DELAND, FL / ACCESSWIRE / July 24, 2023 / RM2 International, Inc. ("RM2" or the "Company") (OTC Markets:RMTO), a leader of the smart pallet revolution with autonomous IoT sensor technology embedded in its logistically-optimized, hygienic and eco-friendly BLOCKPal composite pallets, is delighted to announce the appointment of Ross Staffel as its Chief Financial Officer and Wayne Cochran as its Chief Operating Officer.
Ross brings to RM2 a solid background in finance for complex manufacturing operations and logistics, with a keen eye for efficiency and process improvement and experience in both entrepreneurial and large corporations. Ross holds an MBA from Texas Christian University and a BA from the University of Colorado, Boulder.
Wayne has demonstrated achievement in business development and operational execution, P&L ownership, manufacturing operations, technology development, new product introduction and programs with complex supply chains across multiple geographies. Wayne holds an MBA from Arizona State University's WP Carey School of Business and a BSEE from the Missouri University of Science and Technology.
"I am pleased to welcome the talent and energy of Ross and Wayne to the RM2 management team," said Kevin Mazula, CEO of RM2. "These appointments reinforce our strong team and will provide additional expertise and capacity as we enter a substantial and well-capitalized growth phase."
RM2 also announces that with a view to increasing efficiency and monitoring more closely the production of its IoT-enabled BLOCKPals, it has entered into a Transition Agreement with Jabil Inc. to insource manufacturing of pallets which has been carried out by Jabil for the past six years. RM2 is assuming the lease for the production facility and the existing staff in order to ensure uninterrupted production of pallets.
On June 30, 2023, RM2 entered into a secured credit agreement with Orion Infrastructure Capital (OIC) providing for up to $150 million to finance the production of pallets. At the closing, RM2 drew an initial loan in the amount of $45 million (the "Initial Draw"). In connection with the Initial Draw, RM2 issued to OIC an initial tranche of 3,447,256 penny warrants. A further 3,447,256 penny warrants may be issued under the terms of the credit agreement, in conjunction with further drawdowns under the credit facility. In addition to the production of pallets to significantly increase the size of its pallet pool, the Initial Draw is being used to pay fees and expenses in connection with this facility and to repay a portion of outstanding bridge notes which had financed pallet production since early this year. Other bridge notes were converted to a total of 5,761,349 newly issued shares. A further 11,191,936 shares are subject to 10-year warrants with a strike price of $0.8935 per share that were issued in connection with the bridge notes. Upon completion of the new financing and giving effect to the transactions listed above, the outstanding share capital of the Company consists of 145,147,675 shares on a fully diluted basis, taking into account 108,219,820 issued shares, all warrants and employee stock options.
For further information:
RM2 International Inc. | |
Kevin Mazula, Chief Executive Officer |
Notes to Editors
RM2 International, Inc. is a sustainability-driven company with a strong focus on stakeholder interests, always dedicated to the highest ethical standards. RM2 supports customers during the transition to a circular economy through a pool of reusable, hazardous-chemical-free, logistically-efficient, lightweight, and durable BLOCKPal composite pallets. RM2's revolutionary approach includes embedded autonomous IoT sensor technology, enabling real-time data transmission and visibility into pallet location and condition without additional hardware or IT development. RM2's customers gain end-to-end visibility, actionable insights, and data on asset location, temperature, shock, and events, reducing loss and waste. Operating through a nationwide network of 30+ service facilities, RM2 issues, retrieves, and sanitizes over 1.5 million pallets annually, ensuring a cost-effective, scalable, and environmentally sustainable pallet pooling system. RM2 is quoted on the Pink Sheets of the OTC Markets under the symbol RMTO. For further information, please visit www.rm2.com
Forward Looking Statements
This release includes certain forward-looking statements and projections. Such statements are subject to risks and uncertainties that could cause results to differ materially from the Company's expectations. While the Company makes these statements in good faith, neither the Company nor its management can guarantee that anticipated future results will be achieved. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by its, whether as a result of new information, future events, or otherwise. All forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: RM2 International, Inc.
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