Leader of the smart pallet revolution, RM2 International Inc (OTC:RMTO), announced the appointment of Wayne Cochran as the Chief Operating Officer and Ross Staffel as the Chief Financial Officer. The company harnesses autonomous IoT sensor technology in eco-friendly and logistically-optimized composite pallets.
Ross has a robust background in finance for complex logistics and manufacturing operations, with an eye for process improvement and experience in large corporations and entrepreneurial ventures. With an MBA from Texas Christian University, Ross also has a BA from the University of Colorado, Boulder.
On the other hand, Wayne has shown achievement in operational execution, manufacturing operations, P&L ownership, new product introduction, technology development as well as programs with supply chains across geographies. He has an MBA from Arizona State University’s WP Carey School of Business as well as BSEE from Missouri University of Science and Technology.
Kevin Mazula, CEO of RM2 welcomed the energy and talent of the two people to the management team. Mazula further stated that the appointments reinforce the robust team and will give extra expertise and capacity as the company enters a well-capitalized growth phase.
The company also announced that it aims to augment efficiency and monitor the production of IoT-enabled BLOCKPals. It entered into a Transition Agreement with Jabil Inc for insourcing manufacturing of pallets, done by Jabil for six years. RM2 is having an assumption that lease for production and existing staff to ensure uninterrupted production of pallets.
RM2 forayed into a secured credit agreement with Orion Infrastructure Capital giving about $150 million for financing the production of pallets. The company drew an initial loan of $45 million, where the firm issued to OIC an initial tranche of 3,447,256 penny warrants.
RM2 International Inc announced a strategic partnership with Orion Infrastructure Capital for expanding RM2’s pallet pooling fleet. The investment was done from OIC’s Credit Opportunities Fund III, which would give about $150 million for furthering RM2’s U.S. pallet pooling operations.RM2 has deployed proprietary, trackable composite pallet in a leasing model with customers across North America. Kevin Mazula, CEO of RM2 expressed delight in announcing the strategic partnership with OIC and is excited about working with the team for expansion. Mazula added that the capital given by OIC will ensure rapid growth at RM2, supporting the loyal customer base, and giving RM2’s clean and technology-driven solution for fundamental elements in the supply chain.RM2’s end users and customers include beverage and food companies besides big box retailers valuing RM2’s hygienic and trackable product offering.
Ethan Shoemaker, Investment Partner and Head of Infra Credit at OIC said the company is thrilled on partnering RM2. Shoemaker added that partnership supports OIC’s goal to champion innovative infrastructure through investment partnerships. He further stated that the company can thank RM2 for partnering with OIC.