Versarien Announces Intention To Float On AIM; To Acquire Total Carbide

Versarien Plc. , the advanced engineering materials group, announced its intention to raise funds and seek admission of its shares to trading on the AIM Market of the London Stock Exchange. Dealings are expected to commence on AIM in late March 2013. Northland Capital Partners Limited is acting as Nominated Adviser and sole Broker to the Group.

The Group's trading subsidiary, Versarien Technologies Limited was founded in 2010 to commercialise a process for the production of cutting edge porous metallic materials, developed at the University of Liverpool.

The company said that in conjunction with its Admission to AIM, it will acquire Total Carbide Limited, a long established advanced materials company manufacturing tungsten carbide, a wholly owned subsidiary of Elektron Technologies plc (EKT). The total consideration being paid by Versarien to Elektron for the entire issued share capital of Total Carbide is 2.3 million pounds. Completion of the acquisition is conditional on the Group's successful Admission.

For the six months ended 30 September 2012, Versarien reported turnover of £nil and a net loss of 168 thousand pounds. For the year to 31 January 2013 Total Carbide generated revenues of 3.8 million pounds and a profit after tax of 56 thousand pounds.

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