MEMEX - Measuring Manufacturing Excellence Logo

MEMEX COVID-19 Statement

Statement to Memex Customers, Business Partners, Staff – COVID-19

Ensuring the health and safety of our people, customers, and business partners is our top priority right now. Given the growth in the number of cases of COVID-19 in North America, and continued uncertainty around the world, we are undertaking additional measures to protect employees, their families, our customers, business partners and communities.

We value your business and our goal is to ensure that we continue to provide you with a high level of service.

Like you, we are continuously monitoring information from official health organizations and planning and adjusting for business continuity in changing scenarios. Here are some of the steps we’ve taken:

Delivering and Maintaining Client Service to You
We realize that business has to continue as usual where possible, which includes continuing to provide you with the level of service that you expect and require. We have taken steps to ensure that the timeliness and quality of that work remains unaffected. Wherever possible, our Client Services Representatives, development and other resource staff will be working remotely.

Our approach to business communications will remain largely unchanged, undertaken through direct telephone call or group teleconferencing. We provide links and dial-in numbers for any customer interaction/meetings requiring the sharing of visual information.

We have temporarily postponed all on-site installations, with the expectation to re-evaluate conditions at the beginning of April. We have put restrictions in place for all non-essential business travel, with absolutely no travel to highly affected areas within North America.

Ensuring a Safe and Clean Environment
We have made it a priority to monitor Memex personnel for COVID-19 symptoms, while also regularly
communicating Health Canada’s guidance and providing reminders on the established steps to take to stay safe and avoid spreading the virus. Additional cleaning protocols, including office-cleaning and supplying additional hand sanitizer stations in our reception and common areas, are in effect.

We have asked anyone who feels unwell to work from home or to rest until they are fit to be at the office. We have enhanced this policy and now ask any employee who experiences symptoms of COVID-19 or who has come into contact with someone awaiting test results to work from home and to follow Health Canada recommendations. This includes self-isolation for those who have contracted the virus or come into contact with someone who has tested positive, or who have returned from travel from a country or region that public health officials have deemed to be high risk.

Ensuring business continuity
As part of our emergency preparedness and our normal business protocol, we have established business continuity plans that include flexible remote work options and training. We are making every effort to ensure that we can provide you with the same timely service you are used to, while providing safe working conditions for our people.
Our relationship with you is important. This is an unprecedented time for everyone, and we ask you to stay connected with us and let us know if there is anything, we can do to assist you at this time.

Click Here to download the complete statement

MEMEX - Measuring Manufacturing Excellence Logo

Memex Inc. Reports Q1-2020 Results

Burlington, ON, Canada – February 27, 2020 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its first quarter 2020 ending December 31, 2019. All results are reported in Canadian dollars. A complete set of December 31, 2019 Consolidated Financial Statements and Management’s Discussion & Analysis has been filed at

Summary financial highlights for the three-months ended December 31, 2019:

  • Memex reported revenue of $544 thousand for the three-month period, compared to $693 thousand in the same period a year ago (a 22% decrease);
  • Bookingsi for the period totalled $727 thousand versus $1.04 million in the same period a year ago, a 30% decrease;
  • The Company finished the period with $1.41 million in project backlogii, $217 thousand more than at September 30, 2019;
  • Gross margin was 61.0% for the period compared to 67.0% for the year-ago period;
  • Cash consumed from operations in Q1-2020 (before changes in non-cash items) was $423 thousand, $122 thousand more than the same period a year ago;
  • Net and comprehensive loss for the period was $506 thousand ($0.004 per share), compared to $348 thousand ($0.003 per share) for the same period a year ago; and
  • The Company had a $139 thousand working capital deficit and $529 thousand in cash on hand at December 31, 2019, compared to $356 thousand in working capital surplus and $740 thousand in cash at September 30, 2019.

Management commentary:

“Although year-over-year bookings were lower than expected, they were within management’s internal forecast range and close to the 5-year average of past Q1 bookings,”  said Memex CEO David McPhail.  “And our lower year-over-year revenue was due primarily to technical issues that we have now resolved in the deployment of significant projects in Q1. We are pleased to see our $1.41 million backlog continue to grow, which we believe will allow us to improve upon our current results in the remainder of 2020.”

Selected financial information:


Three-months periods ended

December 31


(Canadian dollars – in thousands except per share and margin%) 2019 2018 Change  


Revenue 544 693    22%        
Bookingsi 727 1,043     30%        
Gross margin % 61.0 67.0        9%        
Operating expenses 777 799        3%        
Cash utilized in operating activities1 423 301 +    41%        
Net and comprehensive loss for the period 506 348 +    45%        
Basic and diluted loss per share – period (0.004) (0.003)       39%        
  1. Before changes in non-cash working capital balances.

As at

(Canadian dollars – in thousands except WC ratio)


December 31, 2019 September 30, 2019  


Cash on hand 529 740          
Current assets 1,352 1,901          
Total assets 2,335 2,189          
Current liabilities 1,491 1,545          
Working capital surplus (deficit)* (139) 356          
Working capital ratio** 0.91 to 1 1.23 to 1          
Backlogii 1,406 1,189          

*   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:

For investor inquiries please contact:

Ed Crymble, Chief Financial Officer


David McPhail, President & CEO


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.


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, 2019 and 2018, in the section “Other Financial Measures.”  That MD&A is available at under our company profile.

MEMEX - Measuring Manufacturing Excellence Logo

Annual General Meeting 2020

Date: March 26, 2020

Time: 11.00 AM EST

Venue: Holiday Inn-Burlington Conference Centre
3063 South Service Road
Burlington, ON L7N 3E9

Due to COVID-19 and subsequent closing of Holiday Inn, the Annual General Meeting will be held at the MEMEX HQ:

880 Laurentian Drive – Unit #2
Burlington, Ontario L7N 3V6


Please find below the investor documents:

1) Annual Financial Statement and MD&A

2) NI Card

3) Management Information Circular