VR Education Holdings PLC ENGAGE commercial agreement signed (8874Y)
14 Maggio 2019 - 8:00AM
UK Regulatory
TIDMVRE
RNS Number : 8874Y
VR Education Holdings PLC
14 May 2019
For immediate release 14 May 2019
VR Education Holdings plc
('VR Education' or the 'Group')
ENGAGE commercial agreement signed
VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual
reality ('VR') technology company focused on the education space,
is pleased to announce that the Group has signed a commercial
agreement ('Agreement') with D'Carrick Co. Ltd, ('D'Carrick') a
South Korean immersive digital content company. The Agreement with
D'Carrick provides VR Education with an important entry point into
the South Korean education market for the ENGAGE(1) platform, the
Group's online virtual learning and corporate training
platform.
D'Carrick, together with its partner FIX GAMES, uses the latest
technologies to create educational programmes for the South Korean
education system, providing continuous innovation across various VR
and AR platforms. Having pre-tested previous versions of the ENGAGE
platform, the agreement with D'Carrick will bring VR Education's
innovative technology to a broader client base.
The Agreement provides that, for a fee of EUR70,000 per annum
payable to the Group over a three-year term, D'Carrick is permitted
to:
- roll out the ENGAGE virtual reality platform to a set number
of students in South Korea, with additional fees should it exceed
this number; and
- resell the ENGAGE platform with 30% of revenue generated being paid to the Group.
David Whelan, CEO of VR Education, said:
"In today's digital era, modern students are moving rapidly
towards online learning and we have been delighted by the interest
in our ENGAGE platform. South Korea continues to dominate the world
rankings(2) being voted number one for four years in a row with one
of the most educated populations in the world. This is in large
part with thanks to the continued investment from the South Korean
government which spends 5% of GDP towards educating its 10 million
plus students.
"Our goal is to transform the future of education globally by
implementing new methods and techniques to make learning available
to everyone, everywhere. South Korea is a proven world leader when
it comes to education and D'Carrick's adoption of our ENGAGE
platform as a tool to provide education is a welcome first step in
the Asian market."
(1) At the time of the Group's IPO in March 2018, VR Education
raised GBP6 million gross to, amongst other activities, fund the
further development of its proprietary VR education platform,
"ENGAGE". The URL for ENGAGE is www.engagevr.io.
(2)
https://worldtop20.org/the-incredible-south-korean-education-system
and
https://www.master-and-more.eu/en/top-40-education-systems-in-the-world/
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
For further information, please contact:
VR Education Holdings plc Tel: +353 87 665 6708
David Whelan, CEO contact@vreducationholdings.com
Sandra Whelan, COO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
James Caithie / Liam Murray / Richard
Nash
Stockdale Securities Limited (Joint Tel: +44 (0) 20 7601
Broker) 6100
Andy Crossley / Richard Johnson
Davy (Joint Broker & Euronext Growth Tel: +353 1 679 6363
Advisor)
Fergal Meegan / Ronan Veale / Barry
Murphy
Buchanan (UK Financial PR) Tel: +44 (0)20 7466 5000
Henry Harrison-Topham / Chris Lane VRE@buchanan.uk.com
/ Tilly Abraham
Fuller Marketing (Irish Corporate Tel: +353 87 981 3176
PR) ruth@fullermarketing.ie
Ruth Fuller / Sheila Kelleher
Notes to Editors
VR Education, together with its wholly owned subsidiary, is an
early stage VR software and technology group based in Waterford,
Ireland, dedicated to transforming the delivery methods of
education and corporate training by utilising VR technologies to
deliver fully immersive virtual learning experiences. The Group's
core focus is the development and commercialisation of its online
virtual social learning and presentation platform called ENGAGE,
www.engagevr.io, which provides a platform for creating, sharing
and delivering proprietary and third-party VR content for
educational and corporate training purposes.
In addition to the ongoing development of the ENGAGE platform,
the Group has also built three downloadable showcase VR
experiences, being the award-winning Apollo 11 VR experience, the
award-winning Titanic VR experience and the award-winning 1943:
Berlin Blitz.
On 12 March 2018, VR Education listed on the AIM market of the
London Stock Exchange and on Euronext Growth, a market regulated by
Euronext Dublin.
For further information, please visit
www.vreducationholdings.com.
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END
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