REG - Versarien PLC - LOI with Global Apparel Manufacturer

VersarienAnnouncement

26/07/2019 07:05

RNS Number : 7885G
Versarien PLC
26 July 2019
 


26 July 2019
Versarien plc
("Versarien" or the "Company")
LOI with Global Apparel Manufacturer
 
Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that it has signed a Letter of Intent ("LOI") with the Company's textile sector collaboration partner (the "Partner') covering the initial launch of high performance sportswear incorporating Versarien's graphene ink technology.
The Partner, who has a collaboration agreement with the Company, as announced on 8 January 2018, is headquartered in Asia and designs, develops and manufactures a range of different garments for well-known apparel brands globally.
The LOI follows successful independent tests carried out in the UK involving the incorporation of graphene into textiles via fabric finishes using Versarien's graphene ink technology developed by the company's subsidiary, Cambridge Graphene Limited.  The testing has demonstrated that the incorporation of Versarien's graphene inks into the textiles provides a number of potential benefits to a user of garments made from them, including enhanced thermal and moisture properties.
The non-binding LOI sets out the intent of the parties to enter into a formal commercial relationship regarding an initial launch of high performance sportswear.  The LOI also commits both parties to further product development across different textiles and graphene delivery methods.
Further wearer trials are now underway with a number of well known global sports brands, along with other Partner customers.
Neill Ricketts, CEO of Versarien, commented:  "We are delighted that this collaboration has moved to the next stage with the signing of the LOI.  This was the first major collaboration we entered into for our graphene ink technology.
 
"The independent testing that has been carried out has demonstrated a number of significant benefits that the addition of our graphene can bring and we are confident that the further wearer trials will validate this.  We look forward to continuing to work with this Partner with the goal of introducing graphene enhanced high performance sports wear to the market as soon as possible."
 
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 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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