VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE:VRAR) (FSE:79W) (OTCQB: FNTTF) is pleased to announce that its recent acquisition Synthesis VR Inc. on January 6, 2022, (“Synthesis VR”) has launched full support for all Android standalone/mobile head-mount display (“HMD”) VR headsets and XR devices including a first to market digital rights management (“DRM”) solution for its network of over 300 global VR arcade operators and beyond. This allows operators to expand their facilities and take advantage of the latest standalone HMDs and allows content creators to distribute their content to a much wider customer base. This paves the way for operators to be able to launch next generation stand alone hardware systems based on mobile processors.
Synthesis VR has expanded its market opportunity by now offering an industry-first solution for both PC-based VR and any Android-based standalone HMD headsets, such as Meta Quest 2, Pico Neo, HTC VIVE Focus 3, and others. Synthesis VR platform update also includes Wireless VR Streaming automation. VR arcade operators can now easily pair HMDs to any PC and wirelessly stream content directly from their central command dashboard. This includes support for Room-Scale and Free-Roam arena VR game streaming for the HTC Focus 3 HMD today, with more headsets to follow. In addition the update will also include an industry-first Synthesis AI Engine technology that recognizes the context of various events and performs automation tasks on behalf of the operators and users. Along with the possibility to license both Room-Scale and Free-Roam content for any hardware platform, the update also includes the industry-only Synthesis Engine technology - an AI that recognizes the context of various events and performs automation tasks on behalf of the operators and the users.
Synthesis VR is the first solution in the industry to offer location-based VR operators support and licensed games for Android-based HMD’s on a global scale. This solves a significant issue that arcades and entertainment centers have who buy Android-based stand-alone HMDs for use in their location-based VR (“LBVR”) games with respect to not having the ability to manage the VR sessions or to offer legally licensed content. With no compromises, the Synthesis Android DRM fully matches the long-time proven Synthesis VR Windows DRM solution and SDK. This is an important development as content creators can securely distribute and manage content on all windows and android headsets now.
The Synthesis VR DRM solution provides support for free-roam arena and room-scale game play using mobile HMD's. The Company believes this is important as it will provide benefits for operators allowing them to take advantage of the increased use of standalone HMDs in the location-based VR industry to either start or more easily scale-up their operations. Sales of Android headsets are estimated to be in the millions of units per year and forecast to grow at an exponential pace, representing increasing opportunities in the LBVR space. The Company believes its first mover advantage and continued innovation will cement it and Synthesis VR as key drivers for growth in the LBVR industry.
Shabeer Sinnalebbe, Head of XR Networks and former CEO of Synthesis VR states, “We are excited to start 2022 with a product of such importance and to support and drive the growing LBVR industry forward. We work with HMD manufacturers to set open standards and solutions to benefit all parties. This latest solution demonstrates our commitment to innovation and to be a leader in the VR industry as we strive to make our solutions available to all VR devices in the market.”
The team behind Immersive Tech is a blend of accomplished executives coming together under CEO, Tim Bieber (BroadbandTV, CBS Interactive), Director of Franchise Development, Steven Dooner (The VOID, Walt Disney Imagineering, Universal Studios Japan), Kevin Williams (Walt Disney Imagineering, Spider Entertainment), Dan Burgar (VRAR Association President, Shape Immersive), Lance Priebe (co-founder Club Penguin, Disney Interactive) as well as its Directors Alvin Wang Graylin (HTC China President, Virtual Reality Venture Capital Alliance President).
On behalf of the Board of Directors
Tim Bieber, Director and Chief Executive Officer
XR Immersive Tech Inc. (formerly Fantasy 360 Technologies Inc. d/b/a Immersive Tech)
https://www.immersivetech.co/
For further information about Immersive Tech, please contact:
Contact - Tim Bieber
Email: investors@immersivetech.co
Telephone: +1-604-283-3029
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 300 VR operators through Synthesis VR, 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.
ABOUT SYNTHESIS VR Inc.
The Synthesis VR journey began in 2015 as a pursuit to create the perfect Location-Based Virtual Reality (“LBVR”) experience for operators and consumers. The team was hard at work prototyping a flexible software solution capable of serving the LBVR segment in many different ways. Soon their efforts grew into establishing one of the very first VR arcades in the world (VR TERRITORY), based in Los Angeles which was opened in June 2016, where all Synthesis VR products were initially tested before release, in real conditions, and with real customers. From those modest beginnings, Synthesis VR has made a profound impact on VR and has grown into a global company with offices located in North America and Europe. Its portfolio is in use by 300 locations all over the world, achieving many important industry firsts along the way. Synthesis VR today delivers solutions for a vast number of business scenarios, including but not limited to room-scale, free roam, racing simulators, coin-op, online widgets and payments, education, online business VR environments, enterprise and many more. Synthesis VR is on an exciting journey to provide the next generation of premium Free-Roam, eSport, and Racing content. Our efforts are accompanied by extensive work done in the field of Room Scale experiences and the standalone Head-Mounted Display (HMD) platforms. We are focused and highly motivated to unleash the LBVR potential and to create additional value on a global scale for the Virtual Reality location-based business segment. For more information about Synthesis VR, please Visit: https://www.synthesisvr.com/
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 Synthesis VR, statements regarding the benefits of the Synthesis VR DRM solution, the Company’s and Synthesis VR’s growth initiatives and expansion opportunities, results and timing of development efforts, execution of business strategy, future performance and future growth, business prospects, 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 Synthesis VR, the ability of Synthesis VR to realize benefits associated with the DRM solution and grow its business, the ability of Synthesis VR to provide services in accordance with applicable laws and regulations, the business and future business of Synthesis VR and synergies with the Company’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 XR 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.
