The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Financial Position Update

12 Feb 2018 07:00

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:

 

RM2 International S.A.

+44 (0)20 7638 9571

Kevin Mazula, Chief Executive Officer

Jean-Francois Blouvac, Chief Financial Officer

Strand Hanson Limited (Nominated & Financial Adviser and Broker)

+44 (0)20 7409 3494

James Spinney

Ritchie Balmer

James Bellman

Citigate Dewe Rogerson

+44 (0)20 7638 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
 
 
MSCLFLLFVLFLBBE

Related Shares

Back to RNS

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.