RemSense Technologies Limited announced the addition of major shareholders Richard Pace and John Clegg to its board.
These shareholders, along with another strategic investor, have invested an additional $400,000 in the company.
The strategic investor contributed $100,000 through an application for shortfall from a recent entitlements issue.
Directors are seeking to place the remaining balance of the previously announced shortfall.
Clegg and Mr. Pace provided loans of $50,000 and $250,000, respectively, to be converted into equity, pending shareholder approval.
RemSense is implementing a cost reduction program and developing an enhanced sales strategy.
Chairman Ross Taylor expressed confidence in the new directors' ability to contribute to RemSense's future success.
RemSense has developed "virtualplant," a high-resolution 3D photographic asset visualization platform that incorporates VR/AI technology for creating digital twins of assets and facilities.
"virtualplant" is designed to integrate with existing business operations and asset management systems to improve productivity, safety, and reduce costs.
This announcement is a summary of the company approved ASX announcement on 1/3/2024.