Memex Inc. Receives Over $1 Million in Aggregate Purchase Orders Since Mid-December
Includes $560,000 in New Business Since February 1
Burlington, ON, Canada – March 27, 2018 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, is pleased to announce that it has received approximately $560,000 in new purchase orders since February 1, 2018. An aggregate of six existing and four new customers make up these new purchase orders. This builds upon the previously announced $475,000 in purchase orders from mid-December through February 1, 2018, bringing the total purchase orders received since mid-December to over $1 million.
“In less than 100 days, we have generated more than $1 million in new purchase orders,” said MEMEX President and CEO David McPhail. “We’ve noticed an uptick in order flow and prospects due to changes in U.S. tax code, namely the lowering of corporate tax rates, the repeal of the alternative minimum tax, and immediate expensing of certain capital expenditures. As a result, we’re seeing manufacturers take advantage of these reforms to invest in IIoT solutions, and we anticipate follow-on orders to continue.”
In the fourth quarter of 2017, the National Association of Manufacturers Outlook Survey of 14,000 manufacturers found that industry optimism is at a 20-year high. Nearly 63% stated that business tax reform would encourage their company to increase capital spending, and almost 58% said they would expand their businesses.
Allied Market Research forecasts that the $115 billion IIoT market of 2016 could grow to $197 billion by 2023 with manufacturing maintaining its leading position through the period. IDC sees a $189 billion market for manufacturing IoT with manufacturing operations and production asset management being focus areas.
MEMEX also announces that it has renewed its contract with Sophic Capital for capital markets services for one year. As part of these services, the Company has granted Sophic Capital 500,000 options at a $0.07 strike. The options will vest in equal tranches over a twelve-month period.
About Memex Inc.:
Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
| Rashi Rathore, Marketing Manager
905-635-1540 investor.relations@memexOEE.com
|
David McPhail, President & CEO
905-635-1540 investor.relations@memexOEE.com
|
| Sean Peasgood, Investor Relations
416-565-2801 sean@sophiccapital.com |
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.
Memex Inc. Announces Over $475,000 in Aggregate Orders
BURLINGTON, ON / ACCESSWIRE / February 1, 2018 / Memex Inc. (“MEMEX”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that over the past 45 days it has received more than $475 thousand in new purchase orders. Three first-time clients contributed to these orders.
“We’re pleased that new and existing customers have seen the value provided by MEMEX’s MERLIN, Tempus,” said MEMEX CEO David McPhail. “We previously shared that we’re seeing increased interest in our IIoT centric data-driven manufacturing solutions, and this continues to be the case.”
SME and Modern Machine Shop Hosting MEMEX Webinars
On February 21st, 2018, at 2pm – 3pm EST, The Society of Manufacturing Engineers (SME) will host a webinar entitled “Data-Driven Manufacturing: A roadmap for achieving Operational Excellence.” To register for the webinar, please visit SME’s website at http://sme.advancedmanufacturing.org/r/AMM/d/resources
On March 7, 2018, at 2pm – 3pm EST, Modern Machine Shop will host a webinar entitled “Data-Driven Manufacturing: The Route to be a Top Shop.” To register for the webinar, please visit Modern Machine Shop’s website at https://www.mmsonline.com/webinars.
About MEMEX
MEMEX was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Since then MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real Time. MEMEX’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 percent. For more information, please visit: www.MemexOEE.com
Media Contact
Memex Inc.:
David McPhail, CEO
Phone: 519-993-1114
Email: David.McPhail@MemexOEE.com
Rashi Rathore, Marketing Manager
Phone: 905-635-3040 ext. 103
Email: Rashi.Rathore@MemexOEE.com
Investor Relations
Sean Peasgood, Investor Relations
Phone: 416-565-2805
Email: Sean@SophicCapital.com
Memex Inc. Releases Annual Financial Results
BURLINGTON, ON / ACCESSWIRE / January 16, 2018 / Memex Inc. (”Memex” or the ”Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its annual financial and operational highlights for its fiscal year ended September 30, 2017. All results are reported in Canadian dollars.
Summary Financial Highlights for the Year Ended September 30, 2017:
- Memex reported a $3.98 million net and comprehensive loss for the year ended September 30, 2017 on $2.01 million in revenue equating to a $0.034 loss per share. This compares with a $2.81 million net and comprehensive loss on $2.91 million in total revenue for the year ended September 30, 2016, and a $0.028 loss per share;
- Bookingsi for the year totalled $2.37 million versus $3.42 million a year ago;
- Backlogii at September 30, 2017 was $1.31 million, up $464 thousand from $848 thousand a year ago;
- Gross margin percentage for the fiscal year was 55.4%, down from the 66.2% last year;
- Cash consumed from operating activities (before changes in working capital balances) was $3.69 million for the year, up $969 thousand from $2.72 million a year ago; and
- The Company had $2.79 million in working capital including $3.46 million in cash at year end, relative to $3.11 million in working capital and $2.90 million in cash at the end of fiscal 2016.
Management Commentary:
”Fiscal 2017 was a challenging year for Memex,” said President and CEO David McPhail. ”Uncertainty surrounding the tax policy during the U.S. election extended well into mid-2017 for our targeted customers. Our sales ramp through the back half of 2017 was slower than anticipated. Although I am disappointed with our results, we continue to get positive feedback from our customers around MERLIN’s value proposition and feature set. As the largest shareholder, I remain confident in the positioning of our product, the significant funnel of interested customers and can assure you we are working to turn around our financial performance in 2018. I would like to thank our loyal shareholder base over the last year as we worked through the more challenging than anticipated market conditions.”
2017 Fiscal Year End Operational Highlights:
- The Company successfully closed an equity financing for more than $2.85 million in (gross) proceeds through the sale of 17.8 million units at $0.16 (a share and half warrant) on September 26, 2017;
- In Q3 the Company secured its largest ever single-customer project, SEW Eurodrive, worth more than $450 thousand dollars for a plant-wide MERLIN implementation at one of this customer’s locations; and
- The Company restructured its sales management and delivery procedures during the year, including hiring a VP of Sales and the adoption of SalesForce to better mine Memex’s existing U.S. Pipeline, develop new markets and growth opportunities and to better monitor the Company’s sales development activities.
Summary Financial Highlights for the Fourth Quarter Ended September 30, 2017:
- Memex reported revenue of $626 thousand, 22% lower than the same quarter a year ago;
- Gross margin of 66.4% was down from 71.9% reported the same quarter a year ago;
- Bookings[i] for the quarter were $364 thousand (net of a $129 thousand lost order), down 55% from the same quarter a year ago; and
- Memex reported a net and comprehensive loss of $881 thousand for the quarter, equating to a $0.008 loss per share. This compares with a $726 thousand net and comprehensive loss in Q4 last year, and a $0.007 loss per share.
Selected Financial Information:
|
Three-months period ended September 30
|
Year ended September 30
|
||||||
| (Canadian dollars – in thousands except per share and margin%) | 2017 | 2016 | Change |
|
2017 | 2016 | Change |
| Revenue | 625 | 806 | – 22% | 2,008 | 2,910 | – 31% | |
| Bookingsi | 364 | 811 | – 55% | 2,370 | 3,416 | – 31% | |
| Gross margin % | 66.4 | 71.9 | 55.4 | 66.2 | |||
| Operating expenses | 1,284 | 1,296 | – 1% | 5,083 | 4,867 | + 4% | |
| Cash utilized in operating activities1 | 779 | 659 | + 18% | 3,389 | 2,720 | + 36% | |
| Net and comprehensive loss for the period | (881) | (726) | + 21% | (3,984) | (2,805) | + 42% | |
| Basic and diluted loss per share – period | (0.008) | (0.007) | + 15% | (0.034) | (0.028) | + 24% | |
- Before changes in non-cash working capital balances.
|
As at (Canadian dollars – in thousands except WC ratio)
|
September 30, 2017 | September 30, 2016 |
|
||||
| Cash on hand | 3,458 | 2,899 | |||||
| Current assets | 4,104 | 4,156 | |||||
| Total assets | 4,522 | 4,639 | |||||
| Current liabilities | 1,313 | 1,047 | |||||
| Working capital* | 2,791 | 3,109 | |||||
| Working capital ratio** | 3.13 to 1 | 3.97 to 1 | |||||
| Backlogii | 1,311 | 848 |
* Working Capital = current assets – current liabilities
** Working Capital ratio = current assets / current liabilities
i & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management’s Discussion and Analysis for the periods ended September 30, 2017 and 2016, in the section “Other Financial Measures.” That MD&A is available at www.sedar.com under our company profile.
About Memex Inc.:
Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of ”successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 percent. For more information, please visit: www.MemexOEE.com
For investor inquiries, please contact:
Ed Crymble, Chief Financial Officer
905-331-4343
ed.crymble@MemexOEE.com
David McPhail, President & CEO
519-993-1114
david.mcphail@MemexOEE.com
Sean Peasgood, Investor Relations
416-565-2801
sean@sophiccapital.com
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Click here to view: MEMEX Q4 Year End 2017 MDA
Click here to view: MEMEX Q4 30Sep2017 Financial Statements
