TIDMVRS
RNS Number : 3688N
Versarien PLC
24 September 2019
24 September 2019
Versarien plc
("Versarien" or the "Company")
AGM Statement
Versarien Plc (AIM: VRS), the advanced materials engineering
group, is today holding its Annual General Meeting ("AGM") at 11am
at the offices of Gloucester Rugby, at Kingsholm Stadium, Kingsholm
Road, Kingsholm, Gloucester, GL1 3AX.
At today's AGM the Company's Executive Chairman and CEO, Neill
Ricketts, will make the following statement:
I am pleased to report that the Company has continued to make
significant progress since the release of our annual results on 17
July 2019, in particular with a number of our collaborations and
our activities in China.
As reported on the 26 July 2019, the Company had signed a Letter
of Intent with its Asian based textile partner. I can confirm that
advanced discussions have now been held with the intent to sign a
formal commercial partnership in the near future. In addition, a
year-long trial of a new graphene delivery method into textiles at
Leeds University has now been successfully completed, with results
which show significant improvements in tensile strength and thermal
conductivity through the addition of our graphene. This development
will allow us to expedite further commercial trials in both
consumer and industrial textile applications with our current
partners in these sectors.
We are also trialling a new grade of concrete at the Graphene
Engineering Innovation Centre and at a civil engineering institute
featuring a graphene based material. These trials form part of our
collaboration agreement with AECOM, along with a further four
projects in China and the Middle East.
Our other collaborations that we outlined in the annual report
continue to progress in line with the Company's expectations.
In China, the Versarien and Beijing Institute of Graphene
Technology Co. Ltd ("BIGT") teams have been working together to
progress the terms of the planned partnership announced on 15 April
2019. In particular:
-- BIGT has assisted Versarien in successfully setting up a
wholly foreign owned enterprise (WFOE) with a registered office in
Beijing;
-- BIGT has secured the endorsement and support of provincial
Chinese governments for the project, including the China
International Industry Graphene Union ("CIGIU", which was
established as part of 'Made in China 2025 ' and 'the 13th
Five-year Plan' and partners with BIGT with the objective of
establishing 'China Graphene Manufacturing' at a national
level);
-- Incubation and factory facilities within preferred key
strategic provinces are currently being discussed for final
consideration; and
-- BIGT continues to work towards the purchase of up to 15% of
Versarien's share capital through the issue of new shares to BIGT,
but BIGT acknowledges Versarien's desire to also offer shares to
institutions and private investors at the same time as any
investment by BIGT.
The strategy agreed between BIGT and Versarien is to create an
incubation hub in Beijing in partnership with the Chinese
Government's Administrative Committee of Beijing Petrochemical New
Materials Science and Technology Industry Base, Versarien and CIGIU
in return for access to a funded science park, access to a pipeline
of projects and to locate a factory in a funded Sino-British
industrial park within Shangdong Province.
BIGT continues to work with the Director General of the Beijing
Municipal Bureau of Economy and IT. The Director General of the
Beijing Municipal Bureau of Economy and IT has provided the
following statement to the Company:
"The collaboration between Versarien, BIGT, CIGIU and the
Beijing Government is completely aligned with the industrial
strategic positioning and trend. We will lend our full support,
without hesitation. We will also liaise with other Beijing
Government Departments and the Beijing District Government to
progress this initiative. Throughout the process we will carefully
plan the deal structure and conditions and the IP matters. In
conclusion we have no problem in supporting this
collaboration."
Whilst the Versarien Board wishes to conclude a deal in China as
soon as reasonably possible, it re-iterates its position that it
will only do so if it is in the best interests of the Company's
shareholders, The negotiations, whilst protracted, are with the
objective of establishing a long-term and significant partnership
between Versarien and BIGT in China.
Enquiries:
Versarien
Neill Ricketts, CEO
Chris Leigh, CFO +44 (0)1242 269122
Canaccord Genuity (Nominated Adviser
and Joint Broker)
Bobbie Hilliam +44 (0)20 7523 8000
Berenberg (Joint Broker)
Mark Whitmore
Simon Cardron +44 (0) 20 3207 7800
IFC Advisory (Financial PR and IR)
Tim Metcalfe
Graham Herring
Florence Chandler +44 (0)20 3934 6630
About Versarien
Versarien plc (AIM:VRS), is an advanced engineering materials
group. Leveraging proprietary technology, the Group creates
innovative engineering solutions for its clients in a diverse range
of industries. Versarien has six subsidiaries operating under two
divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation
and early stage development of graphene products.
www.2-dtech.com
AAC Cyroma Limited, which specialises in the supply of
vacuum-formed and injection-moulded products to the automotive,
construction, utilities and retail industry sectors. Using
Versarien's existing graphene manufacturing capabilities, AAC will
have the ability to produce graphene-enhanced plastic products.
www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on
graphene and related materials, using patented processes to develop
graphene materials technology. www.cambridgegraphene.com
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid,
Spain, is a company capable of utilising Versarien's graphene
products in an environmentally friendly, scalable production
process for energy storage devices that offer high power density,
almost instant recharging and very long lifetimes for use in
electrical vehicles and portable electronics products.
www.gnanomat.com
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process
for creating advanced micro-porous metals targeting the thermal
management industry and supplies extruded aluminium.
www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered
tungsten carbide for applications in arduous environments such as
the oil and gas industry. www.totalcarbide.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
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