Versarien plc (VRS.L), an advanced materials engineering group, Wednesday said the graphene market-place remains challenging, but the firm has the potential to deliver significant returns from the commercialisation of its technology. The company said it expects to overcome the challenges and successfully commercialise its significant technology base.
The company further said the Board is evaluating options for divestment of its mature businesses, which are no longer core activities, to focus solely on exploiting graphene technology. In addition, the Board is reviewing its overseas operations in Spain and South Korea.
Chair, Diane Savory, said, "Our primary focus is on the construction and textiles sectors, which we believe are at the highest technology readiness level, and where we are already starting to see the emergence of commercial revenues."
Savory further said the company remains confident of the commercial benefits of its graphene technology and about its significant returns, but it continues to face a number of challenges that the Board is working hard to overcome.
The Board is actively evaluating both the appropriate longer-term strategy for the company and the recruitment of a new Chief Executive Officer after Neill Ricketts resigned on March 9. Ricketts remains a significant shareholder, and will remain a director of Versarien for the duration of his 12 month notice period.
Following the CEO's resignation, the day-to-day activities of the company are now being led by the executive directors, Chris Leigh and Steve Hodge.
The company is scheduled to hold its Annual General Meeting at 10.30 a.m. Today.
The company noted that significant cost reductions have already occurred, and non-executive directors have agreed to waive any remuneration from the company indefinitely. The executive directors' pay is also being reviewed.
Despite these cost reductions, the Company will require further funding to support its activities, and the Board is evaluating all appropriate options.
Versarien looks forward to providing further updates in due course.
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