Business
ENGAGE commercial agreement signed
ENGAGE commercial agreement signed.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8874Y VR Education Holdings PLC 14 May 2019 \n\n\n\n\n\nFor immediate release\n\n\n14 May 2019\n\n\n\n\n \nVR Education Holdings plc\n('VR Education' or the 'Group')\n \nENGAGE commercial agreement signed\n \nVR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company focused on the education space, is pleased to announce that the Group has signed a commercial agreement ('Agreement') with D'Carrick Co. Ltd, ('D'Carrick') a South Korean immersive digital content company. The Agreement with D'Carrick provides VR Education with an important entry point into the South Korean education market for the ENGAGE1 platform, the Group's online virtual learning and corporate training platform.\n \nD'Carrick, together with its partner FIX GAMES, uses the latest technologies to create educational programmes for the South Korean education system, providing continuous innovation across various VR and AR platforms. Having pre-tested previous versions of the ENGAGE platform, the agreement with D'Carrick will bring VR Education's innovative technology to a broader client base.\n \nThe Agreement provides that, for a fee of €70,000 per annum payable to the Group over a three-year term, D'Carrick is permitted to:\n- roll out the ENGAGE virtual reality platform to a set number of students in South Korea, with additional fees should it exceed this number; and \n- resell the ENGAGE platform with 30% of revenue generated being paid to the Group.\n \nDavid Whelan, CEO of VR Education, said: \n \n\"In today's digital era, modern students are moving rapidly towards online learning and we have been delighted by the interest in our ENGAGE platform. South Korea continues to dominate the world rankings2 being voted number one for four years in a row with one of the most educated populations in the world. This is in large part with thanks to the continued investment from the South Korean government which spends 5% of GDP towards educating its 10 million plus students.\n \n\"Our goal is to transform the future of education globally by implementing new methods and techniques to make learning available to everyone, everywhere. South Korea is a proven world leader when it comes to education and D'Carr...