TIDMVRE
RNS Number : 4574S
VR Education Holdings PLC
09 July 2020
For immediate release 9 July 2020
VR Education Holdings plc
('VR Education' or the 'Group')
ENGAGE signs multi-year enterprise licence agreement with Tokyo
Global Gateway
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 the Group
has signed a multi-year enterprise licence agreement with Tokyo
Global Gateway ('TGG') for use of the Group's proprietary ENGAGE
platform, effective from 1 September 2020. The agreement comprises
an initial one-off fee for custom work alongside annual software
licence fees.
TGG is a large-scale experience-oriented English-education
facility, managed and operated by a consortium of five
private-sector entities appointed by the Tokyo Metropolitan Board
of Education (TBoE). A majority shareholder of TGG is Gakken
holdings co., Ltd. which is a leading educational service and
content provider in Japan, whose aims are to contribute to
educational reform in Japan via innovative solutions.
VR Education's ENGAGE platform is a world leading education,
training and communications tool used by educators and enterprise
clients to provide remote training, distance learning and, most
recently, as a platform to provide global virtual events.
The agreement will see TGG use VR Education's ENGAGE platform to
teach Japanese students and corporate clients how to speak English
in everyday travel situations - such as arriving at an airport,
checking into a hotel or ordering food at a restaurant. The use of
VR in a series of set locations, designed to simulate scenarios
during a foreign trip, provides students with familiar surroundings
as they learn how to speak English fluently. The use of the ENGAGE
platform enables TGG to expand its existing facilities digitally
and provide more complex locations and situations with relative
ease. Global Sky Education, Ltd., a cutting-edge learning design
consultancy, will be supporting TGG by taking a role in VR learning
development and execution of this landmark project.
Commenting on the agreement, David Whelan, CEO of VR Education,
said:
"Tokyo Global Gateway is a leading educational institute in
Japan, which has one of the world's best-educated populations with
100% enrolment in compulsory grades and zero illiteracy. We're
delighted to be further strengthening our reach in Asia by working
with this prestigious institution backed by the Tokyo Metropolitan
Board of Education. In light of the COVID-19 crisis and growing
pressures on education systems across the globe, this multi-year
enterprise agreement, which has been secured in line with
management expectations, shows the strong and growing demand for
ENGAGE's unique offering in the education, technology and XR
space."
Commenting on the agreement, Shoichiro Taniguchi, Chief
Development Officer of TOKYO GLOBAL GATEWAY, said:
"We are very pleased to be able to introduce the VR Education
ENGAGE platform to Japan. This is the first time for children in
Japan to learn through VR. The ENGAGE platform will provide
Japanese students with new learning experiences, new surprises, and
even greater curiosity. TOKYO GLOBAL GATEWAY was founded by a
corporate group which includes the largest educational company in
Japan, the "GAKKEN GROUP". We believe that the VR learning
experience provides a great opportunity to expand our operations,
not only in English learning but in many subjects, and many sales
channels."
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 Tel: +353 87 665 6708
David Whelan, CEO contact@vreducationholdings.com
Sandra Whelan, COO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
James Caithie / Liam Murray / Ludovico
Lazzaretti
Shard Capital Partners LLP (Joint Tel: +44 (0) 20 7186
Broker) 9952
Damon Heath / Erik Woolgar
Davy (Joint Broker & Euronext Growth Tel: +353 1 679 6363
Advisor)
Fergal Meegan / Ronan Veale / Barry
Murphy
Buchanan (Financial PR) Tel: +44 (0)20 7466 5000
Henry Harrison-Topham / Chris Lane VRE@buchanan.uk.com
/ Tilly Abraham
Tel: +81 3 5962 4962
TOKYO GLOBAL GATEWAY s.taniguchi@gakken.co.jp
Shoichiro Taniguchi, Chief Development
Officer
Notes to Editors
VR Education, together with its wholly owned subsidiary, is a 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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contact rns@lseg.com or visit www.rns.com.
END
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