Memex Inc. Independent Special Committee Formed

BURLINGTON, ON / ACCESSWIRE / October 18, 2022 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, announced today its Board of Directors has formed a special committee of independent directors (the "Special Committee") to initiate a review process to explore, review and evaluate a broad range of strategic alternatives with an aim to accelerate the growth of the business.

The Special Committee's strategic review will involve an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and is anticipated to consider a range of alternatives for the Company, including strategic investor investment, merger with an industry partner, and other strategic alternatives that may be identified during its' strategic review.

"The Board continues to support the Company's current business development priorities and believes that a broad review of strategic alternatives is in the best interest of the Company and its stockholders," said Memex CEO David McPhail.

Other than as described in this news release, the Company has not made any decisions related to strategic alternatives at this time and there can be no assurance that the evaluation of strategic alternatives will result in any transaction proceeding or change in strategy. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.

About Memex Inc.:

Memex has become 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

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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.