Last checked at 19 Nov 2018 07:00
Versarien plc
("Versarien" or the "Company")
Planned Jinan Manufacturing Centre Update
Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that, further to the announcement made on 15 January 2018, it has entered into a Memorandum of Understanding ("MOU") with Jinan High-tech Financial Investment Co., Ltd ("JHFI") in connection with the Company's ongoing plans to establish a manufacturing centre in the Jinan Innovation Zone, Shandong Province, China.
The MOU covers the plans for Versarien and JHFI, together with other parties in China as may be agreed, to establish a joint venture for the manufacture and sale of the Company's Nanene, Graphinks and other related graphene products in Jinan. Subject to the satisfactory completion of negotiations it is envisaged that JHFI will provide funding for the venture in a structure to be agreed.
The MOU, signed by Li Hao, Chairman of JHFI, included the following statement: "JHFI specially organised experts to hold a demonstration meeting with regard to graphene project. Experts at the demonstration meeting consider that the graphene technology of Versarien has certain world leading position and can be introduced in China to strenghten technical co-operation between China and the UK".
Neill Ricketts, CEO of Versarien, commented: "We are very pleased to be making progress in establishing a Chinese graphene manufacturing base for Versarien in Jinan and I am very grateful for the significant support we are continuing to receive from both Chinese governmental and industrial parties.
"Before entering into this MOU JHFI have undertaken significant analysis of our graphene products and we are delighted to note that they consider them to be world leading.
"It is not intended that this will be our sole base in China, as the Chinese opportunity is so large, but our planned venture in Jinan is intended to form the centre of the "Qilu* Graphene Valley" and pave the way to Versarien establishing a world class base in the Asian region.
"We are continuing detailed discussions with a number of other parties in China and assessing opportunities in other countries across the world. It is important for us to have facilities close to manufacturing centres worldwide and we will continue to pursue this strategy. I look forward to providing further updates as matters progress."
* Qilu is the ancient name for Shandong Province, of which Jinan is the capital city
Enquiries:
Versarien Neill Ricketts, CEO Chris Leigh, CFO | 01242 269 122 |
Arden Partners (Nominated Adviser and Broker) John Llewellyn-Lloyd Dan Gee-Summons | 020 7614 5900 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong | 020 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