VANCOUVER, British Columbia, Aug. 30, 2022 (GLOBE NEWSWIRE) — XR Immersive Tech Inc. (“XRi” Where “Immersive technology“, or the “Company”) (CSE:VRAR) (FSE:79W) (OTCQB: FNTTF), a leading content distribution and facility management platform for location-based virtual reality (“LBVR”), today announced the results of its second quarter and first half of its 2022 fiscal year ended June 30, 2022 as well as a mid-year update.
“We had an excellent second quarter and first half of 2022, with strong revenue growth, including a number of key strategic milestones achieved which I am delighted to share,” said Tim Bieber XRi CEO.
XRi delivered the following results for its second quarter and first half of its 2022 fiscal year:
In the second quarter, the company’s revenue was $348,328 with an associated cost of goods sold of $71,375, an increase in revenue of 752% quarter-over-quarter . Revenue for the first half of 2022 was $525,004 with an associated cost of goods sold of $154,124, representing a revenue increase of 1,184% for the period ending June 30, 2022.
The company achieved several key corporate, M&A and operating milestones in the first half of 2022, establishing a solid foundation for future growth and innovation. Some of these key milestones are reflected in the update below:
The company completed its acquisition of Synthesis VR Inc. (“SVR”) as announced on February 22, 2022 and successfully transitioned the SVR management, development and support teams to the global Immersive Tech team. The acquisition adds revenue and experienced team members to the company, but most importantly a SaaS software platform that powers more than 400 VR arcades worldwide and a market of nearly 375 VR games and content that are licensed under license to this operator network. Since the start of 2022, the company has seen a record 33% increase in the number of virtual reality operators subscribing and joining the SVR network and a 15% increase in the number of third-party game developers adding their games to the SVR Marketplace. SVR is rapidly becoming the largest out-of-home VR entertainment market for gaming, educational and training experiences worldwide. Read the full acquisition press release here.
SVR announced that an industry-first Android platform has been officially launched and available to the company’s carrier network worldwide. This first Android-based VR headset wireless streaming solution allows operators to access commercially licensed games in the SVR market, as well as educational and corporate content for the Meta Quest 2 VR headset. The platform immediately provides six free Android-based roaming arena and room games for the popular Quest 2 device. In addition, operators are now able to launch content, control and track reservations and sessions on all Android-based VR headsets such as Vive Focus 3, Pico Neo 3 Pro and Quest 2 from a centralized location to make operations simple, efficient and reliable. . Read the full press release here.
The Android SVR platform is a great addition to the arsenal of VR operations the company now offers, including the recently announced partnership with QuarkXR, another first Android VR streaming solution for all VR content on PC. QuarkXR, a pioneering company focused on VR streaming and a trusted solutions provider for companies like Deutsche Telekom, Orange, Vodafone and Ericsson, among others. Read more details here.
The SVR division has seen incredible month-over-month growth, which we see continuing through the end of 2022, including additional product releases for the SVR operator network and further expansion of its content marketplace library in many new VR content categories, including education (see partnership announcement with VictoryXR here) and training in the health and safety category (see the partnership with Gold Finch Works here).
The Company was delighted to announce the installation of its UNCONTAINED attraction for its first client; the Pacific National Exhibition (“PNE”) in Vancouver, British Columbia, which went live to the public on July 18, 2022 (read the press release here). The attraction was successfully delivered and installed and PNE staff were trained in its operation within 24 hours of ticket sales to the public. As of August 20, 2022 the PNE has entered its fair season and in its first fair week we are pleased to report an average throughput of over 68% capacity, weekend peak times recording a total throughput of more than 80%+. These throughputs and extremely positive customer feedback exceeded PNE customer expectations.
See the PNE launch video here.
The Company also announced on January 19, 2022 that it had filed two complete patent applications for its patent-pending technology with the Canadian Intellectual Property Office. These applications add to the Company’s growing patent portfolio, as the Company has already filed provisional patent applications in the United States for its technology. The Company has elected to file these Canadian patent applications in priority over U.S. patent office filings, in order to further protect its valuable intellectual property (“IP”) as it continues to innovate and pursue the development of advanced VR/AR technology to support sales growth and opportunities. both for customers looking to deliver hyper-immersive experiences and for creators across the Metaverse.
Looking forward; with the meteoric revenue growth we are seeing from the SynthesisVR operator network, including subscriptions and its in-market gaming licenses, the company will focus on growing SVR SaaS and licensing revenues, operator glocal reach and partnership opportunities through 2022. The overall revenue and network growth strategy focuses on securing strong partnerships and bringing to market additional cutting-edge technology products that will see SVR’s growth explode.
On behalf of the Board of Directors
Tim Bieber, Director and CEO
XR Immersive Tech Inc.
For more information about Immersive Tech, please contact:
Contact – Tim Bieber
Email: [email protected]
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
ABOUT XR IMMERSIVE TECH INC.
XR Immersive Tech is building the industry’s first location-based metaverse platform. Since 2016, the company has been an industry leader in social entertainment, virtual reality (VR) and augmented reality (AR) entertainment attractions. With its hardware platform NOT CONTENT and its Uncontained/OS software platform and growing network of over 350 VR operators through SynthesisVR, the company helps its stakeholders create user experiences unmatched in realism, depth and immersion. The company builds experiences on its platforms for some of the world’s largest companies, including: Intel, Bayer, Capital One, Scotiabank, US Food and Drug Administration, Allegiant Airlines and more.
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. These forward-looking statements may, without limitation, be preceded, followed by or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans “, “continue”, “project”, “potential”, “possible”, “contemplate”, “seek”, “aim”, or similar expressions, or may employ future or conditional verbs such as “may”, ” could”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, wording or context. All statements other than statements of historical fact contained in this press release are forward-looking statements. The forward-looking information in this press release includes, but is not limited to, statements regarding the future plans and objectives of the Company and SynthesisVR, future performance and future growth, development initiatives, business outlook, synergies and opportunities of Immersive Tech and SynthesisVR and their related subsidiaries. , the Company’s expansion initiatives and continued merger and acquisition activity, and other factors beyond the Company’s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions in light of its experience and perception of trends, current conditions and expected developments, and other factors that management deems relevant and reasonable in the circumstances as of the date such statements are made, including, but not limited to, the Company’s ability to capitalize on SynthesisVR’s services and business, the relaxation of restrictions COVID-19 and the effect on the LBVR industry, the increase in VR arcades and demand for VR entertainment and educational content, the Company’s and SynthesisVR’s operations and development initiatives, and other assumptions set forth in the disclosure filing of the society. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any forward-looking information contained. herein to reflect future results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.