Resignation of Director

RNS Number : 7920C

Versarien PLC

20 April 2017

 

20 April 2017

Versarien plc

Resignation of Director

Versarien plc (AIM:VRS) ("Versarien" or the "Company" or the "Group"), announces that Ian Balchin has informed the Board of his intention to resign as a director and Non-executive Chairman of the Company, effective from 29 June 2017, in order to be able to devote more time to his other business interests.

The Board of the Company is considering its appropriate composition going forward and is looking to appoint a further director in a non-executive capacity in due course.

Neill Ricketts, CEO of Versarien, commented: "We are grateful to Ian for his support and advice over the past four years during which time the Company has grown from a single product, pre-revenue Company, with a few employees, to a Group employing almost 100 staff with both mature and embryonic technologies.  Following the recent fundraise and progress made in our graphene operations we are excited about the future prospects for the Group and are grateful for the ongoing support of our shareholders."

Ian Balchin, Non-executive Chairman of Versarien, commented: "I have enjoyed working with the Company over the past four years through early fundraising rounds, the IPO and as the Company transitioned from its original model focused on one technology to a mature business with particularly exciting prospects in the graphene arena. I wish all involved the very best for the future."

For further information please contact:

Versarien plc	www.versarien.com
Neill Ricketts - Chief Executive Officer	[phone]
Chris Leigh - Chief Financial Officer
WH Ireland (Nominated Adviser)	www.whirelandplc.com
Mike Coe / Ed Allsopp	[phone]
IFC Advisory (Financial PR and IR)	www.investor-focus.co.uk
Tim Metcalfe / Graham Herring / Heather Armstrong / Miles Nolan	[phone]

Notes to Editors:

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 five subsidiaries operating under two divisions:

Thermal and Hard Wear Products

Versarien Technologies Ltd. which owns the exclusive rights to a patent-protected additive process for creating advanced micro-porous metals targeting the thermal management industry and manufactures extruded aluminium heat sinks for the electronics and computing industries. www.versarien-technologies.co.uk 

Total Carbide Ltd, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com 

Graphene and Plastics

2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products.  www.2-dtech.com 

ACC Cyroma Ltd, 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 Ltd, which supplies novel inks based on graphene and related materials, using patented processes and develops graphene materials technology for licensing to manufacturers.  www.cambridgegraphene.com 

 

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