Real Time Measurements Inc. Moves to Sell Assets and Reorganize

Real Time Measurements Inc. has announced a significant shift in its business strategy by entering into an agreement to sell all its construction assets to ScarlettPL Tools Ltd., aiming to reinvigorate its financial and operational structure. This decision emerges as a strategic response to persistent challenges, including stagnant revenue and working capital deficiencies.

This transaction will see ScarlettPL Tools Ltd. acquiring assets from Real Time Measurements' downhole pressure gauge operation, integral to the oil and gas sector, for a sum of $200,000 (CDN). The completion of this sale, termed as the Vend-out Transaction, is contingent on several conditions, including approvals from the board of directors, shareholders, and regulatory bodies. Following the asset sale, the company plans substantial organizational changes, including a potential name change and board reconstitution.

Given the company's financial hurdles and limited market share in a mature industry, the board decided that exploring strategic alternatives was essential. The upcoming changes are envisioned to enhance shareholder value, with a special shareholders meeting scheduled for May 22, 2024, to discuss and vote on the transaction.