VR Education Holdings PLC - Waterford, Ireland-based virtual reality software - Proposes rebrand as Engage XR Holdings PLC to reflect the company's strategic focus on its proprietary software platform, Engage. Plans to amend the constitution of the company to reflect the new name, pending shareholder approval at an extraordinary general meeting. Schedules EGM at company headquarters on October 21.
"Engage provides users with a platform for creating, sharing, and delivering [virtual reality] content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events," the company says.
In the six months ended June 30, revenue from the Engage platform increases to GBP900,000 from GBP200,000 the year prior. At the half-year point, Engage revenue accounts for 72% of total revenue. By the first half of 2022, the company expects to launch a "new fully-featured corporate metaverse" under the Engage platform, codenamed Engage Oasis. The new technology facilitates virtual professional and sales events in an immersive environment.
Current stock price: 18.00 pence, up 4.4% on Friday afternoon
Year-to-date change: up 18%
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.