Business
Update on first Inventory Monetisation Transaction
Update on first Inventory Monetisation Transaction.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n \n 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.\n \n \n \n \n \n \n \n \n 29 July 2022\n \n \n \n \n \n \n \n \n Supply@ME Capital plc\n \n \n \n (The \"Company\" or \"SYME\")\n \n \n \n Update on inaugural Inventory Monetisation© transaction\n \n \n \n \n \n \n \n \n Supply@ME Capital plc, the fintech business which provides an innovative Platform for use by manufacturing and trading companies to access Inventory Monetisation© 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.\n \n \n 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.\n \n \n 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:\n \n \n ·\n 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;\n \n \n ·\n 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\n \n \n ·\n finally, the Company's Italian operating subsidiaries which sign the necessary service agreements with the Stock (trading) Company.\n \n \n All Parties are fully committed to the formal completion of the IM transaction, following each parties final internal approval process which, with refe...