BURLINGTON, ON, / ACCESSWIRE / March 12, 2020 / Memex Inc. ("Memex" or the "Company") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announces it has taken measures to manage its working capital position, which included staff rationalization in product development and implementation, and the re-tasking of senior staff. As part of these changes more than a quarter of the Company's workforce has either been re-purposed or laid off, which will translate to more than $700 thousand in annualized labour and associated cost savings.
"Although precipitated by working capital concerns, we have reached a point in our development where our core product offering, MERLIN, is in a very stable place, and the need for further rapid development is behind us," said Memex CEO David McPhail. "In addition, we have internally introduced implementation tools which will allow our customer service team to become more efficient with product deployment. Reaching this inflection point has provided us the opportunity to streamline our entire operation, shedding overall operating costs, primarily labour, and allowing us to streamline our effort towards becoming more competitive going forward."
David went on to explain "These changes will have an immediately positive affect on cash flows and our bottom line and moves Memex closer to self-sustained operations. With Q2 all but in the books, the effects of these changes won't become evident to shareholders until the release of our third quarter results."