Immotion Group PLC Extension of exclusive distribution agreement (4780A)
September 12 2018 - 2:00AM
UK Regulatory
TIDMIMMO
RNS Number : 4780A
Immotion Group PLC
12 September 2018
12 September 2018
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulations No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Immotion Group PLC
("Immotion Group" or the "Group")
Extension of exclusive distribution agreement with Leke
Immotion Group is pleased to announce the extension of the
Group's exclusive distribution agreement with Beijing LEKE VR
Technology Co., Ltd ("Leke VR") for the UK and a new exclusive
distribution agreement in the USA, both agreements running through
to 31 December 2019, subject to achieving commercial targets in
each market.
Following these updates, Immotion Group's distribution agreement
with Leke VR provides it with the distribution rights to sell Leke
VR's motion platform hardware coupled with Immotion's proprietary
VR experiences on an exclusive basis throughout the UK and also the
USA, and currently on a non-exclusive basis across most other
jurisdictions globally.
In addition, Leke VR has agreed to make the VR experiences
produced by Immotion Group available across its entire base of
installed VR platforms in 30 countries. The Group will monetise its
content on a "per play" basis. The current usage on the Leke VR
installed base is approximately 1 million "plays" per month and the
Directors expect this to grow strongly. The parties will now begin
a full assessment of the relevant operational matters, with a view
to such distribution beginning towards the end of 2018.
Martin Higginson, CEO of Immotion Group said: "We are extremely
pleased to have extended our exclusive relationship, and to be
working much closer with Leke VR. We share the same vision with
extremely complementary skills. Leke VR are, in our view, the
market leaders in affordable VR motion platforms, whilst we believe
Immotion is leading the way in immersive VR experiences. This
unique combination, now available globally, will further propel
both Immotion and Leke VR in their quest to lead the 'out of home'
VR market."
Evan He, CEO of Leke VR said: "We are pleased to extend our
exclusive distribution and manufacturing agreement with Immotion
for both the UK, and now the USA, and to be working with them on
the distribution of their VR experiences. The quality of
experiences produced by the Immotion team is way above anything we
have seen to date. We are convinced our customers will love them.
The combination of the Immotion Group's VR content and our VR
motion platforms will allow Leke to deliver an offering which is
far superior to other affordable VR experiences available to
consumers globally."
Enquiries:
Immotion Group Martin Higginson Tel: +44 (0) 161 235 8505
WH Ireland Limited Adrian Hadden Tel: +44 (0) 207 220 1666
(Nomad and Joint Broker) Jessica Cave
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186 9900
LLP Erik Woolgar
(Joint Broker)
Redleaf Communications Elisabeth Cowell Tel: +44 (0) 20 3757 6880
(Financial PR) Robin Tozer Immotion@redleafpr.com
About Immotion Group
Immotion Group, co-founded by Martin Higginson and David Marks
in 2017, generates revenues through the delivery of high quality
"state of the art" VR experiences, combined with cutting edge
motion platforms to consumers at an affordable price point through
a range of routes:
-- Sales - sale of VR Motion Platforms to Leisure and
Entertainment operators provide the opportunity for the operator to
drive substantial ancillary revenues
-- Concession partners - currently installed at a range of
outlets including Merlin Entertainments' LEGOLAND(R) Discovery
Centres in Boston, USA and in Manchester, UK and Genting Resorts
World in Birmingham - this channel provides an opportunity for its
partners to earn ancillary revenues, as well as providing an
exciting additional attraction to their facilities
-- Owned and franchised outlets, trading as ImmotionVR, located
in high footfall shopping centres
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRLLFSTALILLIT
(END) Dow Jones Newswires
September 12, 2018 02:00 ET (06:00 GMT)
Immotion (LSE:IMMO)
Historical Stock Chart
From Apr 2024 to May 2024
Immotion (LSE:IMMO)
Historical Stock Chart
From May 2023 to May 2024