News

Timestrip has raised more money than it needs to continue operations, following its announcement last month that it urgently needed to raise funds before it ran out of cash at the end of May.

The Hertfordshire-based firm, which makes smart labels for packaging, has raised net proceeds of £1.02m through a share issue of nearly 54 million new ordinary shares.

In April, the firm said it would arrange an equity placing on the Alternative Investment Market after revealing it had only £440,000 in cash in March.

Timestrip joint chief executive Reuben Isbitsky said future sales would determine how long the money would support the firm.

Timestrip said it was in negotiations with third parties over new contract wins and companies wishing to license the technology to serve local markets.

The US is Timestrip's biggest and most developed market for licenses, according to Isbitsky. It is also exploring manufacturing and licensing in the Far East.

Timestrip is to start live trials of its smart labelling system in selected Nando's restaurants in South Africa.

Trials will start imminently in around 30 stores in the Western Cape region to quantify savings that can be achieved by reducing waste and to assess the label's food safety benefits.