17:00 Mon 22 Jun 2020
Pires Investments - Partial sale of shareholding in VR Education
("Pires" or the "Company")
Partial sale of shareholding in VR Education
Pires to receive its second distribution of funds from its investment in SVV
since
Given the significant progress that VR Education has made and the appreciation in its share price since listing on AIM in
The funds received from the sale of shares will be distributed to SVV's investors, as is standard practice when realisations are made, and so Pires expects to receive around
VR Education, a leading virtual reality technology company focused on the education and virtual meeting space, recently announced that HTC Corporation ("HTC") has agreed to invest
Pires has a circa 13% interest in SVV. SVV is a venture capital fund focused on investing in the software technology sector with a specific focus on artificial intelligence, the internet of things and augmented and virtual reality.
"Thanks to the continued progress made by VR Education over recent months, we are delighted to note SVV's partial sale of shares to return its initial investment made into VR Education. This marks the second realisation and distribution of funds to Pires, around some seven months after having made our initial investment. We believe that this realisation is further endorsement of Pires' investment strategy and, with the software technology sector poised for further growth, we therefore hope this is the second of many."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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Notes to Editors
About
The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/.
About VR Education
VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in
In addition to the ongoing development of the ENGAGE platform, the company has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.
Further details about VR Education can be found at www.vreducationholdings.com
A video interview with the Founder and CEO of VR Education, David Whelan, and
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