Versarien (LON:VRS), the advanced materials engineering group, has announced that it has signed a Commercial Partnership Agreement with the Company’s textile sector collaboration partner, MAS Innovation (Private) Limited. The Agreement follows the Letter of Intent between the parties, announced on 26 July 2019, which set out the intent of both parties to enter into a formal commercial partnership.
Twinery – Innovations by MAS is part of MAS Holdings (together “MAS”), a holding company for a portfolio of businesses with a combined revenue of c.US$ 2 billion which are positioned as one of the world’s most recognised design to delivery solution providers in apparel and textile manufacturing. MAS is also the largest apparel and textile manufacturer in South Asia. MAS Holdings is headquartered in Sri Lanka and has 53 manufacturing facilities across 16 countries, with design locations placed in key style centres across the globe and over 99,000 people involved in its operations. Further information on MAS may be found at http://www.masholdings.com.
Versarien and MAS have been collaborating since signing a collaboration agreement, as announced on 8 January 2018, to develop new garments utilising Versarien’s graphene ink materials, with several prototypes already having been developed, wearer trials conducted and rigorous testing carried out by a leading UK accredited test house. The Agreement sets out the basis under which the parties will operate with the objective of securing commercial orders or contracts for garments developed using Versarien’s proprietary graphene ink materials. The Agreement allows both parties to finalise additional contractual terms with third party brands. Due to the Agreement’s confidentiality terms and commercial sensitivity, further specific product information may not be disclosed until products are launched into the market.
Neill Ricketts, CEO of Versarien, commented: “We are delighted to have secured a commercial partnership with MAS, a global apparel manufacturer at the forefront of innovative garment manufacture. The is the first demonstration of our graphene commercialisation strategy with a major global partner moving from the stage of having a collaboration agreement, through signing a letter of intent, to entering into a full commercial partnership agreement.
“We look forward to working with MAS and its customers to bring innovative graphene enhanced garments to the global marketplace.”