Deepverge PLC DeepVerge signs MoU for JV with China Resources (7840W)
28 Abril 2021 - 01:00AM
UK Regulatory
TIDMDVRG
RNS Number : 7840W
Deepverge PLC
28 April 2021
28 April 2021
DeepVerge PLC
("DeepVerge" or "the Company")
DeepVerge enters into Memorandum of Understanding ("MoU") for a
Joint Venture with China Resources Environmental Protection
Development Limited
China Resources will own 51% and DeepVerge will own 49% of the
share capital
MoU covers the manufacture, assembly and sale of environmental
monitoring equipment
DeepVerge (LSE:DVRG.L), the environmental and life science AI
company, announces that it has signed a non-binding Memorandum of
Understanding ("MoU") with China Resources Environmental Protection
Development Limited ("China Resources"), a wholly-owned subsidiary
of China Resources Group, to enter into a Joint Venture ("JV") for
the manufacture, assembly and sale of environmental monitoring
equipment, with a view to future development of smart environmental
platforms, equipment/devices and network management software
capability.
On or before closing, the parties will negotiate, agree, and
execute a number of definitive agreements for the Joint Venture
which are expected to be signed by 30 June 2021 with the JV
becoming operational by 1 September 2021. DeepVerge would own 49%
of the JV and China Resources 51%. The JV parties are currently
undertaking a scoping exercise to assess the level of start-up
costs and non-cash consideration to be introduced by each partner.
The definitive agreements will address the following subject
matters:
1. The parties will agree and execute a commercial framework
agreement which will incorporate commercial terms negotiated and
agreed between the parties.
2. DeepVerge will negotiate, agree and execute a licence by
DeepVerge (or a subsidiary of DeepVerge) of technology to the JV
and a support agreement in respect of the technology.
3. JV will negotiate, agree and execute a reseller agreement
with DeepVerge (or a subsidiary of DeepVerge) in respect of the
manufactured products.
Gerard Brandon CEO DeepVerge plc commented:
"Today, the world needs big solutions to solve giant societal
environmental problems. This joint venture is the most efficient
route to deliver our world leading water technologies throughout
the 23 provinces of China. A joint venture with a division of one
of the world's largest natural resource groups can meet the growing
demand for manufacturing and assembly of existing Microtox and
Microtrace equipment for environmental monitoring across the rest
of the world, that is struggling to manage a global health
pandemic. By partnering with China Resources we can futureproof
DeepVerge as a leading innovator of smart environmental platforms
with AI, equipment/devices and network management software
capability."
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
+44 (0) 734 0055
DeepVerge plc Gerry Brandon 648
SPARK Advisory Partners +44 (0) 113 370
Limited Neil Baldwin/Andrew Emmott 8974
------------------------------ -------------------
Turner Pope Investments +44 (0) 20 3657
(TPI) Limited (Broker) Andy Thacker / Zoe Alexander 0050
------------------------------ -------------------
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins. Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin microbiome for most of the top 20 global cosmetic
company clients and remotely detect and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
About China Resources Environmental Protection Development
Limited (www.crcept.com)
China Resources Environmental Protection Development Limited is
a wholly-owned subsidiary of China Resources Group, a first-level
profit centre, and a professional flagship company engaged in
environmental protection technology business and environmental
protection investment under China Resources Group.
China Resources Environmental Protection was formed by the
reorganization of China Resources Textile (Group) Co., Ltd. and
China Resources Capital's National Environment Fund and New
Economic Fund. In October 2019, China Resources Group approved the
establishment of China Resources Environmental Protection, fully
entering the field of environmental protection technology. The
company's current business includes the water sector, solid waste
and hazardous waste, environmental protection technology, and
textiles. The company has 23 wholly-owned or holding companies in
Guangdong, Shandong, Jiangsu, Yunnan, Anhui, Hebei, Shanghai and
other places.
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