Core Projects - Signing of MOU with IGNOU

Core Projects & Technologies Ltd has announced that coming together in a Higher Education project using the Space Age technology developed by the NASA sponsored Center of Higher Learning (CHL), the Company has signed a Memorandum of Understanding with the Indira Gandhi National Open University (IGNOU) for setting up Visualisation Learning Centres at all IGNOU centers in India.

The revolutionary project will create education content using space age technology - Cave Automatic Virtual Environment (CAVE) - developed by scientists of the Center of Higher Learning (CHL) - at the NASA Stennis Space Center, Mississippi. The Company has exclusive rights for this technology from CHL for the Asia Pacific region.

Deployment of this technology in classrooms will greatly enhance the ability of students to understand complicated topics. It will also enable them to conduct innovative experiments leading to cutting edge Research and Development efforts. The inherent talent and potential in students will be exploited by the use of such advanced technology.

This project of the Company with IGNOU will change the landscape of instructional technology and significantly improve the efficacy of learning materials, thus enhancing the quality of education and helping the education system to churn out professionals of the highest caliber, matching international standards.

The Company will maintain a staff of visualization scientists trained by CHL to develop a substantial library of Immersive 3D Education Software titles. The Company and its partners will cover subjects ranging from Biology, Anatomy, Chemistry, Molecular Science, and Physics to training topics for Medical, Engineering, and Vocational students. The Company will create a path for a more effective way for students to learn subjects and explore concepts that were previously only available in the dry confines of textbooks.

IGNOU's role in its unique partnership as per the MOU signed with the Company will be to set up Visualization Laboratories at all its centers, suggest the educational content and provide subject matter experts in the development of the educational products. It will also develop an education program to cultivate additional visualization scientists to manage and maintain the Visualization Labs constructed at each IGNOU campus. IGNOU will advice and give recommendations for specifically tailored applications to be developed by the Company. IGNOU will also provide professional consultation in support of the creation of the IGNOU Visualization Labs in India and worldwide.

The Company has been at the forefront of administrative school software. With several large application installations throughout the United States and UK, and with additional opportunities emerging in India, the Company is a leader in providing school administrators with the tools they need to help provide quality education to students.

Setting up of one center will generate a one time Licence Revenue of upto Rs 3.00 crores and a recurring revenue of Rs 2.80 crores per year for the Company. Over the next five years the Company expects to set up 200 centers per year, inclusive of the centers to be set up for IGNOU.