Versarien completes delayed Korean deal
Graphene specialist Versarien has completed the drawn-out sale of plant and equipment in South Korea after it received the final delayed payment.
The payments were meant to be completed last July but MCK Tech had to ask for an extension to the terms.
Versarien has now received the final payment due from MCK Tech of £92,000, plus accrued interest, and therefore the sale of its Korean plant and equipment has completed, with title to the assets transferred to MCK Tech.
In total, Versarien has now received £611,000 including the interest payment, after a £6,000 warranty deduction, from MCK Tech for its Korean plant and equipment.
Versarien has put greater focus on monetising its IP through licensing. It has granted an exclusive, five-year licence to MCK Tech to use five patents in its business in Korea.
MCK Tech will pay Versarien an amount equal to 4.5% of the total sales revenue earned from products manufactured using the IP.
If the sales revenue derived from the IP is less than £250,000 over the first two years of the Licence, the Licence will terminate and MCK Tech will pay Versarien £40,000 for use of the IP.
