Immotion Group PLC Disposal of Japanese Branch (1803D)
October 08 2018 - 1:00AM
UK Regulatory
TIDMIMMO
RNS Number : 1803D
Immotion Group PLC
08 October 2018
8 October 2018
Immotion Group PLC
("Immotion Group" or the "Group")
Disposal of Japanese Branch
Immotion Group, the UK-based immersive virtual reality ("VR")
'Out of Home' entertainment business, announces that the Company
has completed the transfer of its Japanese division which has
focused solely on providing non-VR content for third parties.
As disclosed in the Group's admission document, historically,
the Group's focus has been on the creation of high quality CGI and
live action content for third parties. The Group took the decision
to focus its efforts pre-dominantly on the creation of experiential
content for VR motion platforms and therefore, as part of this
decision the Group stated in its admission document and highlighted
in the interim results released on 26 September 2018 its intention
to exit its non-core client services business in Japan and is
pleased to announce today its discontinuation of operations in the
region is complete.
The remaining ongoing projects will be taken over and completed
by Immotion Group's former Managing Director of the Japanese
division in exchange for no consideration. Several items of office
and computer equipment with no carrying value will also be
transferred under the arrangement.
In the six months to 30 June 2018, Immotion Group's Japanese
branch made a loss before tax of approximately GBP34k (included
within discontinued operations).
The Directors believe the discontinuation of operations in Japan
will allow the Group to concentrate on its core activities and
whilst it is not expected to have a significant impact on the Group
going forwards, the discontinuation of operations in Japan is
expected to save the Group over GBP300k per annum in overheads.
Enquiries:
Immotion Group Martin Higginson Tel: +44 (0) 161 235 8505
WH Ireland Limited Adrian Hadden Tel: +44 (0) 207 220 1666
(Nomad and Joint Broker) Jessica Cave
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186 9900
LLP Erik Woolgar
(Joint Broker)
Redleaf Communications Elisabeth Cowell Tel: +44 (0) 20 3757 6880
(Financial PR) Robin Tozer Immotion@redleafpr.com
About Immotion Group
Immotion Group, co-founded by Martin Higginson and David Marks
in 2017, generates revenues through the delivery of high quality
"state of the art" VR experiences, combined with cutting edge
motion platforms to consumers at an affordable price point through
a range of routes:
-- Sales - sale of VR Motion Platforms to Leisure and
Entertainment operators provide the opportunity for the operator to
drive substantial ancillary revenues
-- Concession partners - currently installed at a range of
outlets including Merlin Entertainments' LEGOLAND(R) Discovery
Centres in Boston, USA and in Manchester, UK and Genting Resorts
World in Birmingham - this channel provides an opportunity for its
partners to earn ancillary revenues, as well as providing an
exciting additional attraction to their facilities
-- Owned and franchised outlets, trading as ImmotionVR, located
in high footfall shopping centres
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END
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