Burlington, ON – December 11, 2014 – Astrix Networks Inc., operating as Memex Automation (TSX-V: OEE) (“Memex” or the “Company”) has closed a non-brokered private placement totaling $348,000. A total of 2,900,000 Units were issued at a price of $0.12 each (“Units”). Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.16 at any time prior to 4:00 p.m. (Eastern Time) on December 12, 2016.
In connection with the private placement, the Company paid a finder’s fee on certain subscriptions of 6% of the proceeds raised via brokers and issued broker warrants (the “Broker Warrants”) equal to 6% of the number of Units sold. The total fees paid were $9,744 in cash and 81,201 Broker Warrants. Each Broker Warrant entitles the holder to purchase one Common Share at a price of $0.16 at any time prior to 4:00 p.m. (Eastern Time) on December 12, 2016. All securities issued are subject to a hold period, which will expire on April 12, 2015. The closing is subject to receipt of final approval from the TSX Venture Exchange.
As part of this placement, the Company’s newest Executive, Rick Mosca, now Chief Operations Officer of Astrix Networks America Inc., subscribed for 13% of the placement. Mr. Mosca is an IT executive with special expertise in leading all facets of business including client facing revenue development, sales channel development, applications development and enterprise systems delivery.
“I first became aware of Memex through my relationship with AMT as a member of the Technical Advisory Group of MTConnect,” explains Rick Mosca. “With a multi-year line of sight of the MTConnect products in development, it became clear to me that MERLIN is the most complete and robust forward and backward compatible solution. Based on my experience and industry knowledge, I am convinced that MERLIN has the potential to become the industry leading MTConnect-based MES solution, and I am thrilled to be joining this team as its American COO.”
“It is with great pleasure that I welcome Rick Mosca to the Memex senior management team as the COO of our American subsidiary,” reports David McPhail, CEO. “Rick brings with him a wealth of global experience and a proven track record of building effective, profitable and lasting relationships at the CXO level within the Fortune 500.”
About Memex Automation
Memex Automation (TSX-V:OEE) is the leader of manufacturing Machine to Machine (M2M) productivity solutions and the measurement of Overall Equipment Effectiveness (“OEE”) in real-time. OEE is the measurement of plant-wide capacity utilization. MERLIN (Manufacturing Enterprise Real-time Lean Information Network) generates OEE enterprise-wide, plant by plant, machine by machine. As published in Automation.Com in July 2014, by using MERLIN in its 800,000 square foot Kentucky plant, Mazak, the largest machine tool builder in the world, increased the utilization of its own machines by 42%, and now offers MERLIN on their price list. Okuma America Corporation, a world leader in CNC machine tools, announced in April 2014 that Memex Automation became a Partner in THINC. On April 15, 2014, PEM awarded the Company the 2014 Plant Engineering & Maintenance Award for ‘Best Company Under 50 Employees.’ Frost & Sullivan awarded MERLIN its 2013 Technology Innovation Leadership Award for Machine Monitoring. Microsoft picked MERLIN to be its mid-market ERP machine connectivity solution. For more information, please visit: www.memex.ca.
For more information, please contact:
Memex Automation Inc.
John Rattray, VP Sales and Marketing
Thomas Smeenk, VP Business Development
Phone: (905) 536-3138
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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