Virtuality is one of the largest dedicated VR Companies in the world, with subsidiaries in the UK, US, and Japan. It shares are listed on the London Stock Exchange and are traded in ADR form in the US on the NASDAQ Over The Counter (OTC) Market (code VGRTY). IBM Corporation, Motorola Corporation, and Philips Electronics N.V. are substantial shareholders in the company. Virtuality derives its revenue from three primary sources: Technology sales, Solutions sales, and Licensing. In Technology it is the world's leading Head Mounted Display(HMD) company, using its world lead in VR related technology to develop portable wide field of view HMDs for a variety of applications including TV, Video, Games, PC, and of course VR. Customers include some the world's leading corporations such as IBM, Philips, Motorola, Takara, Kawasaki, Ford, and many others. In IVR Solutions Virtuality has sought to hasten the development of the VR industry by teaming with larger brand leading organizations and jointly developing solutions that benefit from the unique attributes of VR. Solutions include those for LIFFE, Kawasaki in motorcycle training, Winchester Rifle in Skeet Shooting, OLIN Aerospace in "In flight" entertainment, NEC in PC entertainment, Japanese government in Education, Matsushita in R & D, Ford in Marketing , and many others. The company has three content studios in Tokyo, Japan; California, USA; and Leicester, UK. Virtuality is the worldwide market leader in public space Entertainment systems and software for theme parks, malls, and Internet Cafes. Virtuality systems are installed in over 40 countries and are regularly updated with new games and applications. The Company derives important strategic data from its captive audience, which is invaluable in developing its technology for broader applications in high volume consumer related markets such as TV, Video, PC, and the Internet. The company's strategy is to build on its' current lead in HMD development with immersive technologies for consumer markets including Games Consoles, TV viewing, Video, Multimedia PCs, 3D Web browsing and other immersive VR applications. Virtuality's business model is to develop core technology and reference designs for licensing to leading international partners in a these emerging HMD markets. As the use of VR proliferates into new vertical markets, the company will participate in the sale or license of its software development services through its internationally renowned software studios. Virtuality was born in 1987 - orignally W.Industries, named after its founder :Dr.Jonathon D Waldern who has pioneered Virtual Reality since 1980. In January 1995 Dennis Ohryn and Ray Ticer joined as Deputy Executive Chairman and Finance Director respectively. Together they bring over 50 years of experience from technology companies such as Prime Computers, Sun Microsystems and Apple. With Mr Ohryn assuming the Chairmanship of the Group in January 1996 and Dr Waldern handing over operational control to focus his time on the development of next generation technologies, Virtuality continues to develop the corporate infrastructure that will allow it to reap the benefits of being the leader of the emerging VR market. At all levels, the Company has recruited highly talented individual to create cohesive and highly motivated teams specialising in all of the component technologies which combine to create innovative VR applications. Business Objectives To create a high margin, high turnover business by the end of the decade. Build Virtuality as an international brand and to participate in the development of global VR standards. Maximise the efficiency of the group by achieving high revenues per employee. Group Strategy To remain the world's leading supplier of Head Mounted Display technology, products and service. To create a compatible range of VR products which will compete for a significant share in evolving VR markets. To license its proprietary VR technologies to strategic partners in a wide variety of industries. To provide talented individuals with an environment which encourages innovation and responsibility.