Armstrong Ventures Announces Plans to Acquire MelodyVR
Media, technology and healthcare investor Armstrong Ventures has announced its latest plans to venture into the virtual reality space by acquiring the music company MelodyVR. This deal is reported to be worth around 7 million dollars. This new investment will place them dead center in the virtual reality music experience industry and they have used this avenue to get in on the VR bandwagon.
The Cost of Acquisition
The AIM- traded firm relayed that the cost of the acquisition will be satisfied with the issue new ordinary shares in the tune of 465,702,743 shares at 1.1p per share. They also plan to involve the consolidation of already existing shares where every 100 shares will become one new ordinary share. In addition to this, a change of name to EVR Holdings will be in effect.
The company will focus on providing its customers a number of distribution channels which are monetized and intended for use with virtual reality devices. Users can then share their audio, visual and interactive material on these platforms.
Thoughts from the Chairman…
“We are delighted to announce the proposed acquisition of MelodyVR, a business which is well positioned to benefit from the rapidly expanding VR sector,” said Armstrong chairman Sean Nicolson.
“With a number of recognized global manufacturers having recently entered the market with new head mounted display VR headsets, the interest of consumers and investors alike has been reignited.
“Cumulative sales of VR headsets is forecast to reach 83.3 million by 2018 with the global market for recorded videos and live events alone potentially reaching $7.3bn of sales by 2025 with over 175 million users,” he explained.
What Music Lovers can expect
According to Nicolson, MelodyVR’s proposition is very appealing to a lot of music fans who have embraced the latest virtual reality technology as it offers a fully immersive music experience to fans who are unable to attend a live event for any reason be it financial or geographical, age restrictions or even for cases when tickets are already sold out. Music fans can now get access to recorded content and still have the feeling of presence.
“We believe that MelodyVR’s proposition will appeal to many music fans who have embraced the latest VR technology. MelodyVR offers an immersive music experience to fans who are unable to attend a live event due to geographical or financial constraints, age restrictions or simply to an event being sold out. It also gives music fans the opportunity to access recorded content.
“Following completion of the Acquisition, I am pleased to announce that Anthony Matchett and Steven Hancock of MelodyVR will join the board together with Simon Cole, the current CEO of 7Digital Group,” Nicolson confirmed.
“We look forward to welcoming them to the board.”
All of the main propositions like the acquisition, the share issue, consolidation and change of name will be presented to the shareholders at a meeting on 13 May. Afterwards, the plans will be put into motion and we can expect something great to come out of it all.