VRE to Launch 5G VR Device with Deutsche Telekom
For immediate release
4 December 2019
VR Education Holdings plc
('VR Education' or the 'Group')
VR Education partners with Deutsche Telekom, Qualcomm Technologies Inc. and XRSPACE for launch of new 5G VR device
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's ENGAGE platform has been selected as one of a handful of titles to be a launch application for a new 5G VR head mounted display ('HMD'), which is currently being developed in partnership with Deutsche Telekom, Qualcomm Technologies Inc. and XRSPACE. It is anticipated that this new 5G VR HMD, which is lighter and less bulky than its predecessors and due for launch in mid-2020, will deliver a significant boost to the VR ecosystem through its low latency attributes, allowing it to redefine the way people connect, learn, socialise, play and collaborate.
The new 5G VR HMD will allow consumers to experience a metaverse, where the virtual and real-world blur to transform how people come together in a more personal, natural, and meaningful way, without the confines of physical boundaries. Instead of moving a cursor across a grid of icons to open applications as in today's VR experiences, the device will offer a novel user interface where users are represented as a real-life looking avatar and navigate the virtual world.
This new offering will be distributed exclusively through global telecom operators and initially include a VR HMD powered by a Qualcomm Snapdragon Mobile VR Platform and innovative content spanning communication, social, education, media, shopping, and entertainment. It represents a key use for 5G technology and has support from telecom operator Deutsche Telekom, which has 7 million mobile customers in Germany and about 44 million around the globe. More than 300,000 of those German customers use the carrier's current VR app, Magenta VR, under their T-Mobile brand.
David Whelan, CEO of VR Education, said: "VR and AR technology (XR) up to now has only appealed to very large corporations for training and the hardcore video game community. 5G deployment is about to change this mindset allowing for more immersive experiences, faster streaming services and smaller end user devices making a currently niche product appeal to a mass market. This new 5G VR device is certainly much smaller and lighter than what we have seen in the past from other manufacturers and we are definitely in touching distance of where XR headsets will actually have the same form as standard glasses.
"Having a leading telecom company such as Deutsche Telekom push forward with an XR offering for their new 5G customers is a welcome development and ENGAGE being part of this push on the corporate training and education side is very exciting."
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:
VR Education Holdings plc
David Whelan, CEO
Sandra Whelan, COO
Tel: +353 87 665 6708
Cairn Financial Advisers LLP (Nominated Adviser)
James Caithie / Liam Murray / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880
Shore Capital (Joint Broker)
Toby Gibbs / Anita Ghanekar
Tel: +44 (0) 20 7408 4090
Davy (Joint Broker & Euronext Growth Advisor)
Fergal Meegan / Ronan Veale / Barry Murphy
Tel: +353 1 679 6363
Buchanan (UK Financial PR)
Henry Harrison-Topham / Chris Lane / Tilly Abraham
Tel: +44 (0)20 7466 5000
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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 four downloadable showcase VR experiences, including 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.
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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