VR Education Hldgs - Trading Update
For immediate release
('VR Education' or the 'Group')
VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality ('VR') technology company focused on the education space, provides the following trading update.
While Titanic VR has already launched on PC, Oculus Rift, HTC Vive and Windows Mixed Reality, it is yet to launch on PlayStation, where a significant percentage of sales are expected to be generated. As set out in the interim results announced on
The process of on-boarding Titanic VR with PlayStation has taken longer than anticipated and significantly longer than the equivalent on-boarding for Apollo 11, however, the Board remains confident that the Group will be able to sell Titanic VR on PlayStation this financial year.
The Group has reviewed its sales forecasts and believes that, as a result of the above delays, there will an impact on FY-2018 revenues resulting in a significant portion deferred until FY-2019 and, as such, revenues to
The Group's main focus remains the development and commercialisation of ENGAGE, its online virtual learning and corporate training platform. The commercial release of ENGAGE with full payment capabilities is progressing to plan and is scheduled to occur before the end of Q4-2018.
The Group has enhanced its sales capability by engaging
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information, please contact:
David Whelan, CEO
Tel: +353 87 665 6708
James Caithie /
Tel: +44 (0) 20 7213 0880
Tel: +44 (0) 20 7186 9952
Davy (Joint Broker & ESM Adviser)
Tel: +353 1 679 7788
Tel: +44 (0)20 7466 5000
Fuller Marketing (Irish Corporate PR)
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
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 an early access version of the Group's Titanic VR experience.
For further information, please visit www.vreducationholdings.com.
This information is provided by RNS, the news service of the
Quick facts: VR Education Holdings PLC
Market Cap: £35.05 m
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