RM2 International SA Financial Position Update (5208E)

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:

 
                                     [phone] 
 RM2 International S.A.                        9571 
 Kevin Mazula, Chief Executive 
  Officer 
  Jean-Francois Blouvac, Chief 
  Financial Officer 
 
 Strand Hanson Limited (Nominated    [phone] 
  & Financial Adviser and Broker)              3494 
 James Spinney 
  Ritchie Balmer 
  James Bellman 
 
                                     [phone] 
 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

MSCLFLLFVLFLBBE

(END) Dow Jones Newswires

February 12, 2018 02:00 ET (07:00 GMT)