XR Immersive Technologies Reports 2023 Q2 Financial Results

VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE: VRAR) (FSE:79W) (OTCQB: FNTTF), an industry leader in Social Entertainment, AI, VR and AR content and experiences, announces it has filed its condensed interim consolidated financial statements and Interim Management Discussion and Analysis (MD&A) for the three- and six-month period ended June 30, 2023.

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 the consolidated entity is 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