Memex Inc. Secures Extension on Loan Facility with Secured Lenders

Memex Inc. (TSXV:OEE), a prominent Industrial Internet of Things (IIoT) manufacturing productivity software firm, has successfully negotiated an extension on its loan facility with its secured lenders. The Burlington-based company announced on March 27, 2024, that the $209 thousand loan's maturity has been extended from March 31, 2024, to October 31, 2025. This extension applies to the entire remaining loan balance, with $195 thousand owed to secured lenders and $14 thousand to officers of Memex, under the same repayment terms and interest rates as before.

Additionally, the company provided an update on its ongoing efforts to finalize and submit its annual financial statements for the fiscal year ending September 30, 2023. This includes completion of the related management discussion and analysis, and CEO and CFO certifications. These efforts are in response to a Failure-to-file Cease Trade Order (FFCTO) from the Ontario Securities Commission (OSC) due to Memex's delay in filing these documents by the January 28, 2024, deadline. The FFCTO led to a suspension of trading in Memex's shares on the TSX Venture Exchange. Memex aims to file its Annual Financial Filings before April 27, 2024, and will continue to issue bi-weekly default status reports in the interim.