VANCOUVER, British Columbia, Jan. 11, 2024 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE: VRAI) (FSE:79W) (OTCQB: FNTTF), an industry leader in Social Entertainment, AI, VR and AR content and experiences, is pleased to share a corporate update on the achievements in 2023 and a look forward to goals for 2024.

“Filled with milestones, challenges, and growth, this past year has been a testament to our commitment to our customers, being in the forefront of technology and the ability to withstand the challenges that are taking place all over the world while innovating at the same time,” said A Shabeer Sinnalebbe, CEO of XR Immersive.

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 XR Immersive has been 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, Southeast Asia and Latin America
• SVR software platform manages all guest bookings, payment processing, and game licensing which supports multiple billing options such as pay per minute, monthly, and a combination of both, self-serve 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.
  

Key Achievements

• Foraying into Game Development: Following the success of Propagation: Top Squad, SynthesisVR partnered with WANADEV STUDIO in developing and launching PROPAGATION: TOP SURVIVORS!
• Local Manager: A state-of-the-art application to simplify management and content licensing.
• An agnostic platform that supports Android and Windows VR headsets
• Game Publishing and distribution.
• SynthesisVR platform overhaul
• VR Enterprise Training
• VR MDM (Mobile-Device-Management) services for Corporate/Enterprise customers: Currently adapting our services to be offered as SaaS on AWS Marketplace
• AI Powered Creative Agency: building products and content ranging from creating AI influencers to a new pilot film that uses AI to craft its visual effects.

The Virtual Reality (VR) Landscape

The VR location-based entertainment industry is in a constant state of flux, evolving at a rapid pace. Technological advancements played a pivotal role, with VR hardware reaching new heights of sophistication and accessibility. Meta Quest 3 and advanced HTC and PICO models and devices, such as the Meta Quest 3 and advanced HTC and PICO models, provided VR arcades with enhanced capabilities to deliver immersive experiences. There's an unmistakable sense that VR is now aligning with its full potential, poised for widespread adoption among both consumers and businesses.
The newfound ability to enhance throughput in entertainment centers, the advancement in Wi-Fi 6e and 5G technology contributing to reduced latency, and improved connectivity, coupled with the opportunity to start a business with minimal investment and technical expertise, has liberated the VR industry from constraints.

Furthermore, the adoption of augmented reality (AR) and mixed reality (MR) elements within VR experiences added a layer of versatility to the technology. This integration allowed for more dynamic and interactive storytelling, offering users a seamless blend of real and virtual elements.

“Apple entering the VR industry with the Apple Vision Pro is a great example of this, how a company of Apple’s stature entering the LBVR industry will be a catalyst for innovation, improved user experience, and increased adoption which in turn will benefit everyone in the industry,” said Sinnalebbe.

Game Development

Following the success of Propagation: Top Squad, SynthesisVR partnered with WANADEVSTUDIO in developing and launching PROPAGATION: TOP SURVIVORS. Propagation: Top Survivors is the Number One played game after the launch in most VR locations. read our blog post here.

After the positive reception of TOP SURVIVORS, we are enthusiastic about continuing our collaboration with developers and partners to create more exciting games and in-house content.

SynthesisVR has also taken full ownership and secured all rights to three popular free-roam games and will be continuing development for the following:

1. Blasters of the Universe
2. Paranormal Pest Patrol
3. Teller Falls
   

Local Manager

Conceived with the aim of simplifying arcade operations while meeting operators’ desires for user-friendly experiences, the LOCAL MANAGER app emerged to address unmet needs within the VR arcade landscape. By ingeniously combining advanced technology with an intuitive GUI, this app serves as a practical solution, reflecting our commitment to reshaping industry norms. It enhances VR experiences, granting arcade owners unprecedented control and satisfaction, seamlessly integrated within a pioneering platform. Notably, it stands as the exclusive app operating both PC VR and Standalone VR headset content, uniting them within a single interface, marking a new era in VR arcade management and content licensing.

Agnostic Platform

The VR landscape is ever-evolving, with constant dynamic changes of which SynthesisVR is acutely aware. Shaped by a series of impactful events such as the global repercussions of COVID-19, conflicts in various regions, inflation, and component shortages. These factors have resulted in a transformative shift within the VR entertainment sector, impacting arcades worldwide. In response to these challenges and the evolving landscape, including the widespread adoption of Android standalone headsets, SynthesisVR has taken a proactive role in navigating this transformation and being in the forefront of development.

As businesses pivot towards Android standalone headsets, we remain at the forefront of development, ensuring our platform aligns with the evolving needs of the VR entertainment industry. Our commitment extends beyond merely adapting to change; we strive to lead in creating an ecosystem that accommodates all types of headsets. SynthesisVR is dedicated to providing a comprehensive solution, enabling VR owners and operators to leverage our platform and ever-expanding content library. This approach allows businesses to tailor their VR ventures to individual needs and thrive in an industry marked by continual change and innovation.

Part of this innovation is SynthesisVR's ability to support enterprise offerings from HTC and PICO with their respective Business Plus and Enterprise solutions. SynthesisVR takes an active role in this ongoing development.

Game Publishing and Distribution

SynthesisVR has over the years evolved into one of the most popular content licensing platforms for commercial VR locations that want to license not just games but also Enterprise and Educational content. Our state-of-the-art distribution platform makes it easier for content developers to upload, update and track their content and gives the operators an easy way to license and use content.

The SynthesisVR platform is designed to accommodate various types of experiences, encompassing Free Roam, Room Scale, Locomotion support, and a myriad of other engaging possibilities.

Currently SynthesisVR content store boasts over 400 different VR games.

SynthesisVR Version 4.0

Following months of development and careful consideration of user feedback, we launched the latest Version 4.0 of our administrator interface. This update prioritizes operators and developers, making most functionalities self-intuitive. The interface keeps operators informed about the newest games, promotions, trending titles, and editor's picks.

Enterprise training and Cloud MDM model

Partnering with the right content providers and using SynthesisVR cloud proxy system and the ability to track and manage VR devices and content, SynthesisVR is positioned to provide an end-to-end enterprise solution for enterprise and corporate clients.

AI-Powered Creative Agency

As part of expanding the company’s capabilities and exposure to high-growth industries, the Company has formed a team of creative professionals that specialize in graphics, video, and visual effects editing to leverage the latest tools using AI (artificial intelligence) to create stunning content and marketing solutions for brands and companies. The products and content range from serving the rapidly growing influencer market to a new pilot film that uses AI to craft its visual effects.

What to look forward in 2024

• Continuous innovation and the ability to support headsets running on various operating systems and the ability to support MR, AR and VR.
• 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 following the success of Propagation: Top Survivors with our next game planning to launch before summer.
• 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 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 replay ability 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.
• Introduce SVR turnkey solution and position SVR's turnkey solution as the premier choice for Room Scale and Free Roam arena gaming. What distinguishes this turnkey solution from others is its ease of transitioning between different types of experiences. Notably, it stands out for its capability to seamlessly operate both PC and Android-based headsets, allowing for versatile experiences. The system's unique ability to switch between operating systems enhances overall utilization and throughput, setting it apart in the market.

XR Immersive will be hosting an Investor Webinar with CEO Shabeer Sinnalebbe

In this Webinar we will present and discuss:

• Corporate Update on the XR Immersive Business Model
• Key Achievements
• 2024 Outlook
• Investor Q&A

Please see details for the webinar below:

Date: Thursday, January 18th, 2023
Time: 11:00 am PST – 12:00 pm PST (2:00 pm EST – 3:00 pm EST)
Location: via zoom

Register Here: https://us06web.zoom.us/webinar/register/WN_VIAFOk2dRmONt6WpDLzltA

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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
Tel: +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.

Since 2016, the Company has been an industry leader in Social Entertainment, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR) entertainment attractions. With 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.