Memex Directors resignations and FFCTO Update

BURLINGTON, ON, Sept. 10, 2024 /CNW/ - Memex Inc. ("Memex" or the "Company") (TSXV: OEE.H), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, announced that it has received resignations from two of its directors. The Company's remaining Directors thank the outgoing Directors for their service. Subsequent to these resignations and until such a time as new (independent) Director(s) may be engaged, the Company's Board consists of one independent and two management Directors. 

The Ontario Securities Commission ("OSC") issued a Failure-to-file Cease Trade Order (a "FFCTO") in respect of the securities of Memex effective February 2, 2024 for its failure to file its "Annual Financial Filings" (its financial statements, MD&A, CEO/CFO certifications for the year ended September 30, 2023) by the filing deadline of January 28, 2024 ("Filing Deadline"). As a result of the FFCTO, the TSX Venture suspended trading in the Company's shares and subsequently moved the Company to its NEX board for trading if and when trading in the Company's shares resumes.   

The Company's remaining Directors continue to work toward a resolution to the FFCTO which will primarily require improvement in the Company's financial position sufficient to settle its outstanding audit fee for 2023 and thus allowing its September 30, 2023 year-end audit to be finalized. At a minimum, in addition to filing its outstanding Annual Financial Filings, the Company must also file Condensed Interim Consolidated Financial Statements, MD&A, and CEO/CFO Certifications for the periods ended December 31, 2023, March 31 and June 30, 2024 as well as re-establish a majority-independent Board of Directors, to have the FFCTO lifted.

The Company confirms there is no other material information relating to its affairs that has not been generally disclosed.

About Memex:

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.

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, visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Memex Inc.

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