Label technology venture Timestrip is purchasing IMM’s listing in a £6.4 million transaction. 160 million new shares are being issued at 4p to fund the deal and a placing of up to £3 million will help ramp up sales, marketing, R&D and production activities. A starting market valuation of between £10-11 million appears likely.
Founded in Israel in 2000, Timestrip has developed an inexpensive technology that accurately measures lapsed time. In brief, its technology tells users of perishable food with a ‘once opened, use within’ date how long the item in question has been open.
Joint managing director Paul Freedman claims the technology has bags of applications in the food, catering, medical and pharmaceutical product markets. ‘It’s basically an inexpensive clock,’ he explains. ‘A commercial product has now been launched in the foodservice sector in the UK and we plan to expand rapidly through licensing out the manufacturing and distribution in key markets.’ The broker on AIM is Falcon Securities, with Beaumont Cornish signed on as adviser.
For more information visit: timestrip.com/