BURLINGTON, ON / ACCESSWIRE / February 23, 2023 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its first quarter ending December 31, 2022. All results are reported in Canadian dollars. A complete set of its December 31, 2022 Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis has been filed at .

Summary financial highlights for the three-months ended December 31, 2022:

• Revenue of $557 thousand versus $502 thousand in the year-ago quarter, an 11% decline;
• Bookingsⁱ for the three-month period totalled $676 thousand versus $959 thousand in the year ago period, a 30% decrease, and $270 thousand in the fourth quarter of 2022, a 150% increase;
• Finished the quarter with $543 thousand in project backlogⁱⁱ, down 6% from September 30, 2022;
• Gross margin was 82.8% for the period compared to 76.7% for the year-ago period;
• Cash generated from operations (before changes in non-cash items) of $39 thousand was $169 thousand better than the $130 thousand consumed through operations in the year-ago period;
• Income from operations of $12 thousand versus a $142 thousand operational loss in the year-ago period is a 108% improvement;
• Net and comprehensive loss of $19 thousand ($0.000 per share) was a $159 thousand improvement on the $178 thousand net and comprehensive loss for the same period a year ago; and
• $37 thousand in working capital deficit (excluding unearned revenue) at December 31, 2022 is a $40 thousand improvement from the $77 thousand deficit at September 30, 2022; cash on hand of $200 thousand is down 31% from the $290 thousand on hand at September 30, 2022.

Management commentary:

"This is the third consecutive quarter where the Company was able to show positive traction which continues to be encouraging," said Memex CEO David McPhail. "In addition to addressing our working capital requirements including finding a suitable alternative for our secured lender ("Secured Lender") term loan which matures at the end of March, our focus continues to be on converting our backlog into revenue and our leads and prosects into new business."

On October 18, 2022, in a separate press release Memex's Board of Directors announced the forming of a special committee of independent directors (the "Special Committee") to initiate a review process to explore and evaluate a broad range of strategic alternatives with an aim to accelerate the growth of the business. This Special Committee's review continues to involve the evaluation of the Company's current strategic direction, operations, market valuation and capital structure and is still considering 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.

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:

Forward-Looking Statement

The statement "...finding a suitable alternative for our secured lender's ("Secured Lender") term loan which matures at the end of March..." is a forward-looking statement. The intention was to communicate Company management and its Board of Directors intentions with respect to the term loan secured by all of the assets of the Company. If Memex is unable to extend the term of this loan, or source alternative financing to repay the Secured Lender prior to its maturity it will be in default, and the lenders will be entitled to pursue all remedies available to them under the terms of that loan including but not limited to, enforcing on its security and seizing all of the assets of Memex. Such an event could have a material adverse effect on the business, operations and capital of Memex and could lead to the suspension of operations. There can be no guarantee that Memex will be able to extend the term of this loan or source alternative financing. Further, in the event that Memex is able to extend the term of the loan with the Secured Lender or source alternative financing, there is no guarantee that such terms of the extension or the alternative financing will be on terms favourable to Memex or its shareholders.

For investor inquiries please contact:

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

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.

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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 December 31, 2022, and 2021, in the section "Other Financial Measures." That MD&A is available at under our company profile.

SOURCE: Memex Inc.