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EVR Holdings pre-tax loss widens

By BFN News | 09:45 AM | Tuesday 14 March, 2017


EVR Holdings' pre-tax losses for the year to the end of December rose to £2.6m - up from £186,558 last time. Chief executive Anthony Matchett said: "As we prepare for the forthcoming worldwide launch of our VR music platform, the virtual reality industry continues to grow at an exponential rate. "Following a recently announced partnership with Warner Music Group, I believe that MelodyVR is increasingly well placed to dominate the VR content ecosystem given the limited offering of entertainment content that is currently available to consumers. "As the VR market develops, fuelled predominantly by promotional campaigns from Samsung, HTC and Google, as well as the recent release of PlayStation VR, we expect the demand and appetite for high-quality VR content to increase from both consumers and hardware manufacturers alike. "With the world's leading technology companies, such as Facebook, Samsung, Google and Sony all battling for market share, we expect that promotional activities involving low-cost, or free of charge VR devices and featuring exclusive content, will become more commonplace. "With VR hardware sales rapidly increasing and user adoption continuing to accelerate, we look forward to the worldwide launch of our VR music platform and substantial content library." The group said operational highlights included: - Beta version of the MelodyVR app launched on 22 December 2016; - MelodyVR's multi-year exclusive partnership agreements with venues and promoters increased by over 550% and now covered 64 worldwide events and music festivals; - MelodyVR partnered with Warner Music Group and entered a VR content creation and distribution agreement in December 2016; - A warrant was granted to Warner Music Group giving it a potential equity interest in EVR; - Marketing, licensing and development teams have been strengthened with the addition of significant hires; - MelodyVR partnered with Telefonica to deploy a 'lite' version of the MelodyVR in over 600 O2 stores in Germany. At 9:45am: (LON:EVRH) Evr Holdings Plc share price was -0.13p at 9.75p Story provided by StockMarketWire.com

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