Versarien PLC Response to share price movement (4126C)
February 10 2020 - 2:00AM
UK Regulatory
TIDMVRS
RNS Number : 4126C
Versarien PLC
10 February 2020
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 EUR300,000 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 GBP1.53 million and the available cash from its
banking facilities was GBP0.72 million; a total of GBP2.25 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 GBP60 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
This information is provided by RNS, the news service of the
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END
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