REG - Engage XR Holdings - Major Contract Wins

ENGAGE XR HoldingsAnnouncement

20/02/2024 07:00

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RNS Number : 6792D  Engage XR Holdings PLC  20 February 2024

20 February 2024

 

ENGAGE XR Holdings Plc

("ENGAGE XR" or the "Group")

 

Major Contract Wins

 

ENGAGE XR Holdings Plc, a leading Metaverse / spatial computing technology
company, is pleased to announce further progress on customer contracting,
including the largest contract the Group has signed to date.  The Group has
signed a seven-figure contract with a large Middle East-based company in the
education, training, and development sector. Working in partnership with PWC
Middle East, ENGAGE XR is developing a private MetaWorld for the company to
deliver language learning programmes and professional ongoing development.

 

Sally Jeffery, PwC's Global Education & Skills Practice Leader, commented:
"At PwC Middle East, we are thrilled to collaborate with ENGAGE XR in creating
a groundbreaking MetaWorld. This initiative represents a significant leap
forward in harnessing the power of spatial computing technologies to
revolutionise the education and professional development landscape. By
integrating immersive learning experiences, we aim to unlock new potentials in
language acquisition and continuous skill enhancement. This collaboration
underscores our commitment to driving innovation and excellence in the
education sector, marking a pivotal moment in our journey to redefine the
future of learning."

 

In addition, the Group is pleased to have extended its relationship with a
leading American Bank. Having previously signed a contract with the same bank
in 2023 for employee onboarding via an event on the ENGAGE platform, the Group
was delighted to enter into a further scope of work with the bank. This
additional six-figure contract continues the work done on the ENGAGE platform
by the bank to deliver employee onboarding, together with ongoing development
of the platform being provided to the bank.

 

As previously announced, the last financial year was impacted by delays in
signing some contracts and therefore some revenues the Group had hoped to be
recognised in FY23 will now be recognised in FY24. The Group's sales pipeline
continues to grow, and the Group continues to see strong demand in the
education, training and development verticals.

 

David Whelan, CEO, ENGAGE XR, said: "The signing of our biggest ever contract
underlines the progress we are making in the education, training and
development verticals, It also extends our presence in the Middle East.
Customers in these verticals are clearly willing to invest heavily in ENGAGE,
and we expect education, training and development to be the primary driver of
revenue this year. Our understanding of the needs of customers in these areas
has accelerated during 2023, and we are better placed to target and win more
business as a result. We are also pleased that our pipeline is beginning to
convert again, after customers delayed signing contracts in the second half of
last year.

 

"We also expect to see the benefits of our partnership with Lenovo during
2024. At CES earlier this month, we released ENGAGE on Lenovo's VRX headset
with additional AI features and abilities, receiving positive feedback.  We
believe 2024 will see growing interest in spatial computing / metaverse
services as Apple releases its Vision Pro headset in February and new devices
are expected to be released from Sony, Samsung, Google, and Meta later this
year. Overall we are excited at the opportunity before us and believe that the
Group is well placed to take advantage of the increasing interest in spatial
computing and the metaverse."

 

 

 

For further information, please contact:

 

 ENGAGE XR Holdings Plc                                                    Tel: +353 87 665 6708

 David Whelan, CEO                                                         info@engagexr.co

 Séamus Larrissey, CFO

 Sandra Whelan, COO

 Cavendish Capital Markets Limited (Nominated Adviser & Joint Broker)      Tel: +44 (0) 20 7220 0500

 Marc Milmo/ Seamus Fricker (Corporate finance)

 Sunila de Silva / Harriet Ward (ECM)

 Shard Capital Partners LLP (Joint Broker)                                 Tel: +44 (0) 20 7186 9952

 Damon Heath / Erik Woolgar

 SEC Newgate (Financial Communications)                                    Tel: +44 (0)7540 106366

 Robin Tozer / Tom Carnegie / Naz Zandi                                    engage@secnewgate.co.uk

 

 

About ENGAGE XR

ENGAGE XR Holdings plc (AIM: EXR) is an extended reality (XR) technology
company focused on becoming a leading global provider of virtual
communications solutions through its new fully featured corporate metaverse,
ENGAGE Link. A demonstration of ENGAGE Link is here
(https://youtu.be/2OHtimtFY3M?si=Ng0-mwgUpTgU4wtl)

 

The Company also has a proprietary software platform, ENGAGE. ENGAGE provides
users with a platform for creating, sharing, and delivering VR content for
education, training, and online events through its three solutions: Virtual
Campus, Virtual Office, and Virtual Events.

For further information, please visit: www.engagexrholdings.com (LinkedIn:
@Engage XR Holdings plc Twitter: @engage_xr)

 

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 Group'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 Group'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 Group cautions security holders and prospective security holders not to
place undue reliance on these forward-looking statements, which reflect the
view of the Group 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 Group 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.

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