9th Mar 2018 09:49
LONDON (Alliance News) - Shares in RM2 International SA rose more than twofold on Friday as it said the sale of a non-core office building in Switzerland extended its cash resources to continue operating.
Shares in the smart pallet developer and supplier more than doubled to 2.50 pence on Friday.
The sale of the building, and the repayment of the related mortgage, has given RM2 net proceeds of USD2.0 million, extending the company's cash resources to continue operating through April.
RM2 International said it is continuing its transition to focus on internet of things technology in pallet applications, by entering new relationships with certain Fortune 500 companies, some of which are in the final trial phases, and servicing existing customers.
As a result, the company expects to report positive earnings before interest, tax, deprecation and amortisation in 2019.
In addition, the trials of RM2 ELIoT smart pallets have produced significantly positive results for customers' supply chains in the US. The tracking technology can communicate the exact location of pallets, reducing losses, spoilage, mishandling and theft, creating significant cost savings and supply chain efficiencies.
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