Response to Commentary Regarding US Employee

RNS Number : 7951C

Versarien PLC

19 June 2019

 

19 June 2019

Versarien plc

("Versarien" or the "Company")

Response to Commentary Regarding US Employee

Versarien plc (AIM: VRS), the advanced materials engineering group, notes the recent commentary regarding Patrick Abbott, Vice President North American Operations for Versarien, and the charges brought against him by the State of Texas.

The Company's position has not changed from the announcement of 4 April 2019. The criminal proceedings in respect of Patrick Abbott remain ongoing and the Company continues to monitor with advice from its US attorney. 

The Company's commercial operations in the USA continue to progress. Patrick Abbott will continue in his role with the Company, under the guidance of the Board and senior management. Patrick Abbott reports to Neill Ricketts, CEO, who is the head of the US operations. Patrick Abbott is not a PDMR.

Enquiries:

Versarien Neill Ricketts, CEO Chris Leigh, CFO	[phone]
Canaccord Genuity (Nominated Adviser and Broker) Bobbie Hilliam Emma Gabriel	[phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong	[phone]

 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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