EVR Holdings PLC EVR Holdings Update (5140E)
February 12 2018 - 2:00AM
UK Regulatory
TIDMEVRH
RNS Number : 5140E
EVR Holdings PLC
12 February 2018
12 February 2018
EVR Holdings plc
('EVRH' or the 'Company')
EVR Holdings Update
EVR Holdings plc (AIM: EVRH), the leading creator of virtual
reality music content and its subsidiary MelodyVR Ltd ('MelodyVR')
are pleased to provide the following update.
Highlights
2017 was a transformational year for EVRH and MelodyVR in which
our most significant achievements included:
-- Completion of a global deal with Universal Music Group, the
world's leading music company in March.
-- Announcement of a global partnership with Microsoft
Corporation in June, securing our company's VR music platform's
availability to 500,000,000 Windows 10 consumers.
-- Signing of a global framework agreement with Sony Music
Entertainment in July as well as a global partnership with Jay Z's
entertainment company - Roc Nation, in October.
-- Two successful capital raises during the year securing
significant additional funding for the business, bolstering cash
reserves and strengthening the Company's shareholder register via
the participation of a number of globally recognised institutional
investors.
VR Market Outlook
The VR industry is currently on the cusp of a pivotal change as
new 'standalone' VR devices are due to be released by companies
such as Facebook, HTC and Google over the coming months. The
combination of greatly increased image quality and a significantly
reduced, sub-US$200 price point will drive mainstream adoption of
VR technology like never-before. These new devices, such as 'Oculus
Go', which are functional directly 'out of the box' and do not
require a laptop or phone, will herald a paradigm shift in how
consumers engage with Virtual Reality technology and are what the
Company consider to be the first 'mainstream' VR devices that will
be available to the public.
As device adoption increases and as demonstrated by the
mainstream take-up of gaming-consoles such as Xbox and PS4,
non-gaming entertainment content will inevitably become
increasingly popular with consumers, especially in immediately
accessible and familiar verticals such as music entertainment. As
the market leader in VR music content, and as the proprietors of
the world's only VR music platform, the Company is extremely
well-positioned to benefit from the forthcoming growth of the VR
market and from the mainstream adoption of standalone VR
headsets.
Outlook for 2018
MelodyVR is well positioned for a successful public launch of
its VR music platform in 2018. In order to secure a greater impact
at launch, the Company intend to launch its music service to
consumers alongside the new wave of standalone and accessible VR
devices, leveraging its partner's significant marketing
capabilities alongside in-house marketing strategies.
A world-class team in combination with significant financial
resources ensure that as EVRH moves forwards, MelodyVR is
fully-funded and staffed to execute upon the Company's current
ambitious plans in the near and longer term. As of 31(st) December,
the Company's year-end cash balance was circa GBP12.4m.
Anthony Matchett, Executive Chairman of EVR Holdings, said: "The
successes highlighted above have supported continued expansion, as
well as the addition of world-class talent to our team, including
experienced individuals with backgrounds in senior roles at
respected companies such as Microsoft Corporation, Sony
PlayStation, Spotify and Universal Music Group. We've opened
additional offices across Europe as well as in the United States,
and have worked with our music-industry partners to create a vast
amount of original content with hundreds of the world's top artists
and musicians.
Since the launch of our closed beta, our engineering, design and
post-production teams have significantly improved our consumer
offering, adding more original content and refining both the user
experience and interface ahead of our public launch. Our marketing
team continues to work with artists, major record labels, the
global press and our hardware partners such as Facebook, Microsoft
and Sony PlayStation, to further define our consumer roll-out
plans.
As we move closer to launch, our shareholders will note
increased PR activity, including both press and social media
activations and can expect further updates regarding our precise
timings and launch territories to follow. We'd like to thank all of
our shareholders and partners for their on-going support and we
greatly look forward to the year ahead."
- Ends -
For further information please contact:
EVR Holdings plc
Anthony Matchett, Executive Tel: +44 (0) 20 7457
Chairman & CEO 2020
Sebastian Theron, Chief www.evrholdings.com
Financial Officer
Zeus Capital Limited (Nominated Adviser
and Broker)
Andrew Jones / Giles Balleny (Corporate Tel: +44 (0) 203 829
Finance) 5000
John Goold / Benjamin Robertson (Sales & www.zeuscapital.co.uk
Broking)
Notes to Editors:
MelodyVR is a wholly owned subsidiary of EVR Holdings plc
('EVR'), a company that is listed on the AIM market of the London
Stock Exchange under the ticker EVRH.L. EVR, a creator of virtual
reality content, joined AIM on 16 May 2016 following a reverse
takeover of Armstrong Ventures plc. Further information can be
viewed at www.evrholdings.com and www.melodyvr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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