Memex Inc. Settles Interest Payment with Shares
Tuesday, June 30, 2020 5:00 PM
BURLINGTON, ON / ACCESSWIRE / June 30, 2020 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software confirms that, as originally announced on June 15, 2020, it has settled its June 30th 2020 interest payment to G&G Private Capital ("G&G") today through the issuance of Common Shares of the Company (the "Shares") in accordance with the terms of the loan agreements executed in March 2019. The Company issued a total of 1,555,038 Shares, at a deemed price of $0.015 per share, to the principals of G&G for an aggregate interest payment of $23,326.
Additionally, as participants in the same financing arrangement completed in March 2019 the Company's CEO and CFO were collectively issued a total of 111,074 Shares, at a deemed price of $0.015 per share for an aggregate interest payment of $1,666, in settlement of the interest owing on their respective loans. The issuance of the shares to CEO and CFO of the Company is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the Shares to be issued to such insiders does not exceed 25% of the Company's pre-transaction market capitalization.
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:
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.