Mr. David McPhail reports

MEMEX TRADING SUSPENDED - CEASE TRADE ORDER ISSUED BY OSC

As previously suggested by Memex Inc. in an earlier press, the Ontario Securities Commission has issued a cease trade order in respect of the securities of Memex, effective Feb. 2, 2024, for its failure to file its annual financial statements for the year ended Sept. 30, 2023, including the related management's discussion and analysis, and chief executive officer and chief financial officer certifications, by the filing deadline of Jan. 28, 2024. The delay in filing the annual financial filings is due to the company's inability to commence audit procedures in a timely manner. The CTO issued by the OSC also takes automatic effect in each jurisdiction of Canada that has a statutory reciprocal order provision. Further, as a result of the CTO, the TSX Venture Exchange has suspended trading in the company's shares.

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.

Until the annual financial filings are filed, the company intends to issue biweekly default status reports. The company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Memex Inc.

Established in 1992, Memex became 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.

Its persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's manufacturers face. It made it its mission to transform factories of today into factories of the future. As the global leader in machine-to-machine connectivity solutions, its 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 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.