BURLINGTON, ON, Sept. 10,
2024 /CNW/ - Memex Inc. ("Memex" or the
"Company") (TSXV: OEE.H), a leader in Industrial Internet of Things
(IIoT) manufacturing productivity software, announced that it has
received resignations from two of its directors. The Company's
remaining Directors thank the outgoing Directors for their service.
Subsequent to these resignations and until such a time as new
(independent) Director(s) may be engaged, the Company's Board
consists of one independent and two management Directors.
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"
(its financial statements, MD&A, CEO/CFO certifications for the
year ended September 30, 2023) by the
filing deadline of January 28, 2024
("Filing Deadline"). As a result of the FFCTO, the TSX Venture
suspended trading in the Company's shares and subsequently moved
the Company to its NEX board for trading if and when trading in the
Company's shares resumes.
The Company's remaining Directors continue to work toward a
resolution to the FFCTO which will primarily require improvement in
the Company's financial position sufficient to settle its
outstanding audit fee for 2023 and thus allowing its September 30, 2023 year-end audit to be
finalized. At a minimum, in addition to filing its outstanding
Annual Financial Filings, the Company must also file Condensed
Interim Consolidated Financial Statements, MD&A, and CEO/CFO
Certifications for the periods ended December 31, 2023, March
31 and June 30, 2024 as well
as re-establish a majority-independent Board of Directors, to have
the FFCTO lifted.
The Company confirms there is no other material information
relating to its affairs that has not been generally disclosed.
About Memex:
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.
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, visit: www.MemexOEE.com
Neither the TSX Venture Exchange nor its Regulation services
provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Memex Inc.
