BURLINGTON, ON, / ACCESSWIRE / March 12, 2020 / Memex Inc. (“Memex” or the “Company”) (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announces it has taken measures to manage its working capital position, which included staff rationalization in product development and implementation, and the re-tasking of senior staff. As part of these changes more than a quarter of the Company’s workforce has either been re-purposed or laid off, which will translate to more than $700 thousand in annualized labour and associated cost savings.
“Although precipitated by working capital concerns, we have reached a point in our development where our core product offering, MERLIN, is in a very stable place, and the need for further rapid development is behind us,” said Memex CEO David McPhail. “In addition, we have internally introduced implementation tools which will allow our customer service team to become more efficient with product deployment. Reaching this inflection point has provided us the opportunity to streamline our entire operation, shedding overall operating costs, primarily labour, and allowing us to streamline our effort towards becoming more competitive going forward.”
David went on to explain “These changes will have an immediately positive affect on cash flows and our bottom line and moves Memex closer to self-sustained operations. With Q2 all but in the books, the effects of these changes won’t become evident to shareholders until the release of our third quarter results.”
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
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.
SOURCE: Memex Inc.
View source version on accesswire.com: