Engage XR Holdings (CDI) (EXR)

  • Change Today:
  • 52 Week High: 19.50
  • 52 Week Low: 10.25
  • Currency: UK Pounds
  • Shares Issued: 290.45m
  • Volume: 132,510
  • Market Cap: £33.40m
  • RiskGrade: 165

VR Education signs licence agreement with Japan education firm

By Josh White

Date: Thursday 09 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Virtual reality (VR) technology company VR Education has signed a multi-year enterprise licence agreement with Tokyo Global Gateway (TGG) for use of its proprietary 'Engage' platform, effective 1 September, it announced on Thursday.
The AIM-traded firm said the agreement comprised an initial one-off fee for custom work, alongside annual software licence fees.

It described TGG as 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.

A majority shareholder is Gakken Holdings - an educational service and content provider in Japan, whose aims are to contribute to educational reform in Japan via "innovative solutions".

VR Education described its Engage platform as an education, training and communications tool used by educators and enterprise clients to provide remote training, distance learning, and as a platform to provide virtual events.

The agreement would see TGG use the platform to teach Japanese students and corporate clients the English language in "everyday travel situations", such as arriving at an airport, checking into a hotel or ordering food at a restaurant.

It said the use of VR in a series of set locations, designed to simulate scenarios during a foreign trip, would provide students with "familiar surroundings" as they learned how to speak English fluently.

The use of the Engage platform would enable TGG to expand its existing facilities digitally, and provide more complex locations and situations "with relative ease".

Learning design consultancy Global Sky Education would support TGG, by taking a role in VR learning development and the execution of the project.

"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," said chief executive officer David Whelan.

"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."

At 0917 BST, shares in VR Education were up 1.59% at 16p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.


EXR Market Data

Currency UK Pounds
Share Price 11.50p
Change Today -0.25p
% Change -2.13 %
52 Week High 19.50
52 Week Low 10.25
Volume 132,510
Shares Issued 290.45m
Market Cap £33.40m
RiskGrade 165

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Trades for 20-May-2022

Time Volume / Share Price
16:32 115,000 @ 11.15p
13:58 10,000 @ 11.65p
12:00 7,500 @ 11.67p
11:49 10 @ 12.00p

EXR Key Personnel

CEO David Patrick Whelan
COO Sandra Margaret Whelan
CFO Séamus Patrick Larrissey

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