ENGAGE signs multi-year licence agreement

VR Education Holdings plc

('VR Education' or the 'Group')

ENGAGE signs multi-year enterprise licence agreement with Tokyo Global Gateway

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 has signed a multi-year enterprise licence agreement with Tokyo Global Gateway ('TGG') for use of the Group's proprietary ENGAGE platform, effective from 1 September 2020. The agreement comprises an initial one-off fee for custom work alongside annual software licence fees.

TGG is 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 (TBoE).  A majority shareholder of TGG is Gakken holdings co., Ltd. which is a leading educational service and content provider in Japan, whose aims are to contribute to educational reform in Japan via innovative solutions.

VR Education's ENGAGE platform is a world leading education, training and communications tool used by educators and enterprise clients to provide remote training, distance learning and, most recently, as a platform to provide global virtual events.

The agreement will see TGG use VR Education's ENGAGE platform to teach Japanese students and corporate clients how to speak English in everyday travel situations - such as arriving at an airport, checking into a hotel or ordering food at a restaurant. The use of VR in a series of set locations, designed to simulate scenarios during a foreign trip, provides students with familiar surroundings as they learn how to speak English fluently. The use of the ENGAGE platform enables TGG to expand its existing facilities digitally and provide more complex locations and situations with relative ease.  Global Sky Education, Ltd., a cutting-edge learning design consultancy, will be supporting TGG by taking a role in VR learning development and execution of this landmark project.

Commenting on the agreement, David Whelan, CEO of VR Education, said:

 "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. 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."

Commenting on the agreement, Shoichiro Taniguchi, Chief Development Officer of TOKYO GLOBAL GATEWAY, said:

"We are very pleased to be able to introduce the VR Education ENGAGE platform to Japan.  This is the first time for children in Japan to learn through VR.  The ENGAGE platform will provide Japanese students with new learning experiences, new surprises, and even greater curiosity.  TOKYO GLOBAL GATEWAY was founded by a corporate group which includes the largest educational company in Japan, the "GAKKEN GROUP".  We believe that the VR learning experience provides a great opportunity to expand our operations, not only in English learning but in many subjects, and many sales channels."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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Notes to Editors

VR Education, together with its wholly owned subsidiary, is a 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 two downloadable showcase VR experiences, being 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.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.