(TheNewswire)
Vancouver, British Columbia – January 21, 2025 – TheNewswire – XR Immersive Tech Inc. (“Immersive Tech” or the “Company”) (CSE: VRAI) (FSE: 79W) (OTCQB: FNTTF) is pleased to announce the acquisition of Continuous Glucose Monitoring (CGM) technology from InsulinQ. This strategic acquisition marks a significant expansion of Immersive Tech's long-standing presence in the healthcare sector and supports the Company's commitment to providing accessible and user-friendly solutions for diabetes management.
Strategic Expansion into Healthcare
XR Immersive Tech has been actively involved in the healthcare industry since 2016, working with leading organizations such as Bayer and the US Food and Drug Administration (FDA). These collaborations have enabled the Company to apply its advanced immersive technologies to address critical healthcare challenges. The acquisition of InsulinQ’s CGM technology represents a natural evolution of Immersive Tech’s strategy to diversify its portfolio and leverage its technological expertise to enhance patient outcomes.
Technology and Strategic Rationale
The integration of InsulinQ’s glucose monitoring technology aligns with Immersive Tech's goal to bridge the gap between technology and healthcare solutions. By incorporating AI, data analytics, and immersive experiences, the Company aims to provide a more affordable and accessible CGM solution compared to market leaders, whose devices often come with high price tags that limit accessibility.
“This acquisition aligns with our vision to integrate technology and healthcare, enhancing user accessibility and affordability,” said Sheri Rempel, CEO of XR Immersive Tech. “By incorporating InsulinQ’s CGM technology, we aim to contribute to the U.S. healthcare sector and provide meaningful solutions to millions of users.”
Advancing Glucose Monitoring Solutions
The acquired CGM technology utilizes advanced sensors and proprietary algorithms to provide real-time, user-friendly, and cost-effective glucose monitoring. Designed for seamless integration with mobile platforms, the technology aims to deliver actionable insights for diabetes management and overall health optimization.
With this acquisition, Immersive Tech plans to offer a more affordable and user-friendly CGM solution compared to existing market leaders. The Company's focus on affordability and ease of use aligns with its mission to make healthcare technologies more accessible.
Key Features of InsulinQ’s CGM Technology:
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Continuous monitoring to reduce the need for frequent finger pricks.
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Mobile integration for real-time glucose tracking.
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Scalable design suitable for clinical and direct-to-consumer markets.
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Competitive pricing to enhance adoption in underserved markets.
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Elimination of cumbersome applicators used in existing solutions.
XR’s Core Technologies in Healthcare:
XR Immersive Tech is not just a leader in AI, VR and AR for entertainment; its immersive technology stack includes a range of sophisticated tools increasingly being applied in healthcare. These technologies include:
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AI Avatar Clone: Leveraging artificial intelligence to create realistic, interactive avatars for patient engagement, education, remote monitoring, and healthcare simulations. This technology enables medical professionals to simulate patient conditions, improving diagnostic and decision-making skills without real-world risk.
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DigitalTwinX: A platform that creates precise digital replicas of patients, medical devices, and healthcare systems. Utilizing real-time data from wearables and medical records, DigitalTwinX facilitates personalized treatments and predictive health monitoring, enhancing chronic disease management.
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Haptic Feedback and Fingerprint Tracking Sensors: Originally designed for gaming, these technologies are now applied in healthcare for simulation-based training, rehabilitation, and remote patient monitoring.
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Wearables (Patches and Wristbands): XR’s wearable devices track vital signs such as heart rate, temperature, and glucose levels, providing real-time data for chronic disease management and telemedicine applications.
Market Opportunity
The global CGM market, valued at $6.32 billion in 2023, is projected to grow to $13.06 billion by 2032, driven by the increasing prevalence of diabetes. According to the International Diabetes Federation (IDF), 537 million people worldwide were living with diabetes in 2023, a number expected to rise to 783 million by 2045. With a focus on affordability and accessibility, XR Immersive Tech aims to address this growing demand with innovative solutions.
Entry into the Indian Market
According to a study published in The Lancet, India faces a significant diabetes crisis, with 101 million people diagnosed with diabetes and an additional 136 million classified as pre-diabetic. Cost remains a major barrier to care in India, and XR Immersive Tech intends to introduce its CGM solutions to provide affordable, continuous monitoring and improve healthcare outcomes.
Unlocking Shareholder Value
The acquisition of InsulinQ’s CGM technology forms the foundation for Immersive Tech’s broader health tech strategy, focusing on:
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Accelerated Product Development: Rapid prototyping, testing, and regulatory approvals to bring the technology to market.
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Strategic Partnerships: Collaborations with healthcare providers and insurers to scale distribution.
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Expansion into Additional Applications: Beyond diabetes management, targeting preventative care and wellness tracking.
Terms of the Acquisition
In consideration for the acquisition, XR Immersive Tech Inc issued 4,000,000 common shares in the capital of the Company at a deemed issue price of $0.75 per common share, for a total purchase price of $3,000,000. The common shares are subject to a restricted period, with 8% of the shares being released quarterly thereafter.
Additionally, Immersive Tech has agreed to pay a finder’s fee pursuant to a finder’s agreement dated December 15, 2024, in connection with the acquisition. The Company will pay a finder’s fee of $300,000 by issuing 400,000 common shares at a deemed price of $0.75 per share.
Future Outlook
XR Immersive Tech is committed to driving innovation and growth within the healthcare sector. The Company will continue to explore new opportunities to leverage its immersive technologies and expand its presence in high-impact healthcare applications.
On behalf of the Board of Directors
Sheri Rempel, Chief Executive Officer
XR Immersive Tech Inc.
https://www.immersivetech.co/
For further information about Immersive Tech, please contact:
Contact: Alex Tzillios
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.
XR Immersive Tech Inc. is a leader in delivering next-generation solutions that blend immersive technology with impactful, real-world applications. With a growing portfolio of AI and health tech innovations, Immersive Tech is committed to creating a future where technology enhances lives and redefines possibilities.
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.
Strategic Expansion into Health Technology
The acquisition represents an important step in XR Immersive’s strategic diversification beyond immersive entertainment into the healthcare sector. InsulinQ's CGM technology will allow the Company to address pressing healthcare challenges, leveraging its expertise in AI, data analytics, and user-centric design to deliver solutions aimed at improving the management of diabetes.
“This acquisition aligns with our vision to integrate technology and healthcare, enhancing user accessibility and affordability,” said Sheri Rempel, CEO of XR Immersive Tech. “By incorporating InsulinQ’s CGM technology, we aim to contribute to the U.S. healthcare sector and provide meaningful solutions to millions of users.”
Advancing Glucose Monitoring Solutions
The acquired CGM technology utilizes advanced sensors and proprietary algorithms to provide real-time, user-friendly, and cost-effective glucose monitoring. Designed for seamless integration with mobile platforms, the technology aims to deliver actionable insights for diabetes management and overall health optimization.
With this acquisition, Immersive Tech plans to offer a more affordable and user-friendly CGM solution compared to existing market leaders. The Company's focus on affordability and ease of use aligns with its mission to make healthcare technologies more accessible.
Key Features of InsulinQ’s CGM Technology:
-
Continuous monitoring to reduce the need for frequent finger pricks.
-
Mobile integration for real-time glucose tracking.
-
Scalable design suitable for clinical and direct-to-consumer markets.
-
Competitive pricing to enhance adoption in underserved markets.
-
Elimination of cumbersome applicators used in existing solutions.
Addressing a Growing Market Opportunity
The global CGM market, valued at $6.32 billion in 2023, is projected to reach $13.06 billion by 2032, driven by the increasing prevalence of diabetes and demand for continuous monitoring solutions. According to the International Diabetes Federation (IDF), 537 million people were living with diabetes globally in 2023, with projections reaching 783 million by 2045.
The U.S. market remains a key focus, given the high prevalence of diabetes and associated healthcare costs. Immersive Tech aims to enhance market accessibility through strategic pricing and technological innovation.
Expanding into Emerging Markets
India presents a significant opportunity, with an estimated 101 million people living with diabetes and an additional 136 million considered pre-diabetic, as reported by The Lancet. Immersive Tech plans to explore opportunities to introduce InsulinQ’s CGM technology to the Indian market, addressing cost barriers and expanding access to glucose monitoring solutions.
Future Growth Initiatives
The acquisition of InsulinQ’s CGM technology supports XR Immersive Tech’s long-term growth objectives, which include:
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Accelerating product development and regulatory approvals.
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Integrating the technology with existing platforms to enhance user experience.
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Forming partnerships with healthcare providers and insurers to expand market reach.
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Exploring additional applications for the technology beyond diabetes management.
Terms of the Acquisition
In consideration for the acquisition, XR Immersive Tech Inc issued 4,000,000 common shares in the capital of the Company at a deemed issue price of $0.75 per share for a total purchase price of $3,000,000. The common shares are subject to a restricted period of four months, with 8% increments released quarterly thereafter.
In connection with the acquisition, Immersive Tech has agreed to pay a finder’s fee of $300,000 through the issuance of 400,000 common shares at a deemed price of $0.75 per share, as outlined in a finder’s agreement dated December 15, 2024.
About XR Immersive Tech Inc.
XR Immersive Tech is a technology company specializing in immersive experiences and innovative solutions that enhance various industries, including entertainment and healthcare. The Company aims to leverage its expertise to address real-world challenges and create long-term value for its stakeholders.
On behalf of the Board, Sheri Rempel CEO, XR Immersive Tech Inc.
For further information, please contact: Investor Relations Email: info@immersivetech.com Phone: +1-800-555-1234
On behalf of the Board of Directors
Sheri Rempel, Chief Executive Officer
XR Immersive Tech Inc.
https://www.immersivetech.co/
For further information about Immersive Tech, please contact:
Contact: Alex Tzillios
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.
XR Immersive Tech Inc. is a leader in delivering next-generation solutions that blend immersive technology with impactful, real-world applications. With a growing portfolio of AI and health tech innovations, Immersive Tech is committed to creating a future where technology enhances lives and redefines possibilities.
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.
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