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 provide the following update on its ENGAGE platform which hosts remote virtual events, virtual training and remote distance learning.

Since 30 June 2020, the Group has signed a number of contracts to host virtual events for several organisations including Ericsson, the Swedish multinational networking and telecoms company.  Yesterday, VR Education successfully hosted a live virtual event for the US-based XPRIZE Foundation, a non-profit organisation that designs and hosts public competitions intended to encourage technological development to benefit humanity.  The founders of XPRIZE, along with a selection of keynote speakers in the education and technology sectors, took to the virtual stage live to deliver a real world event experience remotely.  The Group also has a number of other virtual events planned in the current quarter and will provide a further update once these have successfully concluded.

In addition to ENGAGE’s virtual events, the Group has also made significant progress since 30 June 2020, particularly in the US market, with sales of the ENGAGE platform for training and remote distance learning purposes to a number of organisations including Facebook, The United States Air Force Academy, University of Arizona, Colorado State University, SNCF, Lobaki, Houston Community College and Stanford University.  Many of the contracts signed are for initial trial orders which the Group hopes will potentially lead to increased order sizes and extensions.

Revenue generated from the ENGAGE platform since 30 June 2020 comprised 68% of total post period end Group revenue (H1 2020: 33%), illustrating the significant traction achieved by ENGAGE. 

David Whelan, CEO of VR Education, said: “I am very pleased to report the continued progress of the ENGAGE platform this year after a very uncertain and slow first quarter due largely to Covid-19 shutdowns. From the second quarter onwards we have seen accelerated adoption of our platform as it became apparent that educational institutes and businesses would need to work and communicate remotely for many months to come as the pandemic spread.  Much of our continued growth has been in the US as this region has been hit the hardest. We expect this growth to continue as we come towards the back half of this year and as we make ENGAGE available inside the Greater China region for the first time with our business partner HTC.”

Notice of Interim Results

The Group also announces that it will report its Interim Results for the six months ended 30 June 2020 on Thursday, 10 September 2020.

There will be a Zoom call for sell-side analysts at 09:30am on the day of results, hosted by David Whelan (CEO) and Séamus Larrissey (CFO).  Please contact Buchanan at [email protected] if you would like to receive the dial in details.

This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014. 

For further information, please contact:

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.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.