Includes $560,000 in New Business Since February 1
Burlington, ON, Canada – March 27, 2018 – Memex Inc. (“Memex” or the “Company”) (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, is pleased to announce that it has received approximately $560,000 in new purchase orders since February 1, 2018. An aggregate of six existing and four new customers make up these new purchase orders. This builds upon the previously announced $475,000 in purchase orders from mid-December through February 1, 2018, bringing the total purchase orders received since mid-December to over $1 million.
“In less than 100 days, we have generated more than $1 million in new purchase orders,” said MEMEX President and CEO David McPhail. “We’ve noticed an uptick in order flow and prospects due to changes in U.S. tax code, namely the lowering of corporate tax rates, the repeal of the alternative minimum tax, and immediate expensing of certain capital expenditures. As a result, we’re seeing manufacturers take advantage of these reforms to invest in IIoT solutions, and we anticipate follow-on orders to continue.”
In the fourth quarter of 2017, the National Association of Manufacturers Outlook Survey of 14,000 manufacturers found that industry optimism is at a 20-year high. Nearly 63% stated that business tax reform would encourage their company to increase capital spending, and almost 58% said they would expand their businesses.
Allied Market Research forecasts that the $115 billion IIoT market of 2016 could grow to $197 billion by 2023 with manufacturing maintaining its leading position through the period. IDC sees a $189 billion market for manufacturing IoT with manufacturing operations and production asset management being focus areas.
MEMEX also announces that it has renewed its contract with Sophic Capital for capital markets services for one year. As part of these services, the Company has granted Sophic Capital 500,000 options at a $0.07 strike. The options will vest in equal tranches over a twelve-month period.
About Memex Inc.:
Memex was founded with a vision to improve the way automated machine and production equipment work and connect on the factory floor. Since then Memex has proved itself a pioneer in IIoT time and again. The company is committed to its mission of “successfully transforming factories of today into factories of the future” and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. Memex is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real-Time. Memex’s software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
|Rashi Rathore, Marketing Manager
|David McPhail, President & CEO
|Sean Peasgood, Investor Relations
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