Mr. David McPhail reports

MEMEX ANTICIPATES DELAY IN FILING ANNUAL FINANCIAL STATEMENTS AND FFCTO

The filing of Memex Inc.'s annual financial statements for the year ended Sept. 30, 2023, including the related management discussion and analysis, and CEO (chief executive officer) and CFO (chief financial officer) certifications (collectively, the annual financial filings), will not likely be completed by the filing deadline of Jan. 28, 2024 (the filing deadline). The delay in filing the annual financial filings is due to the company's inability to commence audit procedures in a timely manner.

The company, including its auditor, is working to complete the annual financial filings, and the company expects to be able to file its annual financial filings on or before Feb. 29, 2024. The company will provide updates as further information relating to the annual financial filings becomes available.

The company applied to the Ontario Securities Commission (the OSC) requesting a management cease trade order (a MCTO) to be imposed against the chief executive officer and chief financial officer of the company precluding them from trading securities of the company in order to avoid a failure-to-file cease trade order (an FFCTO) in the event the annual financial filings are not filed by the filing deadline. Unfortunately, the company was notified by the OSC that, based on its review of the company's trade volume, trade value and number of trades over the last month, the OSC was not of the view that there is an active, liquid market for the issuer's securities making the company ineligible for an MCTO.

As such and in accordance with the same OSC communication, if the company does not meet the filing deadline for their annual financial filings the OSC will be issuing a FFCTO against the issuer for failure to file their annual financial filings on Jan. 29, 2024, which will effectively cease all trading of Memex shares until the FFCTO is lifted when the failure to file is remedied.

About Memex Inc.

Established in 1992, Memex grew to be an industry leader in industry Internet of things 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.