Versarien PLC LOI with Tunghsu Optoelectronic (8067S)
March 14 2019 - 3:00AM
UK Regulatory
TIDMVRS
RNS Number : 8067S
Versarien PLC
14 March 2019
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
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
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END
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