The use of emerging memristor materials for advanced electrical devices such as multi-valued logic is expected to outperform today's binary logic digital technologies. We show here an example for such non-binary device with the design of a multi-bit memory. While conventional memory cells can store only 1 bit, memristors-based multi-bit cells can store more information within single device thus increasing the information storage density. Such devices can potentially utilize the non-linear resistance of memristor materials for efficient information storage. We analyze the performance of such memory devices based on their expected variations in order to determine the viability of memristor-based multi-bit memory. A design of read/write scheme and a simple model for this cell, lay grounds for full integration of memristor multi-bit memory cell.