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HOME arrow Manufacturing arrow Timestrip surges after unveiling WD-40 as heavyweight customer arrow Registration
Timestrip surges after unveiling WD-40 as heavyweight customer
Written by Lautaro Vargas   
Thursday, 08 May 2008

Timestrips monitor how long a product has been open or how long it has been in use
Timestrips monitor how long a product has been open or how long it has been in use
Timestrip, has revealed that WD-40 Company, the firm behind the famous brand lubricant, is the mystery global consumer products company that placed a January order for integration of Timestrip's smart label technology into a new mass-market product.

Shares in the Hitchin firm rose 10 per cent to 2.75p, reversing the 8.7 per cent decline incurred two days previous when it announced it would need a shares subscription to raise £1.16m and generate enough cash flow for the immediate future.

Timestrip said that initial shipments of the order from WD-40 will commence shortly in preparation for their new product launch. WD-40 has also confirmed that Timestrip smart labels will feature on two additional products within the new range, one of which is an industrial application.

Timestrips are patented disposable smart labels that monitor how long a product has been open or how long it has been in use.

Paul Checklin, senior director of Global Sourcing, WD-40 Company, said: “We thoroughly researched the market for an effective technology to help communicate instructions on usage periods to our customers.

“Timestrip smart labels are very effective both in terms of cost and functionality and our adoption of this technology reinforces our position as a global brand leader.”

Joint chief executive at Timestip, Reuben Isbitsky, said: “We are delighted to officially announce WD-40 Company as our client, adding yet another blue chip global brand to our portfolio of customers who have adopted our unique smart label technology.”

The 53.8m new ordinary shares resulting from the subscription account for approximately 17 per cent of the company’s issued share capital. At a price of 2.16p, the shares represent a discount of 25 per cent to the closing middle market price on 2 May. The net proceeds will be £1.024m.

Timestrip recently announced the need for fundraising as despite some material contract wins, it was not generating sufficient cash flow. These new funds will be used to fund operations while the company looks to secure new contracts and IP license deals over the coming months.

Timestrip, whose shares have fallen 65 per cent over the last 12 months, said it would announce the deal’s effect on future revenues in due course.
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