Versarien Share News (VRS)

(Sharecast News) - Versarien on Thursday signed a Letter of Intent (LOI) with Tunghsu Optoelectronic Technology Ltd to further progress the relationship between the two companies and move towards establishing a joint-venture.The LOI, which follows a Memorandum of Understanding the parties entered into back in November, details the parties' desire to work together to develop and manufacture new generation graphene heaters based on the micro-flow graphene ink technology from Versarien's subsidiary Cambridge Graphene Limited.The AIM listed outfit said the LOI also expresses a desire to jointly develop other products utilising a variety of Versarien's 2d materials, including graphene-enhanced sports equipment and smart wearable devices.Neill Ricketts, chief executive of Versarien, said: "We are very pleased that our relationship with Tunghsu Optoelectronic has moved to the next stage with the signing of this LOI. We have been working closely with Tunghsu Optoelectronic since November last year and we look forward to progressing our research and development activities with them with a view to ultimately establishing a joint manufacturing capability in China."Versarien and Tunghsu Optoelectronic will establish a joint implementation committee, composed of three members from each party, to progress the plans envisaged by the LOI, with a view to ultimately entering into manufacturing joint venture."Tunghsu Optoelectronic is a leading global enterprise and we are delighted that they have recognised the quality of our graphene and wish to deepen their relationship with Versarien. We are also making good progress with our other collaborations in China and elsewhere," said Ricketts.Versarien's shares were up 1.12% at 96.07p at 1259 GMT.