate plants – one in North Carolina and one in Mexico – and positive results could turn this order into full plant roll-outs at both facilities,” said David McPhail, CEO & President, MEMEX Inc. “Historically, we have concentrated the majority of our sales efforts within the aerospace and defence industry; and by leveraging these client’s results and ROI, we were able to sign this deal in what has been a difficult sector for externally developed data-driven manufacturing solution providers to penetrate. A clear example of an auto manufacturer choosing to focus on their core manufacturing capabilities rather than developing a software solution in-house.”

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 that 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 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

Forward-Looking Statement

The statement relating to the future delivery of products/services “…positive results could turn this order into full plant rollouts at both facilities” is a forward-looking statement. However, there is no guarantee that the contemplated order will be placed or that if placed the Company could complete delivery. No forward-looking statements 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 statement is 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 this forward-looking statement to reflect subsequent information, events, or circumstances

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.

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Memex Inc. Reports Q3-2019 Results Record Quarterly, YTD Bookings & YTD Revenue Reported

Burlington, ON, Canada – August 29, 2019 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its third quarter of 2019 ending June 30, 2019. All results are reported in Canadian dollars. A complete set of June 30, 2019 Consolidated Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com.

Summary financial highlights for the three-months ended June 30, 2019:

  • Memex reported revenue of $916 thousand for the three-month period, as compared to $650 thousand in the same period a year ago (a 41% increase);
  • Bookingsi for the period totalled $1.094 million, a new quarterly high, versus $1.039 million in the same period a year ago, a 5% increase;
  • The Company finished the period with $1.567 million in project backlogii, $467 thousand more than at September 30, 2018;
  • Gross margin was 74% for the period compared to 64% for the year-ago period;
  • Cash consumed from operations in Q3-2019 (before changes in non-cash items) was $184 thousand, equating to $426 thousand or 70% less consumed than the same period a year ago;
  • Net and comprehensive loss for the period was $254 thousand ($0.002 per share), compared to $687 thousand ($0.005 per share) for the same period a year ago; and
  • The Company had $501 thousand in working capital, including $967 thousand in cash at June 30, 2019, as compared with $723 thousand in working capital and $1.048 million in cash at September 30, 2018.

Operational and other highlights:

  • The Company’s Q3 bookings of $1.094 million set a new benchmark, exceeding the Company’s previous record of $1.042 million recorded in Q1 this year. Reported year-to-date bookings of $2.980 million was also Company best nine-month start to a year, exceeding the prior benchmark by over $375 thousand.
  • Year-to-date revenue of $2.319 million was a nine-month best, exceeding the previous high by more than $200 thousand.
  • The Company finalized a collection of new customer orders worth over $300 thousand in total from a Tier 1 Automotive supplier during the quarter. Although successful in a variety of manufacturing sectors, the orders with this customer represents Memex’s largest foray into the Auto sector thus far.
  • Through fiscal 2019, Memex has focused on converting previously generated customer leads into sales. Year-to-date results reflect that conversion success, and also provided a $172 thousand reduction in YTD marketing spend. Reduced attendance at tradeshows in favour of lower cost on-line marketing campaigns and thought leadership events were key factors, although the Company will be attending the Canadian Manufacturing Trade Show (“CMTS”) in Mississauga this September.

Management commentary:

“Our success in converting sales funnel prospects into revenues is demonstrated by our record bookings, 31% year-to-date revenue growth over 2018, and backlog worth almost $1.6 million,” said Memex CEO David McPhail. “I am pleased that our focus on re-tooling our sales process has paid off and yielded these results.  Looking ahead we have good visibility on a growing funnel of new business opportunities and anticipate several new orders to close in the coming quarters.”

Summary financial highlights for the nine-months ended June 30, 2019:

  • Memex reported revenue of $2.319 million for the nine-month period, a new nine-month high, as compared to $1.776 million in the same period a year ago (a 31% increase);
  • Bookingsi for the period totalled $2.980 million – a record nine-month start for the Company, versus $2.331 million in the same period a year ago, a 28% increase;
  • Year-to-date (YTD) Gross margin was 71% compared to 63% for the year-ago period;
  • Cash consumed from operations in YTD-2019 (before changes in non-cash items) was $751 thousand, equating to $1.176 million or 61% less consumed than the same period a year ago; and
  • YTD Net and comprehensive loss was $934 thousand ($0.007 per share), compared to $2.183 million ($0.016 per share) loss for the same period a year ago.

Selected financial information:

   

Three-months periods ended

June 30

 

   

Nine-months periods ended

June 30

 

(Canadian dollars – in thousands except per share and margin%) 2019 2018 Change  

 

2019 2018 Change
Revenue 916 650 +    41%   2,319 1,776 +    31%
Bookingsi 1,094 1,039 +      5%   2,980 2,331 +    28%
Gross margin % 74.3 63.7 +    17%   71.4 62.6 +    14%
Operating expenses 889 1,088      18%   2,520 3,256      23%
Cash utilized in operating activities1 184 610     70%   751 1,927     61%
Net and comprehensive loss for the period 254 687     63%   934 2,183     57%
Basic and diluted loss per share – period (0.002) (0.005)     59%   (0.007) (0.016)     57%
  1. Before changes in non-cash working capital balances.

 

 

 

As at

(Canadian dollars – in thousands except WC ratio)

 

June 30,  2019 September 30, 2018  

 

       
Cash on hand 967 1,048          
Current assets 2,185 1,964          
Total assets 2,491 2,319          
Current liabilities 1,684 1,241          
Working capital* 501 723          
Working capital ratio** 1.3 to 1 1.58 to 1          
Backlogii 1,567 1,100          

*   Working Capital = current assets – current liabilities

**  Working Capital ratio = current assets / current liabilities

 

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 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 June 30, 2019 and 2018, in the section “Other Financial Measures.”  That MD&A is available at www.sedar.com under our company profile.

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Memex Inc. Joins Siemens’ MindSphere Partner Program

Wednesday, June 5, 2019 7:00 AM

Burlington, ON, Canada – June 05, 2019 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that the Company has joined Siemens’ MindSphere Partner Program as a Silver Partner. The MindSphere Partner Program is Siemens’ partner program for Industrial IoT (Internet of Things) solution and technology providers. As a Silver Partner, Memex can work to accelerate the adoption of Industry 4.0 in industrial enterprises leveraging MindSphere.

MindSphere® is the cloud-based, open IoT operating system from Siemens that connects products, plants, systems and machines, enabling businesses to harness the wealth of data generated by the IoT with advanced analytics.

This partnership will enable MindSphere customers to use MERLIN Tempus™ to connect their machines and physical infrastructure to the digital world and translate the wealth of data they produce into business results. MERLIN Tempus, an award-winning Data-Driven Manufacturing MES platform, is an integral launchpad into the IIoT/Industry 4.0 universe that connects and embraces an array of factory-floor devices. It is highly scalable for all operations and manufacturing genres and requires zero programming or custom integration. The MERLIN Tempus easy-to-read visual dashboards are web-enabled and user configurable. They provide actionable information via reports for machine operators, factory managers, engineers, production managers, continuous improvement managers, and senior management. The comprehensive dataset from real-time eventing, job related processing and process data that the MERLIN Tempus application can capture will help them increase productivity and efficiency across their business.

MERLIN Tempus is expected to be available as a MindSphere application in June 2019. The latency problems experienced by many cloud solutions is virtually eliminated by the deployment of a MERLIN Tempus Gateway server which also provides store and forward capability in the event of internet disruption. MERLIN Tempus incorporates a full featured Operator Portal alongside the automated data collection to ensure comprehensive identification of machine and operation states, part non-conformity, checklists, job information, maintenance events and sixteen critical KPIs applied to machine, operator, jobs, shifts and dates. This rich dataset enables MindSphere users to employ other MindSphere ecosystem applications to further drive machine learning, advanced analytics and predictive algorithms.

Management commentary:

“We are pleased with our mutually beneficial relationship with Siemens,” said Memex CEO David McPhail, “and we are confident that our MES platform will provide a rich experience through both MERLIN Tempus directly and through the data collected by MERLIN Tempus feeding into any MindSphere application within the MindSphere ecosystem.” Mr. McPhail went on to comment, “this relationship benefits from almost a decade of real-world successful deployments of MERLIN Tempus and its predecessor product.”

“Together with Memex, now a partner in the MindSphere ecosystem, we can help manufacturers realize the benefits of digital transformation with Industrial IoT,” said Florian Beil, Head of Sales for MindSphere at Siemens PLM Software. “Memex’s solution can empower our joint customers with real-time actionable shop floor information, enabling them to achieve increased productivity and profitability.”

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

Note: A list of relevant Siemens trademarks can be found here.

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

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.

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Memex Inc. Reports Q2-2019 Results

Burlington, ON, Canada – May 30, 2019 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its second quarter of 2019 ending March 31, 2019. All results are reported in Canadian dollars. A complete set of March 31, 2019 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, 2019:

 

  • Memex reported revenue of $709 thousand for the three-month period, as compared to $764 thousand in the same period a year ago (a 7% decrease);
  • Bookingsi for the period totalled $843 thousand versus $633 thousand in the same period a year ago, a 33% increase;
  • The Company finished the period with $1.28 million in project backlogii, $181 thousand more than at September 30, 2018;
  • Gross margin was 72% for the period compared to 71% for the year-ago period;
  • Cash consumed from operations in Q2-2019 (before changes in non-cash items) was $265 thousand, equating to $151 thousand or 36% less consumed than the same period a year ago;
  • Net and comprehensive loss for the period was $332 thousand ($0.002 per share), compared to $511 thousand ($0.004 per share) for the same period a year ago; and
  • The Company had $759 thousand in working capital, including $1.06 million in cash at March 31, 2018, as compared with $723 thousand in working capital and $1.05 million in cash at September 30, 2018.

Summary financial highlights for the six-months ended March 31, 2019:

 

  • Memex reported revenue of $1.40 million for the six-month period, as compared to $1.13 million in the same period a year ago (a 25% increase);
  • Bookingsi for the period totalled $1.89 million – a record six-month start for the Company, versus $1.29 million in the same period a year ago, a 46% increase;
  • Year-to-date (YTD) Gross margin was 70% for compared to 62% for the year-ago period;
  • Cash consumed from operations in YTD-2019 (before changes in non-cash items) was $566 thousand, equating to $751 thousand or 57% less consumed than the same period a year ago; and
  • YTD Net and comprehensive loss was $680 thousand ($0.005 per share), compared to $1.50 million ($0.011 per share) for the same period a year ago.

Operational and other highlights:

 

 

  • On March 28th Memex completed its negotiations with affiliates of G&G Private Capital (“G&G”) who agreed to provide up to $1.4 million in loan facilities in combination with $100 thousand provided from Officers of Memex for a total of $1.5 million dollars in potential loan facility financing. An initial tranche of $750 thousand ($700 thousand from G&G) was received by Memex on March 28th.
  • In March the Company secured its first significant recurring software subscription contract (Memex offers both perpetual and ongoing subscription software licensing) with a subsidiary of Ford Motor Company to provide 72 subscription licenses to use MERLIN Tempus Enterprise Edition. In addition to software the Company will be providing installation and support services which are expected to be substantially completed during the current fiscal year.
  • Company President and C.E.O. David McPhail continued his series of thought leadership presentations while at EASTEC 2019 (May 14-16, 2019 | Eastern States Exposition, West Springfield, Massachusetts). His topics included “5 Steps to Success: Cashing in on the Promise of Data-Driven Manufacturing” and “Fueling Continuous Improvement with Real-time Data – The Underlying ROI / Business Case.”
  • MERLIN Tempus will be available for operational deployment from the MindSphere platform, as of Mid-June 2019. Customers will be able to securely deploy and manage their own MindSphere-driven applications from this site.  MindSphere is the cloud-based, open IoT operating system from Siemens that connects products, plants, systems and machines, enabling businesses to harness the wealth of data generated by the IoT with advanced analytics.
  • The Company held its fiscal 2018 Annual General Meeting in Burlington on March 21, 2019 where the financial statements, re-appointment of Auditors (MNP) and Stock Option Plans were all approved, and the Board of Directors were re-appointed.

Management commentary:

 

“We’re pleased that our bookings and backlog remain strong,” said Memex CEO David McPhail. “The loan facilities we negotiated with G&G have significantly strengthened our Balance Sheet. And as one of the Officers who invested alongside these loan facilities, I’m confident that Memex will capitalize on the pipeline opportunities ahead of us.”

Selected financial information:

   

Three-months periods ended

March 31

 

   

Six-months periods ended

March 31

 

(Canadian dollars – in thousands except per share and margin%) 2019 2018 Change  

 

2019 2018 Change
Revenue 709 764      7%   1,402 1,126 +    25%
Bookingsi 844 633 +    33%   1,886 1,293 +    46%
Gross margin % 72.3 71.1 +      2%   69.7 62.0 +    12%
Operating expenses 832 1,041      20%   1,631 2,168      25%
Cash utilized in operating activities1 265 416     36%   566 1,317     57%
Net and comprehensive loss for the period 332 511     35%   680 1,497     55%
Basic and diluted loss per share – period (0.002) (0.004)     26%   (0.005) (0.011)     55%
  1. Before changes in non-cash working capital balances.

 

 

 

As at

(Canadian dollars – in thousands except WC ratio)

 

March 31, 2019 September 30, 2018  

 

       
Cash on hand 1,059 1,048          
Current assets 2,449 1,964          
Total assets 2,772 2,319          
Current liabilities 1,690 1,241          
Working capital* 759 723          
Working capital ratio** 1.45 to 1 1.58 to 1          
Backlogii 1,281 1,100          

*   Working Capital = current assets – current liabilities

**  Working Capital ratio = current assets / current liabilities

 

 

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 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

 

Forward-Looking Statements

The statement relating to the future delivery of products and services “…installation and support services which are expected to be substantially completed during the current fiscal year,” and the comment from David McPhail “I’m confident that Memex will capitalize on the pipeline opportunities ahead of us” are forward-looking statements. However, there is no guarantee that the contemplated installation and support services will be completed by the end of the fiscal year, or ever, nor that the Company will be able to capitalize on its current pipeline of opportunities. No forward-looking statements 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

 

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, 2019 and 2018, in the section “Other Financial Measures.”  That MD&A is available at www.sedar.com under

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Memex Inc. Secures up to $1.5 Million in Loan Facilities

BURLINGTON, ON / ACCESSWIRE / March 28, 2019 / 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 it has finalized loan facilities arrangements with affiliates of G&G Private Capital (“G&G“) (for up to $1.4 million) and Officers of Memex (for up to $100 thousand) (collectively the “Lenders“), for a total of $1.5 million dollars (collectively, the “Loan“). The details of this now finalized Loan agreement were first announced February 26, 2019.

The first tranche of the loan, advanced March 28th, was for $750 thousand ($700 thousand from G&G and $50 thousand from Company Officers). Subsequent drawdowns could become available to the Company in April 2020 provided the Company achieves specific operational milestones related to bookings, revenue and operational performance and would be done in the same ratio between G&G and Company Officers. The proceeds of the Loan will be used by the Company to support ongoing operations and is secured by a first charge general security agreement against Company assets.

As previously announced, outstanding principal on the Loan bears interest at a rate of Royal Bank Prime Rate + 8% per annum payable in cash or, with a 35% premium to the cash price, payable in common shares of the Company (the “Shares“), the Shares being valued at the closing price of the Company’s Shares as traded on the TSX Venture Exchange on the last trading day preceding payment. Drawdown fees of 1.5% of the value of each tranche are payable at the time of drawdown, with a total of $11,250 being paid out already with the first tranche. No repayment of outstanding principal is required until April 2020, and the loan matures March 2022.

In connection with the initial tranche of the Loan, the Company issued the Lenders non-transferable Share purchase warrants (the “Warrants“) received a total of 3.75 million Warrants (3.5 million to G&G) exercisable at $0.05. The number of Warrants to be issued with any subsequent tranches would be equivalent to the number obtained by dividing ¼ (25%) of the drawdown amount by the closing price of the Company’s Shares as traded on the TSX Venture Exchange on the last trading day prior to the drawdown. These Warrants would have an exercise price equivalent to that trading value. Expiry of the Warrants would coincide with the maturity of the Loan.

“G&G’s engagement with Memex comes at a key moment in the company’s development,” said David McPhail, Memex’s CEO. “Operationally, while Memex is executing well on the metrics that matter-bookings, backlog, revenues, margins, and cash flow generation-we believe the share price does not currently reflect the improving trend in results reported in fiscal Q4 and confirmed in fiscal Q1.”

“Having now worked with their leadership team over the past month and developing a more in depth understanding of their business model and positioning within the Industrial Internet of Things (“IIoT”) marketspace G&G Private Capital is excited to be getting involved with Memex at this stage of their development” said Gregory Ellis, G&G Principal.

About G&G Private Capital:

G&G Private Capital Inc. (“G&G”), based in Toronto, Canada is an independent finance and investment company that provides private and public companies with debt and/or equity financing. G&G’s principals are experienced business people and former entrepreneurs focused on the capital and investments needs of high-growth technology companies. G&G works with profitable and near-profitable organizations and aligns itself with the long-term interests of its clients.

Options Grant to Sophic Capital:

As part of its ongoing capital markets advisory services arrangement with Sophic Capital (“Sophic”), on March 27, 2019 the Company granted Sophic 500,000 Stock Compensation Options (“Options”). These Options have an exercise value of $0.05, will vest in equal tranches over a twelve-month period, and expire in March 2022.

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 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

Forward-Looking Statements

Statements relating to any subsequent drawdowns under the Loan are forward-looking statements. Any subsequent drawdowns will be subject to the Company achieving specific operational milestones primarily related to bookings, revenue and operational performance. There can be no guarantee that the Company will be able to achieve the milestones required for additional drawdowns. 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.

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.