BURLINGTON, ON / ACCESSWIRE / March 27, 2024 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that it has finalized nineteen (19) month loan facility extension arrangements with its secured lenders in conjunction with Officers of Memex (collectively the "Lenders"), on the remaining $209 thousand (the "Loan") balance (secured lenders - $195 thousand, Officers of Memex - $14 thousand). Previously scheduled to mature on March 31, 2024, these arrangements extend the maturity date to October 31, 2025, with the same repayment terms, and no changes to the effective interest rates or security arrangements. No refinancing fee or other incentives were provided to the Lenders for their agreement to extend the maturity of the loan.
Status update on FFCTO - The Company including its' auditors, are continuing to work to complete the annual financial statements for Memex's year ended September 30, 2023, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings"). The Company's management and Directors are working towards being in a position to file its Annual Financial Filings before April 27, 2024.
As previously reported, 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 by the filing deadline of January 28, 2024 (the "Filing Deadline"). The delay in filing the Annual Financial Filings was due to the Company's inability to commence audit procedures in a timely manner due to financial constraints. The FFCTO issued by the OSC also affected each jurisdiction of Canada that has a statutory reciprocal order provision. Further, as a result of the FFCTO, the TSX Venture Exchange suspended trading in the Company's shares.
Until the Annual Financial Filings are filed, the Company intends to continue to issue bi-weekly default status reports. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
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.
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SOURCE: Memex Inc.
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