Supply @ME Capital PLC Update on first Inventory Monetisation Transaction (2255U)
July 29 2022 - 2:00AM
UK Regulatory
TIDMSYME
RNS Number : 2255U
Supply @ME Capital PLC
29 July 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED
KINGDOM DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU
EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR)
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
29 July 2022
Supply@ME Capital plc
(The "Company" or "SYME")
Update on inaugural Inventory Monetisation(c) transaction
Supply@ME Capital plc, the fintech business which provides an
innovative Platform for use by manufacturing and trading companies
to access Inventory Monetisation(c) solutions enabling their
businesses to generate cashflow, is pleased to update the market
with reference to the execution of the first official Inventory
Monetisation ("IM") transaction.
This follows the announcement made by the Company on 28 June
related to the strategic alliance ("Agreement") signed with VeChain
Foundation[1] ("VeChain") aimed at launching the Web3[2] stream and
funding up to USD $10m of IM transactions, leveraging the minting
of dedicated Non-Fungible Tokens ("NFT") directly subscribed by
VeChain.
SYME and VeChain worked closely in July to design the
integration processes between their respective platforms. As of
today, the IM transaction is in the final stage of its completion
which will involve the coordination of the formal signing process
of the following Parties:
-- the Stock (trading) Company, as per the SYME Business Model
Canvas outlined in the Company's Annual Report and Accounts for the
year ended 31 December 2021, which will sign the commercial
agreements with the Client Company to execute the IM
transaction;
-- VeChain Foundation, who in turn, signs the NFT purchase
agreement with the Stock (trading) Company, in accordance with the
binding commitment provided within the Agreement; and
-- finally, the Company's Italian operating subsidiaries which
sign the necessary service agreements with the Stock (trading)
Company.
All Parties are fully committed to the formal completion of the
IM transaction, following each parties final internal approval
process which, with reference to the Client Company (a global
manufacturer), is planned for next week.
The Company will provide further updates in due course,
including details regarding the revenue impact of the IM
transaction executed.
For the purposes of UK MAR, the person responsible for arranging
release of this announcement on behalf of SYME is Alessandro
Zamboni, CEO.
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
Chris Wimpress, Cicero/AMO, +44 (0)79 7013 7527,
chris.wimpress@cicero-group.com
Ed Saunders, Cicero/AMO, +44 (0)75 1017 4541,
Edward.saunders@cicero-group.com
Notes
Supply@ME Capital PLC and its operating subsidiaries (together
the "Group") provide an innovative fintech platform (the
"Platform") for use by manufacturing and trading companies to
access inventory trade solutions enabling their businesses to
generate cashflow, via a non-credit approach and without incurring
debt. This is achieved by their existing eligible inventory being
added to the Platform and then monetised via purchase by third
party Inventory Funders. The inventory to be monetised can include
warehouse goods waiting to be sold to end-customers or goods/
commodities that are part of a typical import/ export transaction.
SYME announced in August 2021 the launch of a global Inventory
Monetisation programme which will be focused on both inventory in
transit monetisation and warehoused goods monetisation. This
programme will be focused on creditworthy companies and not those
in distress or otherwise seeking to monetise illiquid
inventories.
[1] https://www.vechain.org/.
[2] According to Messari report "Crypto theses 2022", crypto, or
the recently en vogue "Web3", is an unstoppable force in the
long-term. Web3 is an all-encompassing term that captures
cryptocurrencies (digital gold & stablecoins), smart contract
computing (Layer 1-2 platforms), decentralized hardware
infrastructure (video, storage, sensors, etc), Non-Fungible Tokens
(digital ID & property rights), DeFi (financial services to
swap and collateralize web3 assets), the Metaverse (the digital
commons built in game-like environments), and community governance
(DAOs, or decentralized autonomous organizations).
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