BURLINGTON, ON / ACCESSWIRE / March 29, 2023 / 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 one-year loan facility extension arrangements with its secured lenders including with Officers of Memex (collectively the "Lenders"), on the remaining $338 thousand (the "Loan") balance (secured lenders - $315 thousand, Officers of Memex - $23 thousand). Previously scheduled to mature on March 28, 2023, these arrangements extend the maturity date by one year to March 31, 2024, with similar 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.
Also, as initially announced in October 2022, a special committee of independent directors (the "Special Committee") continues to explore and evaluate a broad range of strategic alternatives including strategic investor investment, merger with an industry partner, as well as other strategic alternatives that may be identified during its' review, with an aim to accelerate the growth of the business. This Special Committee's review continues to include the evaluation of the Company's strategic direction, operations, market valuation and capital structure.
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
Sean Peasgood, Investor Relations
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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