Memex Partners With Production Process Through Reciprocal-Reseller Arrangements

Burlington, ON, Canada – October 26, 2023 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that it has entered into reciprocal reseller agreements with software developer Production Process.  These arrangements will see Production Process, headquartered in Jacksonville Beach, Florida, add MERLIN Tempus to its product offerings to its current and future scheduling software clientele, while Memex will promote Production Process’s proven Dynamic Scheduling software solution to its customers and prospects.

Production Process intends to discontinue supplying their ProductionAce™ hardware and software and introduce their customers to the advantages offered by Memex’s MERLIN Tempus Suite and connectivity components with integration to their scheduling application.

For MERLIN Tempus users, adding the ability to schedule orders using Dynamic Scheduling’s advanced algorithms will provide them the opportunity to maximize efficiency while receiving real time updates and feedback.

Both Memex and Production Process will benefit from the expansion of their product offerings and broadening of their respective product footprints without the need for further investment in development.   Sales and customer support cross training is anticipated to be completed by the end of the calendar year and both sales teams will start offering the combined product catalogue early in 2024.

Management Commentary:

“I see this partnership as a win for both Memex and Production Process customers who will be able to take advantage of this broadened manufacturing solution set,” Production Process COO, Brad Vigrass, commented, “as well as a win for both our organizations.  By tapping into each other’s user bases we will be able to generate additional revenue with limited additional selling costs.”

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 challenge’s 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

About Production Process:

For over 35 years, Production Process has been helping manufacturing companies optimize their production environment with intelligent communicating instruments with direct operator interaction, advanced scheduling software to optimize order workflow and provide real time feedback from the shop floor as well as full shop floor analytics. The ProductionAce™ product offers standard ERP integration and Dynamic Scheduling with real time feedback to provide effective efficiency and management of the plant floor. For more information, please visit: www.ProductionProcess.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

 

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 Q2-2022 Results

BURLINGTON, ON / ACCESSWIRE / May 26, 2022 / Memex Inc. (“Memex” or the “Company”) (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, released financial and operational highlights for its second quarter ending March 31, 2022. All results are reported in Canadian dollars. A complete set of its March 31, 2022 Condensed Interim 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, 2022:

  • Revenue of $473 thousand versus $878 thousand in the year-ago quarter, a 46% decline which continues to be attributed in part to customer delays in delivery now anticipated to be completed in the third and fourth quarter of this year;
  • Bookingsi, totalled $425 thousand, a 51% decline from the $867 thousand in the year-ago period;
  • Finished the quarter with $933 thousand in project backlogii, up 81% from September 30, 2021;
  • Gross margin was 66.5% for the period compared to 83.1% for the year-ago period;
  • Cash consumed from operations (before changes in non-cash items) of $197 thousand was $391 thousand worse than the $194 thousand generated from operations in the year-ago period;
  • Loss from operations of $244 thousand versus $185 thousand income in the year-ago period;
  • Net and comprehensive loss of $279 thousand ($0.002 per share) was $420 thousand worse than the $141 thousand net and comprehensive income for the same period a year ago; and
  • $224 thousand in working capital (excluding unearned revenue) at March 31, 2022 is $485 thousand lower than the $709 thousand at September 30, 2021; cash on hand of $578 thousand is down 18% from the $709 thousand on hand at September 30, 2021.

Summary financial highlights for the six-months ended March 31, 2022:

  • $974 thousand in revenue was a 33% decline from the $1.45 million in the year ago period (which was the highest ever 6-month result);
  • Bookingsi totalled $1.39 million versus $1.35 million in the same period a year ago, a 3% increase;
  • Gross margin was 71.8% compared to 80.6% for the year-ago period;
  • Cash consumed from operations of 2022 (before changes in non-cash items) of $328 thousand was $437 thousand less than the $109 thousand generated in the first six months of fiscal 2021; and
  • Net and comprehensive loss of $457 thousand ($0.003 per share) was $468 thousand worse than the $11 thousand in income generated for the same period a year ago.

Management commentary:

“Delays in customer deliveries affected our top-line revenue and overall results,” said Memex CEO David McPhail. “However, we have re-organized our service delivery process, better positioning the Company to return to profitability. More prospects and customers are investigating onshoring strategies and enquiring about how Memex can improve potential future costs.”

Selected financial information:

For the
Three-months periods ended
March 31
Six-months periods ended
March 31
(Canadian dollars – in thousands except per share and margin%)
2022 2021 Change 2022 2021 Change
Revenue
473 878 – 46 % 974 1,448 – 33 %
Bookingsi
425 867 – 51 % 1,385 1,345 + 3 %
Gross margin %
66.5 83.1 – 20 % 71.8 80.6 – 11 %
Operating expenses
558 544 + 3 % 1,085 1,077 + 1 %
Cash provided (utilized) in operations1
(197 ) 194 – 202 % (328 ) 109 – 401 %
Net & comprehensive income (loss) – period
(279 ) 141 – 298 % (457 ) 11 – 4255 %
Basic & diluted income (loss)/share – period
(0.002 ) 0.001 – 290 % (0.003 ) 0.000 – 3833 %
  1. Before changes in non-cash working capital balances.
As at
(Canadian dollars – in thousands except WC ratio)
March 31, 2022 September 30, 2021
Cash on hand
$ 578 $ 709
Current assets
968 1,139
Total assets
1,336 1,569
Current liabilities
1,926 1,305
Working capital* (excl. unearned rev)
224 709
Working capital ratio**
1.3 to 1 2.65 to 1
Backlogii
$ 933 $ 515

* Working Capital = current assets – current liabilities less unearned rev

** Working Capital ratio = current assets / current liabilities less unearned rev

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 challenge’s 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.

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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, 2022, and 2021, 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. Grants Share Options