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Memex FFCTO status update

BURLINGTON, ON / ACCESSWIRE / May 6, 2024 / Memex Inc. (“Memex” or the “Company”) (TSXV:OEE), a leader in manufacturing productivity software for the Industrial Internet of Things (IIoT), today announced that it continues to develop a solution to enable the publication of annual financial statements for Memex’s year ended September 30, 2023 , which included related management discussions and analyzes and certifications of the Chief Executive Officer and Chief Financial Officer (collectively, the “Annual Financial Reports”). The Company’s management and directors are currently working towards the possibility of filing annual financial reports before the end of May 2024.

As previously reported, the Ontario Securities Commission (OSC) has issued a cease trading order (“FFCTO”) in respect of the securities of Memex, effective February 2, 2024, due to the company’s failure to file its annual financial report, the filing deadline is on January 28, 2024 (“Application Deadline”). The delay in submitting the annual financial statements was initially due to the Company’s inability to commence audit procedures on time due to financial constraints. The OSC’s FFCTO decision also applied to every Canadian jurisdiction that has a statutory cross-injunction provision. Additionally, as a result of FFCTO, the TSX Venture Exchange suspended trading in the Company’s shares.

Pending the filing of its annual financial statements, the Company intends to continue to publish biweekly default status reports. The Company confirms that there is no other material information regarding its business that is not generally disclosed.

About Memex Inc.:

Founded in 1992, Memex has become an industry leader in the Industrial Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers tangible, real-time manufacturing productivity gains. Memex is at the forefront of industry trends in compute power, machine connectivity, industry standards, advanced software technology and manufacturing expertise.

Our continuous pursuit of innovative IIoT solutions has led to a comprehensive understanding of the challenges facing manufacturers. Our mission was to “effectively transform today’s factories into the factories of the future.” As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software provide unparalleled visibility at all levels, from “store floor to top floor.”

MERLIN Tempus Suite provides effective quantification and management of overall equipment effectiveness (OEE), revealing hidden opportunities based on objective, real-time data. Moreover, it offers sustainable benefits that enable world-class OEE, such as reducing costs, implementing LEAN continuous improvement strategies and increasing financial performance. More information can be found at: www.MemexOEE.com

For investor inquiries, please contact:

Ed Crymble, CFO
905-635-1540
[email protected]

David McPhail, president and CEO
905-635-1540
[email protected]

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 company.

View the original press release at accesswire.com