Millepede receives capital injection

FLEXIBLE tie strip producer Millepede International has successfully completed a $644,000 capital raising to boost its production capability. Proceeds from the placement by the listed, Perth-based Millipede of 4.6 million shares at 14 cents each will be used to build two new production tools to manufacture its Mille-Tie product range in response to significantly higher demand globally. The Mille-Tie is a self-adjusting, soft plastic tie used to bundle electronic wiring and overcomes a major industry problem associated with the compression of wiring, and resulting loss of bandwidth. Millepede chairman Glenn Tetley said the new tooling equipment would be located in the US and the UK to meet emerging demand and increase to six the number of production sites now producing the product range.

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