ENGAGE commercial agreement signed
14 May 2019
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 ENGAGE1 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 €70,000 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 rankings2 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 £6 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.
For further information, please contact:
|VR Education Holdings plc
David Whelan, CEO
Sandra Whelan, COO
|Tel: +353 87 665 6708
|Cairn Financial Advisers LLP(Nominated Adviser)
James Caithie / Liam Murray / Richard Nash
|Tel: +44 (0) 20 7213 0880|
|Stockdale Securities Limited(Joint Broker)
Andy Crossley / Richard Johnson
|Tel: +44 (0) 20 7601 6100|
|Davy(Joint Broker & Euronext Growth Advisor)
Fergal Meegan / Ronan Veale / Barry Murphy
|Tel: +353 1 679 6363|
|Buchanan(UK Financial PR)
Henry Harrison-Topham / Chris Lane / Tilly Abraham
|Tel: +44 (0)20 7466 5000
|Fuller Marketing(Irish Corporate PR)
Ruth Fuller / Sheila Kelleher
|Tel: +353 87 981 3176
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.immersivevreducation.com.