Versarien believes in its potential to commercialize graphene technologies, but will require further funding to operate despite cutbacks

Versarien has stated that it will require further funding to support its activities as it continues to face a number of challenges. However, the Company said it has the potential to deliver significant returns from the commercialization of its technology and expects to overcome the challenges and successfully commercialize its significant technology base.

Versarien's 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. 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, as abovementioned, the Company will require further funding to support its activities, and the Board is evaluating all appropriate options.


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."

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.

Posted: Mar 29,2023 by Roni Peleg