Traffic Technologies Ltd (ASX: $TTI) placement and director appointment announcement

Traffic Technologies Ltd (ASX: $TTI) has announced a placement of approximately 113.65 million new shares to Great Harvest Pty Ltd, raising $704,633.27 before expenses. The new shares will be issued at $0.0062 per share, with settlement scheduled for 27 March 2024. The company intends to utilize the funds for working capital, cost reduction, and reorganization purposes. Additionally, Mr Youmin (Peter) Wu, Managing Director of Centreland Group, has been invited to join the Board as a non-executive director upon the successful completion of the placement.

Executive Commentary

The Board of TTI is pleased to announce the placement of new shares to Great Harvest Pty Ltd, which will provide the necessary funding to support our ongoing projects and strategic objectives. We are also delighted to welcome Mr Youmin (Peter) Wu to the Board as a non-executive director, bringing with him extensive experience in property investment and development, which will be invaluable to our future endeavors.

Summary

Traffic Technologies Ltd (ASX: $TTI) has successfully completed a placement of approximately 113.65 million new shares to Great Harvest Pty Ltd, raising $704,633.27. The funds raised will be used for working capital, cost reduction, and reorganization purposes, aligning with the company's strategic objectives. The appointment of Mr Youmin (Peter) Wu as a non-executive director further strengthens the Board with his wealth of experience in property investment and development. The company looks forward to leveraging these developments to drive continued growth and success in its operations.