VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE: VRAR) (FSE:79W) (OTCQB: FNTTF), an industry leader in Social Entertainment, AI, VR and AR content and experiences, announces it has filed its condensed interim consolidated financial statements and Interim Management Discussion and Analysis (MD&A) for the three- and six-month period ended June 30, 2023.
Business Update
In the six months ended June 30, 2023, the Company wound down its Uncontained business with the final project concluding in the period. The primary focus of the consolidated entity is the Synthesis VR (“SVR”) business moving forward.
The Synthesis VR software platform is one of the largest VR out of home entertainment marketplace for games, educational and training experiences worldwide. Synthesis has over 450 VR arcades globally and a market of over 400+ VR games.
- The companies focus is to build leading software and distribution capabilities that will establish its accelerated growth in the fast growing $140 Billion VR/AR market (see PwC market analysis here)
- The SVR software engine provides everything the modern VR arcade and Family Entertainment Center needs to power its VR experiences, a vital component of many locations internationally
- SVR is the only platform that supports Free Roam, Room-Scale, and Android-based tetherless Virtual Reality entertainment, a Gold Standard for VR arcade operators
- SVR provides over 400 Games and other experiences available through its extensive store catalog
- SVR supports over 450 entertainment center clients with locations across Europe, North America, India, South East Asia and Latin America
- SVR software platform manages all guest bookings, payment processing, game licensing which supports multiple billing options such as pay per minute, monthly and a combination of both, selfserve in headset game launcher, membership & player tracking, leaderboards, that include email offers directly targeted to the client and many more client friendly offerings SVR, in addition to the entertainment market, also provides educational content to locations that want to diversify from the entertainment market.
- SVR also provides Education, Training and R&D services in the Enterprise sector
Current SVR Developments:
- New software updates to improve the SVR platform.
- New SVR content store page
- Building out VR MDM (Mobile-Device-Management) services for Corporate/Enterprise customers: Currently adapting our services to be offered as SaaS on AWS Marketplace
- Investing in Developing SVR proprietary content
- Establishing SVR as a Publisher
- SVR is developing an RSVP system that allows VR arcade players to create AI Avatars
- Building out VR Education, Training and R&D Library, it is much safer to train professionals in the healthcare industry, architecture , automation and aircraft design and many others. It is much cheaper to use VR than real-life test fields.
- Artificial Intelligence (AI) applications for SVR and our partners. When it comes to LBVR studios, AI can be used to generate worlds and relatively random environments. This increases the replayability value and the world generation cost can be significantly reduced. It makes even more sense for XR games that use the camera's passthrough mode to add virtual elements to your actual environment. AI could better recognize the environment and generate obstacles and maps intact with your physical environment. This can be further improved by using asset generation through a more human-like AI. It has a similar use case for enterprise training and education. Developing a quality and detailed VR experience takes a lot of effort, AI is light-speeding the process.
Financial Highlights for the six-month period ended June 30, 2023:
Revenue
Revenue for the six months ended June 30, 2023 was $356,142 compared to $525,004 for the six months ended June 30,2022. The decrease in revenue is due to the cessation of legacy operations of the Company.
Cost of Goods Sold
Cost of revenue for the six months ended June 30, 2023 was $8,864 compared to $154,124 for the comparative period. The decrease in the current period is due to the legacy business winding down operations by the end of Q1 2023.
Gross Margin
Gross margin for the six months ended June 30, 2023 was $347,278 compared to $370,880 for the comparative period.
“We’ve spent the last 12 months stabilizing revenues, cutting unnecessary costs and improving the company's overall margins. In addition, we’ve continued to improve the SVR Platform, built proprietary content, established a publishing arm, integrated AI applications for SVR and our partners and grown our VR Education, Training and R&D Library. We now have over 450 VR arcades globally and a market of over 400+ VR games. And, our goal is to continue to build XRI into a leading software platform in the fast growing $140 Billion VR/AR market,” A Shabeer Sinnalebbe, CEO of XR Immersive Technologies.
The Company’s consolidated financial statements for the three- and six-month period ended June 30, 2023 along with its Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR (www.sedar.com).
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On behalf of the Board of Directors
A Shabeer Sinnalebbe, Chief Executive Officer
XR Immersive Tech Inc.
https://www.immersivetech.co/
For further information about Immersive Tech, please contact:
Contact - A Shabeer Sinnalebbe
Email: shabeer@immersivetech.co
Telephone: +1-818-877-6548
CAUTIONARY DISCLAIMERS
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they 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 U.S. 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.
Immersive Tech (formerly Fantasy 360 Technologies Inc.) is building the industry's premier 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 UNCONTAINED and its Software Platform Uncontained/OS and its growing network of over 500 VR operators through SynthesisVR, the Company helps its stakeholders build 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, Scotia Bank, the 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, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company and SynthesisVR, future performance and future growth, development initiatives, business prospects, synergies and opportunities of Immersive Tech and SynthesisVR and their related subsidiaries, the Company’s expansion initiatives and pursuit of M&A activity, and other factors beyond the Company’s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to, the Company being able to capitalize on the services and business of SynthesisVR, the easing of world-wide COVID restrictions and 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 such other assumptions presented in the Company’s disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the 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.
