Armstrong Ventures Transitioning to VR With New Acquisition
Armstrong Ventures is a media, tech and healthcare investor. The company recently revealed a plan to purchase MelodyVR, a VR music experience company, for over $5 million.
They said that the purchase cost would be made whole by the issuing of 465,702,743 new shares at 1.1p each. Their plan includes the consolidation of already existing shares as well which would make every 100 shares turn into one new ordinary share and the name will be changed to EVR Holdings.”
The main point of the company is to give people a slew of monetized distribution channels, audiovisual and interactive material that’s created to be utilized for virtual reality devices.
Armstrong’s Chairman, Sean Nicolson, said, “We are delighted to announce the proposed acquisition of MelodyVR, a business which is well positioned to benefit front he rapidly expanding VR sector. 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.”
Nicolson noted that the purchase of MelodyVR is going to be welcomed by lots of music fans who are embracing virtual reality. This will enable an immersive musical experience for fans that might not be able to go to a certain concert because of the cost or the location among several other possible reasons.
He also said, “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. We look forward to welcoming them to the board.”
The acquisition proposal, shares being issued and the company’s consolidation/name change are going to be noted to shareholders at their meeting on May 13th.