4 Sep 2019 07:00
4 September 2019
LightwaveRF plc
(AIM: LWRF)
Inventory finance facility with Exertis Supply Chain Services Ltd ("ESCS")
Further to its announcement of 16 August 2019, LightwaveRF plc (the "Company") has signed an agreement with ESCS to provide funding for its current inventory and new stock purchases up to the value of 65 per cent. of the Company's stock holding. The agreement, which will be phased in over the next four months, will provide for an initial purchase of £200,000 of the Company's stock holding and an additional facility of £450,000 of working capital funding.
Jason Elliott, CEO of the Company, commented "This facility will help the Company better manage its working capital as well as improve the terms of, and reduce the costs in, its supply chain."
For further information:
LightwaveRF plc Jason Elliott, CEO Kevin Edwards, CFO | www.lightwaveRF.com +44 (0) 121 250 3625 |
Shore Capital Tom Griffiths/David Coaten | www.shorecap.co.uk +44 (0) 20 7408 4090 |
Yellow Jersey PR Charles Goodwin/Annabel Atkins | www.yellowjerseypr.com +44 (0) 7747 788 221 |
About Lightwave RF plc
LightwaveRF plc is the UK's only fully integrated home automation company.
New customers typically buy a starter pack of Link Plus hub and smart dimmer which has Apple HomeKit compatibility, 2-way communication and built-in energy monitoring. Later adding other easy to install devices from the Lightwave range enables further in-home control, monitoring and automation of lighting, heating and power.
Devices may be operated manually, by smartphone or tablet-based apps and also through Google Assistant and Amazon Alexa voice control.
About Exertis & Exertis Supply Chain Services (ESCS)
Exertis is the "Technology" division of DCC plc (www.dcc.ie), and is a leading technology sales, marketing, distribution and supply chain services business. Exertis has operations in UK, Ireland, France, Sweden, Germany, Netherlands, Belgium, Dubai, Spain, China, Poland, the United States and Canada. It has annual revenues of £3.6bn (as at 31 Mar 2019) and employs ~3,800 people.
About DCC plc
DCC plc is an international sales, marketing, distribution and business support services group headquartered in Dublin with operations principally in Britain, Continental Europe, North America and Ireland. In its last financial year ended 31 March 2019, DCC generated revenue of £15 billion from continuing operations and operating profit of £460 million and currently employs over 12,500 people in 17 countries. DCC's shares are listed on the London Stock Exchange and are included in the FTSE 100 Index.