BURLINGTON, ON / ACCESSWIRE / January 13, 2022 / 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 fiscal year ending September 30, 2021. All results are reported in Canadian dollars.A complete set of its September 30, 2021 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at .

Summary financial highlights for the three-months ended September 30, 2021:

• Memex reported fourth quarter revenue of $825 thousand versus $500 thousand in the year-ago quarter, a 65% increase, and an 8% increase from the third quarter of fiscal 2021 ending June 30, 2021;
• Fourth quarter bookings^i, totalled $531 thousand versus $532 thousand in the year-ago period;
• Finished the quarter with $515 thousand in project backlogⁱⁱ, down 59% from September 30, 2020;
• Gross margin was 82.4% for the period compared to 87.8% for the year-ago period;
• Cash generated from operations (before changes in non-cash items) of $247 thousand was a $227 thousand improvement from the $20 thousand in cash generated from operations in year-ago period;
• Income from operations for the period of $236 thousand was a $233 thousand improvement from the same period a year ago, and a $148 thousand improvement from the prior quarter (Q3-2021);
• Net and comprehensive income for the period of $198 thousand ($0.001 per share) was up from the $11 thousand ($0.000 per share) net and comprehensive loss for the same period a year ago; and
• $709 thousand in working capital (excluding unearned revenue) at September 30, 2021 is comparable to the $780 thousand working capital at September 30, 2020; cash on hand has improved to $709 thousand from $549 thousand at September 30, 2020.

Summary financial highlights for the year ended September 30, 2021:

• $3.04 million in revenue for the year versus $2.25 million in fiscal 2020 (a 35% increase);
• Bookingsⁱ totalled $2.30 million versus $2.41 million a year ago, a 5% decrease;
• Gross margin was 80.4% for the year compared to 76.4% a year ago;
• Cash generated from operations in fiscal 2021 (before changes in non-cash items) of $454 thousand, was a $1.05 million improvement from the prior year, and;
• Net and comprehensive income for the year of $166 thousand ($0.001 per share), is a $915 thousand improvement from the $749 thousand loss ($0.0006 loss per share) a year ago.

Management commentary:

"A year ago, Memex transitioned our business model to a more digital sales-based approach, and we adjusted our product delivery strategy," said Memex CEO David McPhail. "We continued to execute against these shifts, resulting in strong year-over-year revenue growth, positive cash flow generation and a net profit. Entering fiscal 2022, we see continued strength and interest as U.S. supply chains seek domestic sources, leading to increased business for many of our customers and prospects. Machine downtime exasperates manufacturers' abilities to deliver product and thus many are seeking ways to optimize production. Memex has the solution to solve this real and growing problem."

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:

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.

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 September 30, 2021 and 2020, in the section "Other Financial Measures." That MD&A is available at under our company profile.

SOURCE: Memex Inc.