Neos Joint Venture
Titomic signed a Joint Venture agreement with Neos International Limited (Neos International) in June, 2022. Neos International is part of the UK Neos Group of companies, which has had an administrator appointed. Neos International has also had an administrator appointed and Titomic has written to this administrator to understand the future situation for Titomic and Neos International in relation to the Joint Venture, with no reply yet received. Titomic does not have any assets or investments that will need to be written off as a result.
The commercial viability of Titomic Kinetic Fusion’s capabilities pertaining to tooling manufacture remains strong. Titomic has begun conversations with a separate UK-based manufacturer of tooling and moulds to further explore tooling production in the UK.
TTT Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
