IMMO.L Share News (IMMO)

(Sharecast News) - Virtual reality entertainment company Immotion Group announced the roll-out of its 'ImmotionVR' brand into Spain on Friday, which represented a new market for the company.The AIM-traded firm said it signed an exclusive franchise distribution partnership with a major leisure operator, Climbing Planet, which would open and operate multiple ImmotionVR-branded experience centres, and identify additional supply opportunities, across Spain.Climbing Planet would purchase the VR experience simulators from Immotion Group, who would receive an ongoing revenue share from each site, thereby increasing the number of installed seats and positively impacting the cost of entering this consumer market.The first planned centre would open in a shopping centre in the northern Spanish city of Logrono in November, followed by a second centre opening at a similar space in Barcelona in December.Using its "strong knowledge" of the regional market, Climbing Planet reportedly planned to identify additional sites in shopping centres and malls with high footfall to continue its expansion.Each VR centre would contain a host of Immotion Group's VR experience simulators, ranging from VR motorcycles and cars, to VR cinema pods.They would also include dedicated birthday party rooms and a coffee area.Immotion siad Climbing Planet had experience of launching and operating the free roaming VR Experience 'Zero Latency' system across the Spanish mainland and Portugal, and therefore was "no stranger" to virtual reality."With a shared vision and a raft of experience that complements Immotion Group's, we see Climbing Planet as an ideal partner to introduce our VR experience centres into Spain," said Immotion Group chief executive officer Martin Higginson."This deal will dramatically lower the cost of entering this exciting consumer market and we expect to benefit from the local knowledge that Climbing Planet benefits from, having rolled out VR experiences previously."The partnership highlights the exciting opportunities the Group continues to explore both within and outside the UK to allow more consumers to experience virtual reality, a lot of whom is for the first time."