RM2 International SA Financial Position Update (5208E)
12 February 2018 - 6:00PM
UK Regulatory
TIDMRM2
RNS Number : 5208E
RM2 International SA
12 February 2018
12 February 2018
RM2 International S.A.
Financial Position Update
RM2 International S.A. ("RM2" or the "Company"), the sustainable
pallet innovator, provides the following update on its financial
position.
The Company announced on 19 January 2018 that it estimated its
cash balance at the end of January 2018 would be approximately $2.0
million and that it would have sufficient cash to continue
operating through the third week of February 2018.
The Company is now pleased to report that, based on the
information known to it today, as a result of collection of
receipts from debtors as well as continued careful cash management
and cost reduction measures, the Company has sufficient cash to
continue operating through the first third of the month of March,
although this could vary depending upon the outcome of ongoing
discussions with third parties, including manufacturing partners
and alternative sources of financing.
The Company remains committed to further reducing its overheads
and continues its efforts to monetize certain non-core assets where
possible.
Trials of the Company's ELIoT smart pallet continue to elicit
positive feedback from customers. RM2's active pallet tracking
system has demonstrated to customers how they can rapidly increase
supply chain efficiencies. Pallet losses are reduced through the
swift identification of pallets that have exited their authorized
supply chain locations. This has enabled customers to quickly
recover those pallets. Equally importantly, active pallet tracking
has enabled customers to identify the root cause of pallet leakage
and thereby eliminate further losses.
The Company continues its discussions with potential funding
partners, strategic investors and customers in order to progress
the business. The Company continues to take appropriate advice as
it explores the financial and strategic alternatives available to
it. The Company will provide further updates as and when
appropriate.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information:
+44 (0)20 7638
RM2 International S.A. 9571
Kevin Mazula, Chief Executive
Officer
Jean-Francois Blouvac, Chief
Financial Officer
Strand Hanson Limited (Nominated +44 (0)20 7409
& Financial Adviser and Broker) 3494
James Spinney
Ritchie Balmer
James Bellman
+44 (0)20 7638
Citigate Dewe Rogerson 9571
Simon Rigby
Ellen Wilton
Notes to Editors
RM2 International S.A. specialises in pallet development,
manufacture, supply and management to establish a leading presence
in global pallet supply and improve the supply chain of
manufacturing and distribution businesses through the effective and
efficient use and management of composite pallets. It is quoted on
the AIM market of the London Stock Exchange under the symbol RM2.L.
For further information, please visit www.rm2.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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