REG - Versarien PLC - Turnaround Strategy - Gnanomat Grant Award

VersarienAnnouncement

13/09/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230913:nRSM2287Ma&default-theme=true

RNS Number : 2287M  Versarien PLC  13 September 2023

13 September 2023

 

Versarien plc

 

("Versarien", the "Company" or the "Group")

 

Turnaround Strategy - Gnanomat Grant Award

 

Versarien plc (AIM: VRS), the advanced materials engineering group, has
previously announced its turnaround strategy, which, inter alia, seeks to
preserve appropriate intellectual property within the Group whilst reducing
operating costs.  As part of this strategy, Gnanomat S.L ("Gnanomat"), the
Company's 62% owned subsidiary based in Spain, has been concentrating on
applying for a number of European and national grants, as well as development
contracts, so it can become self-sustaining rather than relying on Group
funding.

Consequently, Versarien is pleased to announce that Gnanomat has been awarded
a grant to provide funding of approximately €415,000 from ICEX Trade and
Investment, a Spanish Government entity, for a project involving the design,
optimisation and validation of a new line of ecofriendly conductive inks based
on nanomaterials for flexible and printed electronics.

The project is expected to enable Gnanomat to commercialise and launch a new
line of conductive inks based on Versarien's nanomaterials, that are
complimentary to the Company's other products, during 2024.  This funding
will cover certain operating overheads, which otherwise would have been cut,
will expand the Group's product offering and is expected to materially reduce
Gnanomat's reliance on Group funding.

The grant funding is expected to be received in the first half of 2024
following validation of the project costs.  The grant will cover 70% of
eligible costs, with Gnanomat required to fund the balance, some of which has
already been incurred, in order to meet the terms of the grant.

Dr Roberto Clemente, Chief Executive Officer of Gnanomat, commented: "This
project will extend Versarien's Graphinks™ portfolio by providing novel and
complementary products.  The new product range will integrate hybrid advanced
nanomaterials from Gnanomat for applications such as electromagnetic
interference shielding, data coding and security, among others.  These new
formulations are primarily intended for use in the aerospace and defence
sectors, where the Company has ongoing collaborations and projects."

Dr Stephen Hodge, Chief Executive Officer of Versarien, commented: "We are
very pleased that Gnanomat has been awarded this grant which will enable it to
quickly expand its ink-based product offerings in the electronics sector, a
sector in which it already has a number of potential commercial opportunities.
 Gnanomat will continue to seek funding via grants and development contracts
in line with the turnaround strategy and we look forward to providing further
updates in due course."

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 engineering group focussed on specific sectors that will lead to a
light manufacturing 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)

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCVLLFFXKLZBBD