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VR Education Hldgs - US Space & Rocket Center extends agreement

RNS Number : 5691X
VR Education Holdings PLC
20 December 2019
 


20 December 2019

 

VR Education Holdings plc

('VR Education' or the 'Group')

 

U.S. Space & Rocket Center extends agreement

and

ENGAGE launched on HTC Viveport platform

 

VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company focused on the education and enterprise training space, is pleased to announce that further to the announcement issued on 23 May 2019, the U.S. Space and Rocket Center in Huntsville, Alabama, has following a successful initial trial period, agreed to extend the commercial agreement for the Apollo 11 VR experience (the 'Agreement') for a further twelve months from 19 December 2019. VR Education is also pleased to announce that its ENGAGE platform has launched on HTC's Viveport ecosystem.

 

U.S. Space & Rocket Center extends agreement

 

The U.S. Space and Rocket Center in Huntsville, Alabama, is one of the top aviation and aerospace museums in the USA and Alabama's top paid tourist attraction.  The extension to the Agreement is for the use of the Apollo 11 VR experience, which provides visitors with the opportunity to experience the moon landing within virtual reality using a shortened version of the Group's showcase Apollo 11 VR experience.  Visitors will be able to continue to purchase tickets for this experience at any one of 15 stations at circa US$10 and VR Education will continue to benefit from this through a revenue share as set out in the Agreement.

 

David Whelan, CEO of VR Education, said: "We are delighted that the U.S. Space and Rocket Center has decided to extend our original agreement by a year.  This follows a highly successful trial period which has seen considerable take up of our Apollo 11 VR experience.  It has proven to be a popular addition to the museum for its visitors and has generated an additional revenue stream for both parties involved.  We look forward to continuing our strong working relationship with the U.S. Space and Rocket Center and allowing their visitors to experience one of the greatest moments of our time."

 

ENGAGE launched on HTC Viveport platform

 

The ENGAGE platform has this month launched on HTC's Viveport ecosystem which supports android based devices such as the Vive Focus and Vive Focus Plus, with the latter targeting professional and corporate clients.

 

HTC has a strong presence in Asia and Europe and recently collaborated with China Mobile (CMCC) to launch the "5G Devices Forerunner Initiative", which aims to conduct large scale tests of pre-commercial 5G devices.  HTC and CMCC are hoping that the initiative can discover and lead to the development of new applications for VR before 5G's commercial rollout in 2020.

 

David Whelan commented: "China's VR market is forecast to reach US$7.9 billion by 2021, driven by increased policy support and 5G roll-out.  The ENGAGE platform is now available to this rapidly growing Asian market via Viveport and will appeal to businesses and corporations seeking to provide rapid deployment of training materials to their workers.  ENGAGE will also be a valuable tool for educators in Asia looking to replace traditional online learning solutions where video-based communications are not meeting requirements."

 

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

David Whelan, CEO

Sandra Whelan, COO

 

Tel: +353 87 665 6708

[email protected]

 

Cairn Financial Advisers LLP (Nominated Adviser)

James Caithie / Liam Murray / Ludovico Lazzaretti

 

 

Tel: +44 (0) 20 7213 0880

 

Shore Capital (Joint Broker)

Toby Gibbs / Anita Ghanekar

Fiona Conroy

 

 

Tel: +44 (0) 20 7408 4090

 

Davy (Joint Broker & Euronext Growth Advisor)

Fergal Meegan / Ronan Veale / Barry Murphy

 

 

Tel: +353 1 679 6363

 

 

Buchanan (Financial PR)

Henry Harrison-Topham / Chris Lane / Tilly Abraham

 

 

Tel: +44 (0)20 7466 5000

[email protected]

 



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, 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 two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.

 

On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.  For further information, please visit www.vreducationholdings.com.

 


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