BURLINGTON, ON / ACCESSWIRE / August 10, 2023 / Memex Inc. ("Memex" or the "Company") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its third quarter ending June 30, 2023. All results are reported in Canadian dollars. A complete set of its June 30, 2023 Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.

Summary financial highlights for the three-months ended June 30, 2023:

• Revenue of $542 thousand versus $659 thousand in the year-ago quarter, an 18% decrease;
• Bookings ⁱ for the three-month period totalled $311 thousand versus $418 thousand in the year ago quarter, a 26% decrease;
• Finished the quarter with $500 thousand in project backlog ⁱⁱ , down13% from September 30, 2022;
• Gross margin was 83.0% for the period compared to 79.3% for the year-ago period;
• Cash generated from operations (before changes in non-cash items) of $76 thousand was $4 thousand lower than the year-ago period;
• Income from operations of $57 thousand versus $55 thousand in the year-ago period represents a 4% improvement;
• Net and comprehensive income of $28 thousand ($0.000 per share) was a $5 thousand improvement from the same period a year ago; and
• $201 thousand working capital deficit (after excluding unearned revenue) at June 30, 2023 is $124 thousand less than the $77 thousand deficit at September 30, 2022; cash on hand of $65 thousand is down 78% from the $290 thousand on hand at September 30, 2022. More than $300 thousand in new and follow-on business generated since June 30th, including the accompanying deposits/remittances, have improved these reported working capital and cash positions since third quarter-end.

Summary financial highlights for the nine -months ended June 30, 2023:

• $1.57 million in revenue was a 4% decrease from the $1.63 million in the year ago period;
• Bookings ⁱ totalled $1.54 million versus $1.80 million in the same period a year ago, a 14% decrease;
• Gross margin was 79.8% compared to 74.8% for the year-ago period;
• Cash provided from operations (before changes in non-cash items) of $33 thousand was $281 thousand better than the $248 thousand consumed in the first nine months of fiscal 2022; and
• Net and comprehensive loss of $136 thousand ($0.001 per share) was $299 thousand ($0.003 per share) better than the $435 thousand net and comprehensive loss generated for the same period a year ago.

As announced and formed last October, the special committee of independent directors (the "Special Committee") continues to explore and evaluate a broad range of strategic alternatives looking to accelerate the growth of the business. Among other things, this Special Committee's review has involved evaluation of the Company's strategic direction, operations, market valuation and capital structure.

Selected financial information:

1. Before changes in non-cash working capital balances.

* Working Capital = current assets - current liabilities less unearned rev
** Working Capital ratio = current assets / current liabilities less unearned rev

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:

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.

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 June 30, 2023, and 2022, in the section "Other Financial Measures." That MD&A is available at www.sedar.com under our company profile.

SOURCE: Memex Inc.