Immotion Group (LON:IMMO)

Immotion Group (LON:IMMO)


Share Price
7.94 p
Change
-0.06 (-0.75 %)
Market Cap
£19.88 m
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Immotion Group RNS Release

Distribution Partner for MENA appointed


RNS Number : 3398R
Immotion Group PLC
28 February 2019
 

28 February 2019

 

Immotion Group plc

("Immotion Group", the "Company" or "the Group")

 

Distribution Partner for MENA appointed as roll-out continues

 

Immotion Group plc, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce that it has appointed Dubai-based Warehouse of Games as its exclusive distribution partner for the Middle East and North African territories ("MENA").

 

Warehouse of Games will sell, distribute and maintain the Immotion Group range of VR Cinematic Platforms to its extensive MENA client base. The agreement is in line with the Company's strategy to become a leading participant in the 'out of home' VR experience market. The appointment of a distribution partner provides a low-cost route to establish the Immotion Group brand across this rapidly growing region.  The tourism industry in the MENA region is expected to reach over US$365 billion by 2027 (2017: US$224 billion), primarily driven by the leisure and religious tourism sectors.  Leisure travel spending is expected to grow by 4.3% pa to US$202.6 billion in 2028*.

 

As part of the agreement, Warehouse of Games will deal with the on the ground delivery, installation and repairs of Immotion Group's 'out of home' VR experiences, in order to fulfil the recent contract the Company secured with Al Hokair (detailed in the announcements dated 8 November 2018 and 5 February 2019). Al Hokair owns over 90 Family Entertainment Centres across MENA.  Immotion Group's first centre will be installed in Abu Dhabi in March 2019 at the Sparkys Family Entertainment Centre. Warehouse of Games will use its strong local knowledge to identify additional high footfall sites to continue its expansion.

 

Martin Higginson, CEO of Immotion Group, said: "The partnership with Warehouse of Games will strengthen our position in the Middle East and North Africa. With leisure spending in this region predicted to grow rapidly in the next 10 years, we anticipate significant demand for out of home VR centres in this area. With this agreement now in place, we can scale our efforts in this region at low cost with confidence in the supply and maintenance chain."

 

CEO and Founder of Warehouse of Games, Mr. Nabil Kassim said, "We are pleased to be the exclusive distributor of Immotion Group exciting VR experiences in the Middle East & North Africa. This collaboration is part of Warehouse of Games' commitment to expand its global portfolio in the amusement industry."

 

**ENDS**

 

 

Enquiries:

 

 

Immotion Group

Martin Higginson

Tel: +44 (0) 161 235 8505

WH Ireland Limited

(Nomad and Joint Broker)

Adrian Hadden

Jessica Cave

 

Tel: +44 (0) 207 220 1666

Shard Capital Partners LLP

(Joint Broker)

Damon Heath

Erik Woolgar

Tel: +44 (0) 20 7186 9900




Newgate Communications (Financial PR)

Elisabeth Cowell

Robin Tozer

Tom Carnegie

 

Tel: +44 (0) 20 3757 6880

[email protected]

 

 

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® 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.

 

About Warehouse of Games:

Headquartered in Dubai, Warehouse of Games Ltd. (WOG) is one of the top suppliers of amusement equipment, arcade games, and family entertainment centres in the Middle East.  Its operations span the Middle East, North Africa, Pakistan, India, Iran, Iraq, and CIS countries. From amusement parks to indoor and outdoor entertainment centres, WOG designs and creates environments of sheer, uninterrupted fun! From the most efficient and comprehensive after-sales support, technical support and execution services to the most exciting and innovative range of games, rentals, and concept design & development of amusement parks, WOG offers you everything you need under one roof.  Warehouse of Games is the one-stop provider for all your entertainment and gaming needs. 

 

*https://www.wttc.org/-/media/files/reports/economic-impact-research/regions-2018/middleeast2018.pdf   


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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