BURLINGTON, ON / ACCESSWIRE / January 22, 2024 / Memex Inc. ("Memex" or the "Company" or the "Issuer") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that the filing of its annual financial statements for the year ended September 30, 2023, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not likely be completed by the filing deadline of January 28, 2024 (the "Filing Deadline"). The delay in filing the Annual Financial Filings is due to the Company's inability to commence audit procedures in a timely manner.
The Company, including its' auditors, are working to complete the Annual Financial Filings, and the Company expects to be able to file its Annual Financial Filings on or before February 29, 2024. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company applied to the Ontario Securities Commission (the "OSC") requesting a management cease trade order (a "MCTO") to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company in order to avoid a failure-to-file cease trade order (an "FFCTO") in the event the Annual Financial Filings are not filed by the Filing Deadline. Unfortunately, the Company was notified by the OSC that, based on their review of the Company's trade volume, trade value, and number of trades over the last month, the OSC was not of the view that there is an active, liquid market for the issuer's securities making the Company ineligible for an MCTO.
As such and in accordance with the same OSC communication, if the Company does not meet the Filing Deadline for their Annual Financial Filings the OSC will be issuing a FFCTO against the Issuer for failure to file their Annual Financial Filings on January 29, 2024, which will effectively cease all trading of Memex shares until the FFCTO is lifted when the failure to file is remedied.
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 | David McPhail, President & CEO |
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.
SOURCE: Memex Inc.
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