VANCOUVER, British Columbia, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of the best and brightest entrepreneurs and innovations from around the world in a single stock, is pleased to announce that its portfolio company 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, 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
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. The introduction of more powerful and user-friendly 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 WiFi 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:
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 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.
- 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
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. Sign up to the Synthesis VR official newsletter.
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166
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ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. VST’s sweet spot is cutting-edge tech that’s shaping the 4th Industrial Revolution. Our corporate portfolio consists of 25+ global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
For investors, we offer a liquid way to invest in some of the world’s most innovative early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments. It also can be purchased by non-accredited investors who are restricted from buying venture funds. Our portfolio provides a uniquely liquid, and transparent way for investors to get access to the latest technologies and emerging global trends. It is an excellent way to diversify into early-stage venture.
VST invests primarily in leading edge technology, such as artificial intelligence (AI), machine learning (ML), digital health, blockchain, gaming and climate tech, which provide the potential for high growth and returns.
Victory Square integrates a strong ESG (environmental, social and corporate governance) component throughout its operations. Our portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. We are also dedicated to giving back to the communities in which we serve and operate. VST’s mandate is to assist organizations through its time, talent and treasure. Victory Square is committed to organizations that provide services in the youth, mental health, special needs, sport, tech, education, marginalized groups, First Nations, and accessibility sectors.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
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FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” 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 and includes information regarding the Company’s future projections and plans, strategic priorities in 2024.
All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
