BURLINGTON, ON / ACCESSWIRE / September 30, 2022 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that it has received agreement from the Government of Canada to restructure the repayments for its FedDev Ontario Investing in Business Innovation ("IBI") initiative funding. The current balance of the non-interest-bearing advances of $425 thousand which was initially scheduled to be fully repaid by November 2024 has now been extended until December 2027. The new repayment schedule has reduced the Company's required repayments in fiscal 2023 (ended September 30, 2023) by $123 thousand to $42 thousand and fiscal 2024 repayments have been reduced by $165 thousand to $60 thousand. The IBI funding initiative is now scheduled to be entirely repaid by December 2027.
"FedDev agreeing to extend our repayment terms provides a little more stability to the Company's cash flow so we can continue to develop and close business," said company President and CEO David McPhail. "It also lessens a bit of the fear over the future economic uncertainty brought on by the Russia-Ukraine conflict."
Memex also announced today that it had arranged with affiliates of G&G Private Capital ("G&G") for a principal repayment holiday on the otherwise required September 30th 2022 payment, which included similar principal repayment deferral on loans from Officers of Memex as well. The total principal repayment deferral of $38 thousand now becomes due with the balance of the G&G loan at maturity on March 28, 2023.
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:
Ed Crymble, Chief Financial Officer
David McPhail, President & CEO
Sean Peasgood, Investor Relations
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SOURCE: Memex Inc.