Versarien PLC (AIM:VRS, OTC:VRSRF), the advanced materials engineering group, has announced the sale of its South Korean plant and equipment to MCK Tech for £604,000 alongside an exclusive licensing agreement for five patents.
This move is part of Versarien's strategy to offload non-core assets, including the Korean plant acquired from Hanwha Aerospace in 2020.
The transaction also includes an exclusive license for MCK Tech to use Versarien's patents in Korea, with payments pegged at 4.5% of sales revenue from products using these patents.
The proceeds from this transaction are earmarked for corporate and working capital purposes, as Versarien continues discussions to sell other business units and seeks funding solutions to support its turnaround strategy.
"As previously outlined, Versarien's strategy is to be a manufacturing-light business in the UK and license our patents, know-how and other intellectual property to key partners," said the company's CEO, Dr Stephen Hodge.