– UK, London – VR Education Holdings PLC (LON: VRE | Euronext: 6VR), a virtual reality technology company today announced the appointment of US e-commerce entrepreneur Frank Poore to its Board as a Non-executive Director with immediate effect.
Concurrently, Tony Hanway has stepped down from the board with immediate effect.
About Frank Poore
Frank Poore brings a wealth of entrepreneurial and business experience to VRE, with over 25 years as an e-commerce innovator and visionary. As founder and CEO of CommerceHub, Frank built a leading eCommerce platform which enables $30 billion in recurring e-commerce sales for 15,000 of the world’s largest retailers, brands, distributors, and marketplaces.
As its CEO, Frank led CommerceHub through significant periods of growth, resulting in milestone events including international expansion, two significant acquisitions, and a successful public flotation on Nasdaq. CommerceHub’s platform and business model were also highly respected for generating industry-leading EBITDA returns. Four successful liquidity events were created for CommerceHub shareholders – first through a sale of CommerceHub to QVC/Comcast Corporation in 2006, second via public offering in 2016 on Nasdaq, third through a $1 billion take-private sale of CommerceHub to GTCR and Sycamore Partners in 2018, and most recently through a majority sale to Insight Partners for nearly $2 billion in December 2020.
As well as serving on the Board of VRE, Frank will work with the management to support the Company’s market expansion strategy to help achieve its goal of becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE and its planned business metaverse framework, codenamed ENGAGE Oasis. ENGAGE Oasis will offer users unique marketplace opportunities to buy and sell virtual products and services.
The Board of VRE has agreed to issue warrants to Frank Poore to subscribe for 17,406,069 new ordinary shares in the Company at a subscription price per Warrant Share of 15p. The warrants will be exercisable in annual tranches, based on share price performance, with 2% granted on a basis of each of two times, four times, and six times the subscription price to a maximum of 6% of the current issued share capital of the Company. The conditions and exercise periods are set out in the notes below.
Further disclosures on Mr. Francis Joseph Poore as required under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies and Chapter 5: Additional Rules for the Euronext Growth Market operated by Euronext Dublin are included in the appendix below.
David Whelan, CEO of VR Education, commented: “With over 25 years experience as a successful entrepreneur, building a company with a strong sales and technology focus, and a track record of delivering value for global multinational businesses, Frank is a major addition to our Board. His experience will be invaluable as we expand our ENGAGE metaverse offering particularly in North America working together to achieve our ambitious medium and long-term growth targets.
“I would also like to thank Tony for his support, and wish him the best for the future.”
Frank Poore said: “I am excited to join the Board of VRE and to work with VR pioneers like David and Sandra. As companies embrace remote work, they will need new ways to manage their culture and team chemistry. ENGAGE is already well-positioned as the “office of the future” by enabling distributed teams to come together into a virtual office, conference room, auditorium, classroom, or coffee shop to create a sense of presence and to foster collaboration, creativity, and serendipity. The development of ENGAGE Oasis is especially exciting and it can establish itself as the go-to virtual world where global organizations come to interact with each other, and their stakeholders. I believe that my background and personality will bring a disruptive yet collaborative spirit that can help unlock substantial value for shareholders.”
About VRE
VR Education is a virtual reality technology company focused on becoming a leading global provider of virtual communications solutions through its 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.
VRE is listed on AIM in London and on the Enterprise Securities Market, a market regulated by Euronext Dublin.
For more information: https://immersivevreducation.com/
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