Last checked at 10 Feb 2020 07:00
10 February 2020
Versarien plc
("Versarien", or the "Company")
Response to share price movement
Versarien plc (AIM: VRS), the advanced materials engineering group, notes the recent reduction in the Company's share price and confirms that it is not aware of any material basis for the decline.
The Company reaffirms that, in line with the interim statement released on 12 December 2019, it remains focused on its graphene commercialisation strategy and the projects with its commercial partners, prioritising those that it deems most likely to produce near-term revenue streams.
The Company continues to provide funding to Gnanomat S.L. ("Gnanomat"), its 62% owned subsidiary, as necessary, to ensure its continued development. Since acquisition, Gnanomat has sought to control its costs whilst still developing its technology, which has allowed Versarien to vary the initially envisaged intra-group loan as previously disclosed on 25 September 2018. Versarien now expects to provide a loan of €300,000 this month to Gnanomat and continue to fund the working capital of Gnanomat, as it does for its other graphene technology businesses.
The Company can also confirm that as at 31 January 2020, its cash at bank was £1.53 million and the available cash from its banking facilities was £0.72 million; a total of £2.25 million available to the Company.
Enquiries:
Versarien Neill Ricketts, CEO Chris Leigh, CFO | +44 (0)1242 269 122 |
Canaccord Genuity (Nominated Adviser and Broker) Bobbie Hilliam | +44 (0)20 7523 8000 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring | +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 seven subsidiaries operating under two divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. 2-DTech is based at the Graphene Innovation Engineering Centre, a £60 million facility set up to work in collaboration with industry partners to create, test and optimise new concepts for the delivery of graphene to the market. 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 has 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, fast recharging and very long lifetimes for use in electrical vehicles and portable electronics products. www.gnanomat.com
Versarien Graphene Inc - based in Texas, is the recently incorporated sales business for the UK's graphene products.
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