Business
RM2 International, Inc. Appointment of Executive Officers Insourcing of Production Completion of Financing
RM2 International, Inc. Appointment of Executive Officers Insourcing of Production Completion of Financing.
About this update from Rm2 International, Inc.
[{"type":"text","content":"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 wi...