REG - Versarien PLC - Completion of Sale of Korean Assets

VersarienAnnouncement

03/03/2025 07:15

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RNS Number : 9637Y  Versarien PLC  03 March 2025

 

 

3 March 2025

 

Versarien plc

 

("Versarien" or the "Company")

 

Completion of Sale of Korean Assets

 

Further to the Company's announcement on 30 December 2024, Versarien (AIM:
VRS), the advanced materials engineering group, provides an update on the sale
of its Korean plant and equipment to MCK Tech Co. Ltd ("MCK Tech").

 

Versarien has now received the final payment due from MCK Tech of £92,000,
plus accrued interest, and therefore the sale of its Korean plant and
equipment has completed, with title to the assets transferred to MCK Tech.
In total, Versarien has now received £611,000 including the interest payment,
after a £6,000 warranty deduction, from MCK Tech for its Korean plant and
equipment.

 

As announced by Versarien on 11 March 2024, in line with the Company's
strategy to monetise intellectual property through licensing, Versarien
granted an exclusive licence to MCK Tech (the "Licence"), for an initial
period of five years, to use five patents owned by the Company in their
business in Korea.  These five patent licences are in addition to 14 patents
the Company licences to Graphene Lab Co Ltd.  MCK Tech will pay Versarien an
amount equal to 4.5% of the total sales revenue earned from products
manufactured using the IP.  If the sales revenue derived from the IP is less
than £250,000 over the first two years of the Licence, the Licence will
terminate and MCK Tech will pay Versarien £40,000 for use of the IP.

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Stephen Hodge, Chief Executive Officer

 Chris Leigh, Chief Financial Officer

 SP Angel Corporate Finance (Nominated Adviser and Broker)   +44 (0)20 3470 0470

 Matthew Johnson, Adam Cowl

 IFC Advisory Limited (Financial PR and Investor Relations)  +44 (0) 20 3934 6630

 Tim Metcalfe, Zach Cohen

 

About Versarien:

 

The strategy of Versarien plc (AIM:VRS) is to be a development led advanced
materials company focussed on specific sectors that will lead to a
manufacturing-light and licensing model.

 

For further information please see: http://www.versarien.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.versarien.com%2F&data=05%7C01%7Ctwhitfield%40mclnews.com%7Ca6f36820d41746bbb8f008da42f2dd6a%7C7560185ee95f4d5a8cc0c244cb450a3e%7C0%7C0%7C637895909595351380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=vp8yFEBNrElWqj0WOIqnwLTzPx3mbDopgjGylVz4v0c%3D&reserved=0)
 

 

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