Memex trading suspended – Cease Trade Order Issued by OSC

BURLINGTON ON / ACCESSWIRE / February 7, 2024 / Memex Inc. ("Memex" or the "Company" or the "Issuer") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, confirms that, as previously suggested by Memex in an earlier press, the Ontario Securities Commission (OSC) has issued a Cease Trade Order (a "CTO") in respect of the securities of Memex effective February 2, 2024 for its failure to file 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") 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 CTO issued by the OSC also takes automatic effect in each jurisdiction of Canada that has a statutory reciprocal order provision. Further, as a result of the CTO, the TSX Venture Exchange has suspended trading in the Company's shares.

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.

Until the Annual Financial Filings are filed, the Company intends 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:

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.­­­­­­­­­­­­­­­­­­­