Last checked at 14 Mar 2019 07:00
14 March 2019
Versarien plc
("Versarien" or the "Company")
LOI with Tunghsu Optoelectronic
Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that it has signed a Letter of Intent ("LOI") with Tunghsu Optoelectronic Technology Ltd. ("Tunghsu Optoelectronic") to further progress the relationship between the parties. This LOI follows the Memorandum of Understanding Versarien entered into with Tunghsu Optoelectronic as announced on 7 November 2018.
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, although there can be no guarantee that this outcome will ultimately be achieved.
The LOI details the parties desire to work together to develop and manufacture in China new generation graphene heaters based on the micro-flow graphene ink technology from Versarien's subsidiary Cambridge Graphene Limited. The LOI additionally details the party's intention to jointly develop other products utilising a variety of Versarien's 2d materials, including graphene-enhanced sports equipment and smart wearable devices.
Neill Ricketts, CEO of Versarien, commented: "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.
"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. I look forward to providing further updates in due course."
Enquiries:
Versarien Neill Ricketts, CEO Chris Leigh, CFO | +44 (0)1242 269 122 |
Canaccord Genuity (Nominated Adviser and Broker) Bobbie Hilliam Emma Gabriel | +44 (0)20 7523 8000 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong | +44(0)20 3934 6630
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About Tunghsu Optoelectronic
Tunghsu Optoelectronic is one of the world's leading suppliers of optoelectronic display materials. It is currently the largest LCD glass substrate manufacturer in China and the fourth largest LCD glass substrate manufacturer in the world. In addition, Tunghsu Optoelectronic is engaged in other areas, including the manufacturing of new energy vehicles, the industrialisation and applications of graphene, as well as high-end equipment manufacturing. It is listed on the Shenzhen Stock Exchange (000413.SZ) and is part of the wider Tunghsu Group, which has over 200 wholly-owned or controlled subsidiaries, including three listed companies; Tunghsu Optoelectronic, Tunghsu Sky (000040.SZ) and Challenge (002486.SZ).
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