1st Jul 2015 08:36
LONDON (Alliance News) - Haydale Graphene Industries PLC on Wednesday said it has made progress in the US with the signing of a contract with InVentures Group Inc and the opening of a new office and research and development facility.
Haydale said its Haydale Technologies Inc subsidiary has entered into a rolling one-year service deal with InVentures, under which InVentures will provide Haydale with financial, strategic and management planning advice to develop a centre of excellence.
In consideration for the services provided under the contract, Haydale has issued 100 shares in Haydale Technologies to InVentures, giving it an 11.1% stake in the business.
Haydale is also evaluating the potential location of a new office and R&D facility, which is likely to be based in New York State due to the economic incentives available to the company.
"In our interim results statement we announced our intention to establish a centre of excellence in the United States, and this is the next step in that process. We have been working with InVentures for almost a year now and having carefully researched the market, I am confident that the opening of our US operation and our agreement with InVentures will see Haydale gain traction in North America," said Ray Gibbs, Haydale's chief executive.
Haydale shares were up 5.6% to 121.9999 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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