Supply @ME Capital PLC New Co-Operation Agreement (2071L)
January 11 2021 - 1:00AM
UK Regulatory
TIDMSYME
RNS Number : 2071L
Supply @ME Capital PLC
11 January 2021
11 January 2021
Supply@ME Capital plc
(The "Company" or "SYME")
UAE updates: Co-operation agreement with Lenovo Financial
Services META LLC
Supply@ME Capital plc, the innovative fintech platform which
provides the Inventory Monetisation(c) service to manufacturing and
trading companies, is pleased to announce that it has entered into
an agreement with Lenovo Financial Services META LLC ("LFS") [1]
.
The SYME Platform will be positioned as an alternative solution
to compliment LFS's existing vendor programme offerings to their
network of customers in the Middle East, Turkey and Africa region
(excluding South Africa) ("META").
The purpose of the co-operation agreement, made with the
strategic support of iMASS, is to deliver a dedicated inventory
monetisation programme to LFS's customers which may also allow them
to evaluate the opportunity to adopt the upcoming Shari'a version
of the Platform.
Commenting on the new alliance, Supply@ME Capital plc Chief
Executive, Alessandro Zamboni said: "The signing of this agreement
is an important milestone in the Company's development within the
wider META geography and is further proof of the scalability of
SYME's business model; it also re-affirms the importance of the
Platform in supporting the working capital needs of Companies and
their supply chain partners, helping to optimise days in inventory
[2] even given the current unprecedented global economic
challenges.
"This agreement moves SYME a step closer towards its goal of
becoming a global inventory monetisation provider. Our partner,
LFS, is recognised as market leader in its industry and provides
expertise across a qualified network in the META region, a strong
base to foster our inventory monetisation Platform. We are
delighted to be working closely with them".
John Knibbs, Managing Director of LFS, added: "This agreement
demonstrates our commitment to providing our customers the widest
vendor funding experience possible and we believe that it will
allow us to enhance our existing offerings to meet the
ever-changing needs of our customers without placing debt on their
balance sheet".
Notes
Supply@ME enables businesses to generate cashflow, without
incurring debt, by monetising their existing stock. Before a
business has found an end-customer for its inventory, the Supply@ME
platform enables them to sell ("monetise") their stock and receive
cash immediately to boost their working capital. The Supply@ME
service enables strong companies to improve their working capital
cycle. SYME does not monetise inventory for companies in financial
difficulty or with inventory that they are struggling to sell.
[1] https://lenovofinancialservicesmeta.com/.
[2] Also knows as "Days Inventory Held" (or similar
definitions), it is a financial ratio that indicates the average
time in days that a company takes to turn its inventory, including
goods that are a work in progress, into sales.
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
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
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END
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