ImagineAR Enters into Binding Letter of Intent with 4Front Development from New York City to Acquire Minority Share of FameDays
VANCOUVER, BC, June 26, 2023 /PRNewswire/ - ImagineAR (CSE: IP) (OTCQB: IPNFF) an Augmented Reality company that enables sports teams, brands and businesses to instantly create their own immersive AR experiences, announced today its wholly-owned subsidiary, FameDays, has been selected by 4Front Development ("4Front") to be the Technology Project Lead for the newly planned Immersive Entertainment Center within a Tourist and Residential Complex in a southern state of the United States (the "Project"). Additionally, ImagineAR has signed a binding Letter of Intent (the "LOI") with 4Front pursuant to which 4Front will acquire a minority share interest in FameDays Inc. (the "Transaction").
The 4Front development Project is expected to include a Hotel, Residential Homes, and an Entertainment Park in the Southern United States. It is currently slated to include a 50,000 square foot interactive entertainment center featuring advanced experiential activities for both adults and children. FameDays, led by CEO Alen Paul Silverrstieen, intends to deliver a destination mobile app and, together with global suppliers, to develop Immersive Entertainment, Virtual and Augmented Reality, and Mixed Reality experiences in a futuristic indoor theme park design. The Project is expected to open to the public in the Fall/Winter 2024.
Chris Eddy, Co-Founder of 4FRONT DEVELOPMENT, said "We have been focusing on large-scale projects that merge hospitality, entertainment, and technology. After almost 2 years of dedicated effort, we are ready to plan, finance and build this new 2100 acre Commercial and Residential Project in the southern United States which will include 1,168 hotel rooms, a rental and condo tower, multiple townhouses, single family homes as well as an indoor and outdoor water park, and an Immersive Entertainment Center. Working closely with Alen Paul for the past year, we selected FameDays to be the lead technology project leader to develop one of the most advanced immersive entertainment centers integrated with mobile technology and deliver consumers truly next-generation experiences. Our plan is then to work with other selected cities throughout the United States delivering futuristic technology entertainment centers, energy, transportation, and infrastructure."
Alen Paul Silverrstieen, CEO and Co-Founder of ImagineAR and FameDays said, "We are honored to be selected as the technology project lead by Chris and his team at 4Front Development for this Project. Our strategy is to design a futuristic immersive entertainment destination with unique experiential games, interactive art & music leveraging Augmented Reality, Mixed Reality, 360 Projection, Motion Capture and Artificial Intelligence. This is the transition of our company from a mobile AR platform into a global provider of immersive entertainment to consumers and generate new revenue streams. "
Acquisition Terms
The parties executed a binding LOI on June 23, 2023, pursuant to which FameDays will be the exclusive Mixed Reality, Augmented Reality, Virtual Reality, and Immersive Experience vendor and provider for the Project.
4Front will lead fundraising efforts for a minimum of $2 million USD (the "Financing") in FameDays. Upon completion of the Financing, 4Front will exclusivity grant to and appoint FameDays to be the Mixed Reality, Augmented Reality, Virtual Reality, and Immersive Experience vendor and provider for all current and future 4Front development projects and partnerships as well as any other vertical market investments made by 4Front Development in the future. In exchange for the stated exclusivity and Financing, FameDays will issue common stock equal to 49% of the issued and outstanding common stock of FameDays Inc. to 4Front Development on a post Financing basis.
About 4Front Development LLC
4FRONT DEVELOPMENT is a New York City based company specializing in helping both startup and established companies to fulfill and grow in their scope, missions, and goals. 4FRONT facilitates fulfilling our clients and partners needs and vision by providing real estate, finance and business development strategies and solutions. 4FRONT's areas of focus include Renewable Energy, Entertainment, Hospitality, Medtech, Insurtech, Education, Commercial and Residential Real Estate Development, Disaster Relief and Cryptocurrency.
About ImagineAR Inc.
Imagine AR Inc. (CSE: IP) (OTC: IPNFF) has developed an "AR-as-a-Service" platform that enables sports teams and organizations of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos, information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.
For more information or to explore working with ImagineAR, please email info@imaginear.com, or visit www.imagineAR.com.
All trademarks of the property of respective owners.
ON BEHALF OF THE BOARD
Alen Paul Silverrstieen
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
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SOURCE ImagineAR Inc.
