4th Apr 2016 11:11
LONDON (Alliance News) - Investment company Armstrong Ventures PLC Monday said it is continuing to explore investments in the growing 'virtual reality' space, as it reported a widened pretax loss for 2015.
Armstrong is focused on investments in the media, technology and healthcare sectors, having shifted its remit from investing in resources and energy following a general meeting and fundraising in July.
As such, the company did not have any operating businesses during 2015 as it reviewed investment opportunities.
The company reported a pretax loss of 322,186 for 2015, widened from a pretax loss of 184,079 the year before. This was as a result of higher administrative expenses. It did not make revenue in either period.
Following the year end the company invested GBP212,500 in MelodyVR Ltd, a company which makes 'virtual reality' content, specifically live and recorded music content to be viewed on virtual reality headsets, such as the recently released Oculus Rift. MelodyVR plans to launch its application on a number of platforms in 2016.
"The board of Armstrong is excited by the opportunities offered by companies such as MelodyVR that provide content to be used on the VR headsets being launched by a number of major technology companies in 2016. The board continues to explore VR and other investment opportunities," said Chairman Sean Nicolson in a statement.
Shares in Armstrong Ventures were down 3.2% at 0.0121 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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