BURLINGTON, ON--(Marketwired - Jan 15, 2014) - Astrix Networks Inc., operating as Memex Automation (TSX VENTURE: OEE) ("Astrix," "Memex" or the "Company"), proposes to complete a non-brokered private placement of common shares and units to raise gross proceeds of up to $1,000,000 (the "Private Placement").
The Company may issue up to 6,028,357 common shares and up to 1,114,500 units at a price of $0.14 each. Each unit is comprised of one common share in the capital of the Company (a "Common Share") and one warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.145 per share at any time prior to 4:00 p.m. (Calgary time) on the date that is twenty-four months following the closing date of the Private Placement.
"Frost & Sullivan awarded MERLIN its 2013 Technology Innovation Leadership Award. Mazak, North America's largest original equipment manufacturer of machine tools, purchased MERLIN to manage its 800,000 square foot plant and now offers it on its price list. And Microsoft has picked MERLIN to be its mid-market ERP machine connectivity solution," said Dave McPhail, CEO of Memex Automation. "This has created a robust sales pipeline and additional funds are needed to capitalize on the rapidly expanding opportunity for MERLIN's ability to bring the industrial internet transformation from the shop floor to the top floor. Machine-to-machine (M2M) connectivity and plant-wide data intelligence is now a reality with MERLIN."
The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws. The Private Placement may close in one or more tranches. The closing of the Private Placement is subject to receipt of subscription agreements from suitable investors and receipt of TSX Venture Exchange approval.
About Memex Automation
Memex Automation is the leader of 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, machine by machine. For more information on MERLIN, please visit: www.memex.ca.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."