BURLINGTON, ON / ACCESSWIRE / February 24, 2022 / Memex Inc. ("Memex" or the "Company") (TSX-V: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, 2021. All results are reported in Canadian dollars.A complete set of its December 31, 2021 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 31, 2021:

• Memex reported first quarter revenue of $502 thousand versus $570 thousand in the year-ago quarter, a 12% decline attributed in part to customer delays in delivery now anticipated to be completed in the second or third quarter of this year;
• First quarter bookings^i, totalled $956 thousand versus $478 thousand in the year-ago period, a 100% improvement, and the highest quarterly bookings in over two years;
• Finished the quarter with $935 thousand in project backlogⁱⁱ, up 82% from September 30, 2021;
• Gross margin was 76.7% for the period compared to 76.8% for the year-ago period;
• Cash consumed from operations (before changes in non-cash items) of $130 thousand was $45 thousand more than the year-ago period;
• Loss from operations for the period of $142 thousand versus the $94 thousand loss in the year-ago period;
• Net and comprehensive loss for the period of $178 thousand ($0.001 per share) was up from the $130 thousand ($0.001 per share) net and comprehensive loss for the same period a year ago; and
• $746 thousand in working capital (excluding unearned revenue) at December 31, 2021 is $37 thousand higher than the $709 thousand at September 30, 2021; cash on hand of $660 thousand is down 7% from the $709 thousand on hand at September 30, 2021.

Management commentary:

"Some of our customers extended deliveries into calendar 2022, contributing to lower revenue during the quarter compared to the year-ago period," said Memex CEO David McPhail "However, these extensions are reflected in our 82% quarterly increase in backlog, which represents our unearned project orders. Discussions we've had with customers indicate that our current backlog will decrease over the next quarter or two. However, positive discussions with prospective customers leave us optimistic that new business will help maintain our backlog level."

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: www.MemexOEE.com

Forward-Looking Statement

The statement "…customer delays in delivery now anticipated to be completed in the second or third quarter of this year" is a forward-looking statement. The intention was to communicate management's best estimate of the future delivery of projects currently included in its backlogⁱⁱ. This forward-looking statement is based upon direct communications with those customers whose projects were anticipated for delivery but not delivered during the first quarter of fiscal 2022. This forward-looking statement is subject to material risk factors such as changes in customer ability and timing to accept their project delivery and the Company having the resources available to complete the delivery. This forward-looking statement may also be subject to additional unknown material risks and uncertainties, many of which are beyond the ability of the Company to control or predict. Such forward-looking information represents Management's reasonable judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The aforementioned forward-looking statement is made as of the date of this press release and, except as required by applicable securities legislation, MEMEX assumes no obligation to update publicly or revise this forward-looking statement to reflect subsequent information, events, or circumstances.

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

SOURCE: Memex Inc.