{"id":482993,"date":"2021-04-28T06:33:56","date_gmt":"2021-04-28T10:33:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/deepverge-enters-into-memorandum-of-understanding-mou-for-a-joint-venture-with-china-resources-environmental-protection-development-limited\/"},"modified":"2021-04-28T06:33:56","modified_gmt":"2021-04-28T10:33:56","slug":"deepverge-enters-into-memorandum-of-understanding-mou-for-a-joint-venture-with-china-resources-environmental-protection-development-limited","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/deepverge-enters-into-memorandum-of-understanding-mou-for-a-joint-venture-with-china-resources-environmental-protection-development-limited\/","title":{"rendered":"DeepVerge enters into Memorandum of Understanding (“MoU”) for a Joint Venture with China Resources Environmental Protection Development Limited"},"content":{"rendered":"
\n

\n China Resources will own 51% and DeepVerge will own 49% of the share capital<\/strong>
\n \n <\/p>\n

\n MoU covers the manufacture, assembly and sale of environmental monitoring equipment<\/strong>\n <\/p>\n

\n DeepVerge PLC<\/strong>\n <\/p>\n

(“DeepVerge” or “the Company”)<\/p>\n

YORK, United Kingdom, April 28, 2021 (GLOBE NEWSWIRE) — DeepVerge<\/strong>\u00a0(LSE:DVRG.L), the environmental and life science AI company,\u00a0announces\u00a0that it has signed a non-binding Memorandum of Understanding (“MoU”) with\u00a0China 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.<\/p>\n

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\u00a0start-up costs and non-cash consideration to be introduced by each partner.\u00a0The definitive agreements will address the following subject matters:<\/p>\n

    \n
  1. The parties will agree and execute a commercial framework agreement which will incorporate commercial terms negotiated and agreed between the parties.\n<\/li>\n
  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.\n<\/li>\n
  3. JV will negotiate, agree and execute a reseller agreement with DeepVerge (or a subsidiary of DeepVerge) in respect of the manufactured products.<\/li>\n<\/ol>\n

    \n Gerard Brandon CEO DeepVerge plc commented:<\/strong>\n <\/p>\n

    “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. \u00a0A 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<\/em>.”<\/p>\n

    \n Market Abuse Regulation (MAR) Disclosure<\/strong>\n <\/p>\n

    \n 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. \u00a0ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.<\/strong>\n <\/p>\n\n\n\n\n
    DeepVerge plc<\/td>\nGerry Brandon<\/td>\n+44 (0) 734 0055 648<\/td>\n<\/tr>\n
    SPARK Advisory Partners
    Limited<\/td>\n    		Neil Baldwin\/Andrew Emmott<\/td>\n+44 (0) 113 370 8974<\/td>\n<\/tr>\n
    Turner Pope Investments
    (TPI) Limited (Broker)<\/td>\n    		Andy Thacker \/ Zoe Alexander<\/td>\n+44 (0)\u00a020 3657 0050<\/td>\n<\/tr>\n<\/table>\n

    \n
    Click on, or paste the following link into your web browser, to view the full announcement.<\/p>\n

    \n http:\/\/www.rns-pdf.londonstockexchange.com\/rns\/8664W_1-2021-4-28.pdf<\/a>\n <\/p>\n

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact\u00a0rns@lseg.com<\/a>\u00a0or visit\u00a0www.rns.com<\/a>.<\/p>\n


    \n
    \n \n <\/div>\n

    <\/div>\n","protected":false},"excerpt":{"rendered":"

    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 PLC (“DeepVerge” or “the Company”) YORK, United Kingdom, April 28, 2021 (GLOBE NEWSWIRE) — DeepVerge\u00a0(LSE:DVRG.L), the environmental and life science AI company,\u00a0announces\u00a0that it has signed a non-binding Memorandum of Understanding (“MoU”) with\u00a0China 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 … <\/p>\n

    Continue reading “DeepVerge enters into Memorandum of Understanding (“MoU”) for a Joint Venture with China Resources Environmental Protection Development Limited”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-482993","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDeepVerge enters into Memorandum of Understanding ("MoU") for a Joint Venture with China Resources Environmental Protection Development Limited - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/deepverge-enters-into-memorandum-of-understanding-mou-for-a-joint-venture-with-china-resources-environmental-protection-development-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeepVerge enters into Memorandum of Understanding ("MoU") for a Joint Venture with China Resources Environmental Protection Development Limited - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 PLC (“DeepVerge” or “the Company”) YORK, United Kingdom, April 28, 2021 (GLOBE NEWSWIRE) — DeepVerge\u00a0(LSE:DVRG.L), the environmental and life science AI company,\u00a0announces\u00a0that it has signed a non-binding Memorandum of Understanding (“MoU”) with\u00a0China 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. 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