Strategic Partnership with HTC Corporation

RNS Number : 7040G

VR Education Holdings PLC

19 March 2020

 

For immediate release

19 March 2020

VR Education Holdings plc

('VR Education' or the 'Group')

Strategic partnership with HTC Corporation

Further to the announcement issued on 9 March 2020, 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 following on from successfully hosting the 2020 HTC Vive Ecosystem Conference ('HTC 2020 VEC') via its ENGAGE platform, HTC Corporation ('HTC') has indicated to the Group that they want to enter into a strategic partnership. 

The basis of this strategic partnership would be for the distribution of the Group's ENGAGE platform globally through all HTC enterprise sales channels.  At this early stage, there can be no certainty that a strategic partnership will be concluded and a further announcement, as appropriate, will be made in due course.

Listed on the TWSE, HTC is a world leader in VR and mobile computing with extensive business reach in the greater Chinese market. With the global spread of COVID-19 HTC and VRE are working closely together to help alleviate current commercial and education issues created by widespread self-isolation enforced by governments worldwide. HTC as a technology and business development partner are well placed to provide immersive technologies to their current customer base and provide after sales support and ongoing customer support.

VRE via its ENGAGE platform has a solution to ensure remote workers feel more connected and that large events can still be held remotely and more immersive then current video-based platforms. VRE's world leading software team working closely with HTC's hardware, software and sales teams are focused on bringing Immersive AR and VR technologies to enterprise customers and educational institutes on a global scale with specific focus given to the Greater China region.

Speaking earlier today at 2020 HTC Vive Ecosystem Conference, Alvin Graylin, HTC China President, said: " As the world adjusts its mindset and the way we work and live, the need for technology platforms to fill the gap of distanced that's created between us increases. Having worked closely with VRE using the ENGAGE platform for delivering our yearly conference, we've been impressed in the way it's able to fill all the real-world needs for a professional industry event.  We look forward to working with VRE to share this platform with the world and overcome the looming changes of doing business in a post-COVID-19 world. "  

David Whelan, CEO of VR Education, said: "This strategic partnership with HTC is expected to be a significant commercial opportunity for VRE but would also present us with an opportunity to make a real difference in people's lives. Our ENGAGE platform can connect all those in isolation with more intimate interactions via immersive technologies and assist those businesses heavily effected by travel bans.

At the HTC Vive Ecosystem Conference, held earlier today, we had 800 business leaders join us inside the ENGAGE platform due to the physical conference being cancelled due to the COVID-19 outbreak in China. Many industries are now focused on how they will continue to work remotely due to health concerns and reduced travel due to climate change concerns. VRE in combination with HTC can now offer a complete end to end service to alleviate these challenges."

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 / Ludovico Lazzaretti	Tel: [phone]
Shore Capital (Joint Broker) Toby Gibbs / Anita Ghanekar Fiona Conroy	Tel: [phone]
Davy (Joint Broker & Euronext Growth Advisor) Fergal Meegan / Ronan Veale / Barry Murphy	Tel: [phone]
Buchanan (Financial PR) Henry Harrison-Topham / Chris Lane / Tilly Abraham	Tel: [phone] [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 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 .

About HTC VIVE

HTC VIVE is the premier virtual reality (VR) platform and ecosystem that creates true-to-life VR experiences for businesses and consumers. The VIVE ecosystem is built around premium VR hardware, software, and content. The VIVE business encompasses best-in-class XR hardware; VIVEPORT platform and app store; VIVE Enterprise Solutions for business customers; VIVE X, a $100M VR business accelerator; VIVE STUDIOS, an entertainment, gaming, and enterprise content studio; and VIVE ARTS for cultural initiatives. For more information on VIVE, please visit www.vive.com .

 

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