BURLINGTON, Ont.: Astrix Networks Inc., which operates under the trade name Memex Automation, has completed its reverse take-over of GPS Investment Corp., acquiring 48,132,080 common shares. It will commence trading publicly once the take-over is accepted by the Toronto Stock Exchange’s (TSX) Venture Exchange.
A reverse merger takeover (reverse IPO) involves the acquisition of a public company by a private company to ensure the purchaser bypasses the lengthy process of going public.
“We can now access the working capital we need to further strategic partnerships and bring our products worldwide,” said Dave McPhail, CEO of Memex Automation. “We’re part of a worldwide market, and this opportunity puts us in a position to lead that market.”
Memex develops real-time shop-floor-to-top-floor technologies. Its flagship product, MERLIN, offers overall equipment effectiveness (OEE) metrics in real-time to allow manufacturers to enhance their production through shop-floor data analysis. It earned the 2013 North American Frost & Sullivan award for Technology Innovation Leadership.
The company also has strategic partnerships with Microsoft and tool builder Mazak, which installed Memex’s automation system at its Florence, Ky. plant.
McPhail says Memex will use some of the $854,000 raised from the IPO to add four employees, and to market its products.
Since it opened shop in 1992, Memex has partnered with 280 dealers and has worked with more than 12,000 customers globally. McPhail, along with a group of private investors, acquired the company in 2008.
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