Versarien has appointed Mouser Electronics Inc as its US distributor.
Mouser will market heat sink products based on VersarienCu micro-porous metallic copper foam technology. The technology, which was launched at the beginning of the month, makes the heat sinks smaller and are designed for electronic devices.
Progress developing revenues from the VersarienCu technology has been slow. In the six months to September 2014, revenues increased from £1.08m to £2.48m but that all came from Total Carbide. Back in the summer of 2013, when Versarien joined Aim, it was assumed that significant revenues would be generated by now.
The estimated revenues for the year to March 2015 are £4.7m but nearly two years ago revenues of £8.18m were forecast for 2014-15.
Versarien was sensible enough to raise cash when the share price had got ahead of itself. On the back of a move into the graphene market it raised £5.5m at 26p a share. There should be net cash of around £4m at the end of March 2015. Earlier this year, Versarien paid £206,000 in cash for the main assets of Custom Systems, which produces extruded aluminium products and heat sinks for electronics. The sales order book was worth £400,000. Manufacturing will be moved to Versarien’s factory in Gloucestershire.
In February, BlackRock cut its stake to below 5%. Prior to this three directors added to their stakes at around 18p a share. The shares are trading at 17.25p, up 0.75p on the day.
AIM Journal April 2015 available.
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