VANCOUVER, British Columbia, August 30, 2022 (GLOBE NEWSWIRE) — XR Immersive Tech Inc. (“XRi” or “Immersive Tech“, or “Company”) (CSE: VRR ) (FSE:79W ) (OTCQB: FNTTF ), a location-based virtual reality (“LBVR”) content distribution and facility management platform, today announced results for the second quarter and first half of fiscal 2022. In the year Expires June 30, 2022 Also providing a mid-year corporate update.
“We had a solid second quarter and first half of 2022, with revenues growing significantly and achieving several strategic key milestones that I’m pleased to share,” said Tim Bieber, Xry CEO.
XRi presented the following results for the second quarter and first half of fiscal year 2022.
The company’s second quarter revenue was $348,328 with cost of goods sold of $71,375, a revenue increase of 752% quarter over quarter. Revenue for the first half of 2022 was $525,004 with a corresponding cost of goods sold of $154,124, representing a revenue increase of 1,184% for the year ending June 30, 2022.
The company has achieved several key corporate, M&A and operational milestones in the first half of 2022, laying a strong foundation for future growth and innovation. Some of these key events are reflected in the following corporate update.
In the year As announced on February 22, 2022, the company Synthesis VR Inc. (“SVR”) was closed upon acquisition and successfully transitioned SVR’s management, development and support teams to the overall Immersive Tech Group. The acquisition adds revenue and experienced team members to the company, but most importantly, the software SaaS platform with more than 400 VR arcades worldwide and around 375 VR games and a licensed marketplace for this operator’s network. In the year Since early 2022, the company has seen a 33% increase in the number of VR operators joining and joining the SVR network, and a 15% increase in third-party game developers adding their games to the SVR marketplace. SVR is quickly becoming the largest VR outdoor entertainment market for gaming, educational and training experiences worldwide. Read the full purchase description over here.
SVR has announced the official launch of the industry-first Android platform and worldwide availability to the company’s operator network. This is the first Android-based VR headset wireless streaming solution to market, allowing operators to access commercially licensed games in SVRs. Marketplace, as well as educational and corporate content for the Meta Quest 2 VR headset. The platform immediately offers six Android-based free rom platform and class benchmark games for the popular Quest 2 device. In addition, operators are now able to launch, control and book content and monitor sessions across all Android-based VR headsets such as the Vive Focus 3, Pico Neo 3 Pro and Quest 2 from one centralized location to make operations simple, efficient and reliable. . Read the full press release over here.
SVR’s Android platform is a big addition to the company’s arsenal of VR operations, including the company’s recently announced partnership with QuarkXR, another industry-first Android VR for all PC-based VR content. QuarkXR is a pioneering company focused on VR streaming and a trusted solution provider for companies such as Deutsche Telekom, Orange, Vodafone and Ericsson, among others. Read more details over here.
The SVR segment has seen month-over-month growth that we see continuing through the remainder of 2022, including additional product releases for the SVR operator network and the evolution of its content marketplace library into many new VR content categories (see partnership) with VictoryXR. over here) and training in the health and safety category (see the partnership with Goldfinch Works over here).
The company is excited to announce the installation of the UnCONTAINED attraction for its first customer; Goes live to the public on July 18, 2022 at the Pacific National Exhibition (“PNE”) in Vancouver, BC (read press release) over here). The attraction successfully delivered, set up and PNE staff were trained on the job selling tickets to the public within 24 hours. In the year As of August 20, 2022, PNE has transitioned into fair season and we are pleased to report an average turnout rate of 68%+ capacity in the first week of the fair, with over 80%+ turnout on a busy weekend. These findings and very positive guest feedback exceeded PNE’s client expectations.
Watch the PNE launch video over here.
The company also announced that it has filed two full patent applications with the Canadian Intellectual Property Office for the patent-pending technology on January 19, 2022. These applications add to the company’s patent portfolio, as the company has previously filed US provisional patent applications for the technology. The Company chose to prioritize these Canadian patent applications for US Patent Office filings to further protect its valuable intellectual property (“IP”) while creating and developing VR/AR technology to support sales growth and opportunities. For customers and creators of the Metaverse who want to deliver highly immersive experiences.
looking forward; With the stellar revenue growth we’re seeing from SynthesisVR’s operator network, including subscriptions and marketplace game licensing, the company will focus on growing SVR SaaS and licensing revenues, expanding operator reach and partnership opportunities through the remainder of 2022. The overall revenue and network growth strategy includes a focus on securing stronger partnerships and releasing additional technology products that will fuel SVR’s growth.
On behalf of the Board of Directors
Tim Bieber, director and CEO
XR Immersive Tech Inc.
https://www.immersivetech.co/
For more information about Immersive Tech, please contact:
Contact Us – Tim Bieber
Email: invests@immersivetech.co
Phone: +1-604-283-3029
A careful disclaimer
This news release does not constitute an offer to sell or an offer to sell any securities in any jurisdiction. None of the securities referred to herein have been, shall 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 in the absence of registration or due diligence by a US person. 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 premier location-based Metaverse Platform. As of 2016, the company is an industry leader in social entertainment, virtual reality (VR) and augmented reality (AR) entertainment attractions. In its hardware platform which does not contain And through SynthesisVR, its software platform Uncontained/OS and growing network of over 350+ VR operators, the company helps stakeholders build unparalleled user experiences with authenticity, depth and immersion. The company builds experiences on its platforms for some of the world’s largest companies, including Intel, Bayer, Capital One, Scotia Bank, US Food and Drug Administration, Allegiant Airlines and more.
Forward-looking information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Such forward-looking statements may without limitation precede, follow, or include words such as “believe,” “expect,” “estimate,” “estimate,” “plan,” “plans,” “continue,” “project,” “potential,” “possible.” can”, “contemplate”, “seek”, “goal”, or similar expressions or use future or conditional verbs such as “may”, “can”, “will”, “may”. may”, “should” or “may”, or otherwise forward-looking statements may be indicated by grammar, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the Company’s future plans and objectives and SynthesisVR, future performance and future growth, development initiatives, business prospects, Immersive Tech and SynthesisVR and their related subsidiaries. , the Company’s expansion initiatives and M&A activity and other factors beyond the Company’s control.
Forward-Looking Information The Company’s actual results, level of activity, performance or achievements may differ materially from those expressed or implied by forward-looking information due to known and unknown risks, uncertainties and other factors. Forward-looking information is based on management’s views, estimates, analyses, and opinions made in light of its experience and understanding of trends, current conditions and expected developments, and other factors that management believes are appropriate and reasonable under the circumstances. As of the date of such statements, the Company’s ability to achieve significant benefits in SynthesisVR’s services and business, the easing of global Covid restrictions and its impact on the LBVR industry, including, but not limited to, the increase in VR centers and demand for VR entertainment and educational content, the Company’s and SynthesisVR’s operations and development initiatives and other assumptions presented in the company’s disclosure filings. Although the Company attempts to identify important factors that could cause actual results to differ materially from those in the forward-looking information, there may be other factors that could cause results to differ from expectations. There is no assurance that such information is accurate, as actual results and future events may differ from expectations contained in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information is qualified in its entirety by this cautionary statement, and Emsive Tech disclaims any obligation to revise or update any forward-looking information or to publicly communicate the results of any revisions. herein to reflect future results, events or developments, except as required by law.
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