ACCESSWIRE
25 Feb 2021, 22:37 GMT+10
BURLINGTON, ON / ACCESSWIRE / February 25, 2021 / 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 2021 ending December 30, 2020. All results are reported in Canadian dollars. A complete set of its December 30, 2020 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 December 30, 2020:
Management commentary:
'Although interest remains strong, many of the prospects in our pipeline continue to balance their operational needs and issues due to COVID with their ability to embrace the transformational requirements of MERLIN,' said Memex CEO David McPhail. 'Several prospects have limited operations at the moment, and many have only given essential staff access to their facilities, delaying some of Memex's demonstrations and installations for the moment. All in all, though, we have continued to deliver on our current backlog, giving us the ability to get back to more consistent operations.'
Selected financial information:
* Working Capital = current assets - current liabilities
** Working Capital ratio = current assets / current liabilities
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
905-635-1540
investor.relations@memexOEE.com
David McPhail, President & CEO
905-635-1540
investor.relations@memexOEE.com
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 December 31, 2020 and 2019, in the section 'Other Financial Measures.' That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.
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