Commercial Update

RNS Number : 5719Q

VR Education Holdings PLC

07 June 2018

 

For immediate release

7 June 2018

VR Education Holdings plc

('VR Education' or the 'Group')

Commercial Update

VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality ('VR') technology company focused on the education space, provides the following product release and general update.

Part 2 of Titanic VR, one of the Group's VR showcase experiences, which places users on the world's most famous ship on the night of the sinking to allow them to experience the tragic events and also allows users to dive on the shipwreck as she looks today, will be ready in beta form by the end of June 2018 as indicated in the Group's Admission Document at the time of its IPO. Commercially, however the Group has decided not to make this product available to the general public until August 2018 although it will be actively marketing the product ahead of its commercial launch.   Whilst this is a little later than originally anticipated, the Board does not believe this will affect market expectations for the current financial year ending 31 December 2018.

Part 2 of Titanic VR will be released on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality first with a later PlayStation VR version becoming available some weeks later. Additional versions will be announced at a later date.

The Group is pleased to announce that its work with the BBC on a project titled 1943: Berlin Blitz - (BBC's most fearless World War II report brought to life in VR) will be released in Q3 of this year. This VR showcase experience is an accurate retelling of the events which happened inside a Lancaster bomber during one of the most well documented missions of World War II using original cockpit audio recorded 75 years ago.   This new VR showcase experience is expected to be released on the Oculus Rift, HTC Vive, Oculus Go, Google Daydream, Samsung Gear VR and Windows Mixed Reality platforms.

VR Education is also pleased to be able to announce that it has made three key strategic hires including a new Chief Technology Officer and two experienced business developers who have already started to progress a number of enquiries that the Group has received since its IPO in March 2018.

David Whelan, CEO of VR Education, said: "We are delighted with our development progress on Part 2 of Titanic VR and feel we are about to reignite the public's imagination when it comes to the historic events around the sinking of this world-famous ship. We want to ensure that this experience is the best it can be and this short additional time will allow us to finesse some of the final details that will turn Titanic VR from a great experience to an exceptional one."

Richard Cooper, Non-Executive Chairman, added: "It has been an extremely busy period for us since our listing in March and we have made a number of new technical and business hires.  The Group has made excellent progress and we remain highly focused on delivering what was outlined at the time of our IPO including quality transformative experiences and progressing our ENGAGE education and corporate training platform."

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: [phone] [e-mail]
Cairn Financial Advisers LLP (Nominated Adviser) James Caithie / Liam Murray / Richard Nash	Tel: [phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar	Tel: [phone]
Davy (Joint Broker & ESM Adviser) Fergal Meegan / Ronan Veale / Barry Murphy	Tel: [phone]
Buchanan (UK Financial PR) Henry Harrison-Topham / Chris Lane / Tilly Abraham	Tel: [phone] [e-mail]
Wilson Hartnell (Irish Corporate PR) Peter O'Brien / Frans Van Cauwelaert	Tel: [phone] peter.o'[e-mail] [e-mail]

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 an early access version of the Group's 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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