27th Nov 2019 15:37
(Alliance News) - Versarien PLC on Wednesday said that it has now signed a formal commercial partnership agreement with apparel manufacturer MAS Innovation (Pvt) Ltd to develop new garments using Versarien's graphene ink materials.
Versarien shares were up 6.6% at 98.10 pence each in London on Wednesday afternoon.
MAS Innovation is a part of South Asian apparel and textile manufacturer MAS Holdings.
The Cheltenham-based advanced materials engineering company in July signed a preliminary agreement with MAS to develop new garments incorporating Versarien's graphene ink materials. The July pact set out the intent of both the companies to enter into a formal commercial partnership.
Versarien said the formal partnership agreement sets out the basis under which the companies will operate with the objective of securing commercial orders or contracts for garments developed using Versarien's proprietary graphene ink materials.
The formal pact also allows both the companies to finalise additional contractual terms with third-party brands.
The companies have been collaborating since January 2018 to develop new garments, with several prototypes already having been developed, wearer trials conducted and rigorous testing carried out.
By Tapan Panchal; [email protected]
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