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27 Nov 2019 07:00
27 November 2019
Versarien plc
("Versarien" or the "Company")
Textile Commercial Partnership Agreement
Versarien Plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that it has signed a Commercial Partnership Agreement (the "Agreement') with the Company's textile sector collaboration partner, MAS Innovation (Private) Limited ("Twinery - Innovations by MAS"). The Agreement follows the Letter of Intent between the parties, announced on 26 July 2019, which set out the intent of both parties to enter into a formal commercial partnership.
Twinery - Innovations by MAS is part of MAS Holdings (together "MAS"), a holding company for a portfolio of businesses with a combined revenue of c.US$ 2 billion which are positioned as one of the world's most recognised design to delivery solution providers in apparel and textile manufacturing. MAS is also the largest apparel and textile manufacturer in South Asia. MAS Holdings is headquartered in Sri Lanka and has 53 manufacturing facilities across 16 countries, with design locations placed in key style centres across the globe and over 99,000 people involved in its operations. Further information on MAS may be found at http://www.masholdings.com.
Versarien and MAS have been collaborating since signing a collaboration agreement, as announced on 8 January 2018, to develop new garments utilising Versarien's graphene ink materials, with several prototypes already having been developed, wearer trials conducted and rigorous testing carried out by a leading UK accredited test house. The Agreement sets out the basis under which the parties will operate with the objective of securing commercial orders or contracts for garments developed using Versarien's proprietary graphene ink materials. The Agreement allows both parties to finalise additional contractual terms with third party brands. Due to the Agreement's confidentiality terms and commercial sensitivity, further specific product information may not be disclosed until products are launched into the market.
Neill Ricketts, CEO of Versarien, commented: "We are delighted to have secured a commercial partnership with MAS, a global apparel manufacturer at the forefront of innovative garment manufacture. The is the first demonstration of our graphene commercialisation strategy with a major global partner moving from the stage of having a collaboration agreement, through signing a letter of intent, to entering into a full commercial partnership agreement.
"We look forward to working with MAS and its customers to bring innovative graphene enhanced garments to the global marketplace."
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
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