Last checked at 11 Jan 2021 07:00
11 January 2021
Supply@ME Capital plc
(The "Company" or "SYME")
UAE updates: Co-operation agreement with Lenovo Financial Services META LLC
Supply@ME Capital plc, the innovative fintech platform which provides the Inventory Monetisation© service to manufacturing and trading companies, is pleased to announce that it has entered into an agreement with Lenovo Financial Services META LLC ("LFS")[1].
The SYME Platform will be positioned as an alternative solution to compliment LFS's existing vendor programme offerings to their network of customers in the Middle East, Turkey and Africa region (excluding South Africa) ("META").
The purpose of the co-operation agreement, made with the strategic support of iMASS, is to deliver a dedicated inventory monetisation programme to LFS's customers which may also allow them to evaluate the opportunity to adopt the upcoming Shari'a version of the Platform.
Commenting on the new alliance, Supply@ME Capital plc Chief Executive, Alessandro Zamboni said: "The signing of this agreement is an important milestone in the Company's development within the wider META geography and is further proof of the scalability of SYME's business model; it also re-affirms the importance of the Platform in supporting the working capital needs of Companies and their supply chain partners, helping to optimise days in inventory[2] even given the current unprecedented global economic challenges.
"This agreement moves SYME a step closer towards its goal of becoming a global inventory monetisation provider. Our partner, LFS, is recognised as market leader in its industry and provides expertise across a qualified network in the META region, a strong base to foster our inventory monetisation Platform. We are delighted to be working closely with them".
John Knibbs, Managing Director of LFS, added: "This agreement demonstrates our commitment to providing our customers the widest vendor funding experience possible and we believe that it will allow us to enhance our existing offerings to meet the ever-changing needs of our customers without placing debt on their balance sheet".
Notes
Supply@ME enables businesses to generate cashflow, without incurring debt, by monetising their existing stock. Before a business has found an end-customer for its inventory, the Supply@ME platform enables them to sell ("monetise") their stock and receive cash immediately to boost their working capital. The Supply@ME service enables strong companies to improve their working capital cycle. SYME does not monetise inventory for companies in financial difficulty or with inventory that they are struggling to sell.
[1] https://lenovofinancialservicesmeta.com/.
[2] Also knows as "Days Inventory Held" (or similar definitions), it is a financial ratio that indicates the average time in days that a company takes to turn its inventory, including goods that are a work in progress, into sales.
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc, investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780; paul.vann@walbrookpr.com
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317