Further to the Company’s announcement on 30 December 2024, Versarien Plc (LON:VRS), the advanced materials engineering group, provides an update on the sale of its Korean plant and equipment to MCK Tech Co. Ltd.
Versarien has now received the final payment due from MCK Tech of £92,000, plus accrued interest, and therefore the sale of its Korean plant and equipment has completed, with title to the assets transferred to MCK Tech. In total, Versarien has now received £611,000 including the interest payment, after a £6,000 warranty deduction, from MCK Tech for its Korean plant and equipment.
As announced by Versarien on 11 March 2024, in line with the Company’s strategy to monetise intellectual property through licensing, Versarien granted an exclusive licence to MCK Tech, for an initial period of five years, to use five patents owned by the Company in their business in Korea. These five patent licences are in addition to 14 patents the Company licences to Graphene Lab Co Ltd. MCK Tech will pay Versarien an amount equal to 4.5% of the total sales revenue earned from products manufactured using the IP. If the sales revenue derived from the IP is less than £250,000 over the first two years of the Licence, the Licence will terminate and MCK Tech will pay Versarien £40,000 for use of the IP.
