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RANGE INTERNATIONAL LIMITED Capital/Financing Update 2017
65662_rns_2017-12-10_dc41cb8a-80bc-44ef-81df-9850c1c87b2e.pdf
Capital/Financing Update
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ASX Announcement (ASX:RAN)
11 December 2017
Market Update
Range International Limited ('Range' or 'Company'), manufacturer of Re>Pal™ recycled plastic pallets, wishes to provide an update on the business and the progress of commissioning of the preprocessing system.
Raw Material Pre-Processing System
The commissioning of the Company's preprocessing system has encountered some challenges which are anticipated to delay the completion of commissioning until Q1 2018. The late commissioning of the preprocessing system will delay the expected optimisation of raw materials costs.
The pre-processing system is not integral to the proprietary processes of Range and pallet production is continuing during the commissioning process. Improvements have been made to the pallet production process which has increased manufacturing capacity by 50% since October.
Line Commissioning
The Company has commissioned seven production lines. A further three lines are onsite at the East Java facility.
Business Assessment
The Company's new executive team is undertaking a review of all aspects of the business as part of the Company's 2018 planning process. The review includes analysis of all input costs and the impact of higher raw material costs on the economics of all the Company's current orders: the large order to China, which was previously advised, is currently on stop due to non-payment issues.
The Company will keep the market informed of future developments as they are assessed, or no later than 31 January 2018.
Mark Daniel Chair
About Range International:
Range is a manufacturer of plastic pallets. Our ThermoFusion™ technology allows Range to make plastic pallets from 100% recycled plastic at a price that is competitive with wood pallets. Range currently has production lines operating in Indonesia and sells its pallets under the brand Re>Pal™. Range is scaling up its operations in Indonesia. In the medium term, the Company's goal is to establish a global production footprint and sales distribution network.
Media: [email protected]
Investor Relations: [email protected]