Mr. Ed Crymble reports

MEMEX EXTENDS LOAN FACILITY ARRANGEMENTS WITH ITS SECURED LENDERS

Memex Inc. has finalized 19-month loan facility extension arrangements with its secured lenders in conjunction with officers of Memex on the remaining $209,000 balance (secured lenders: $195,000 and officers of Memex: $14,000). Previously scheduled to mature on March 31, 2024, these arrangements extend the maturity date to Oct. 31, 2025, with the same repayment terms and no changes to the effective interest rates or security arrangements. No refinancing fee or other incentives were provided to the lenders for their agreement to extend the maturity of the loan.

Status update on failure-to-file cease trade order

The company including its auditor is continuing to work to complete the annual financial statements for Memex's year ended Sept. 30, 2023, including the related management's discussion and analysis, and chief executive officer and chief financial officer certifications. The company's management and directors are working toward being in a position to file its annual financial filings before April 27, 2024.

As previously reported, the Ontario Securities Commission issued a failure-to-file cease trade order 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 delay in filing the annual financial filings was due to the company's inability to commence audit procedures in a timely manner due to financial constraints. 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 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.

Its persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenges manufacturers face. It made it its mission to "successfully transform factories of today into factories of the future." As the global leader in machine-to-machine connectivity solutions, the company has created hardware and software products that 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.