VRE TO LAUNCH CORPORATE METAVERSE IN 2022

RNS Number : 6172C

VR Education Holdings PLC

22 June 2021

 

22 June 2021

VR Education Holdings PLC

("VRE" or the "Group")

VRE TO LAUNCH CORPORATE METAVERSE IN 2022

ENGAGE OASIS to become "LinkedIn of the metaverse"

VR Education Holdings PLC (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, is pleased to announce the planned development of a new fully featured corporate metaverse. The metaverse is the next evolution of the Group's proprietary VR software platform, ENGAGE. The project is called "ENGAGE Oasis" with the launch expected in H1 2022.

Inspired by the VR simulation known as OASIS in the book and film 'Ready Player One' ENGAGE Oasis will be an always-on, fully persistent virtual world, where ENGAGE clients can meet and sell products and services directly to each other. Designed for business professionals, corporations, young professionals, and college students, it is best seen as a cloud-based digital city where actual business can be done. Employees from the world's largest corporations can connect with each other to generate new business ideas and deliver value to their respective organisations. ENGAGE Oasis aims to be an opportunity for corporate users to expand their customer base and provide immersive services at a reasonable price.

All the avatars and virtual locations will be tailored for professional users, and guidelines will be set by the owners of each sector. There will be no limits on digital artists or corporations regarding the virtual building blocks and styles used, allowing for unlimited branding opportunities. As part of this metaverse, a new marketplace will become available for corporations and digital artists to sell digital items and provide services using non-fungible tokens, fiat currencies and cryptocurrencies.

VRE is focused on becoming a leading global provider of virtual communications solutions through ENGAGE and its three solutions: Virtual Campus, Virtual Office, and Virtual Events.  ENGAGE recently announced it had reached the milestone of 100 customers in just two years. ENGAGE Oasis will be offered as an additional service to clients when it is released next year.  ENAGE clients include Abbott Laboratories, Facebook, KPMG, MongoDB, and the US State Department.

David Whelan, CEO, VRE, said "If Rec Room and Roblox are the TikTok and Twitch of the metaverse, we want ENGAGE Oasis to be the LinkedIn of the metaverse. We think that young professionals, corporations, digital artists, and service providers will love all the opportunities being part of the metaverse will lead to. With the pandemic and climate change causing businesses to rethink how they interact externally and internally, the virtual world provided by ENGAGE Oasis has the potential for exponential growth. ENGAGE is already a leader in the world of virtual communications, and our growing client base and proven technology underlines our belief that we can become the leader in the corporate metaverse. We look forward to updating the market on our progress, including launch partners, in the coming months."

F or further information, please contact:

VR Education Holdings plc David Whelan, CEO Séamus Larrissey, CFO Sandra Whelan, COO	Tel: [phone] [e-mail]
Cairn Financial Advisers LLP  (Nominated Adviser) James Caithie / Liam Murray / Ludovico Lazzaretti	Tel: [phone]
Shard Capital Partners LLP  (Joint Broker) Damon Heath / Erik Woolgar	Tel: [phone]
Davy  (Joint Broker & Euronext Growth Advisor) Fergal Meegan / Barry Murphy	Tel: [phone]
SEC Newgate  (Financial PR) Elisabeth Cowell / Robin Tozer / Isabelle Smurfit	Tel: [phone] [e-mail]

Notes to Editors:

VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE, ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.  

VRE is listed on AIM in London and on the Enterprise Securities Market, a market regulated by Euronext Dublin.  For further information, please visit:  www.vreducationholdings.com

 

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