Mr. Ed Crymble reports

MEMEX BI-WEEKLY STATUS UPDATE

Memex Inc. has confirmed that the company including its auditor, are continuing to work to complete the annual financial statements for Memex's year ended Sept. 30, 2023, including the related management discussion and analysis, and CEO (chief executive officer) and CFO (chief financial officer) certifications. The company has revised its expectations and now expects to file its annual financial filings before April 27, 2024.

As previously reported, the Ontario Securities Commission (OSC) issued a failure-to-file cease trade order (a FFCTO) in respect of the securities of Memex effective Feb. 2, 2024, for its failure to file its annual financial filings by the filing deadline of Jan. 28, 2024 (the filing deadline). The delay in filing the annual financial filings was due to the company's inability to commence audit procedures in a timely manner. The FFCTO issued by the OSC also affected each jurisdiction of Canada that has a statutory reciprocal order provision. Further, as a result of the FFCTO, the TSX Venture Exchange suspended trading in the company's shares.

Until the annual financial filings are filed, the company intends to continue 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 (Industrial Internet of Things) 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.