Infinite Reality, Global Leader Powering AI-Virtual Immersive Experiences Announces Strategic Partnership with Greenidge Generation Holdings (Nasdaq

GREE)

Infinite Reality, Inc. (“iR” or the “Company”), the global leader in powering AI-virtual immersive experiences for clients such as Warner Bros. Discovery, Inc., Vodafone Group plc and Universal Music Group N.V., today announced a partnership and equity swap with Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge”), a vertically-integrated cryptocurrency data center and power generation company that will launch a new service-offering known as GreenidgeAI.

“We are excited to go public with the NBST acquisition in 2024 as we continue growing our capabilities to power cinematic-quality immersive experiences for our clients. The NBST team have been great partners supporting our mission to be the leader in the AI revolution. Moreover, the Greenidge team will provide iR and its clients with customized state-of-the-art data center solutions designed specifically for AI and powering immersive experiences,” said John Acunto, CEO of iR.

Partnership Details

Pursuant to the partnership between iR and Greenidge:

• Greenidge will provide infrastructure and graphics-processing unit (“GPU”) needs for iR clients, while iR will receive a profit share on Greenidge data centers and preferred pricing for its own internal data center needs.
• iR and Greenidge will evaluate developing a new data center.
• iR has the ability to leverage Greenidge’s access to additional sources of low-cost power as needed.
• iR’s brands are empowered and enabled to take control of their data and improve performance, while reducing iR’s costs and improving profit margins.
• By owning its own data centers and locking in long-term energy contracts, iR will save at least $0.70 on every dollar it would spend with third-party providers while increasing control over product delivery.

Equity Swap Agreement

• Provides for iR obtaining shares of Greenidge valued at $8.33 per share in exchange for an equivalent amount of iR stock reflecting a $2.5 billion valuation.
• Grants iR a one-year warrant to purchase shares of Greenidge stock at $7.00 per share, the proceeds of which will be used by Greenidge in connection with the development of a new datacenter.
• Grants Greenidge a one-year warrant to purchase an equivalent value of iR shares as provided in the iR warrant, reflecting a $2.5 billion valuation of iR, the proceeds of which will be used for general working capital purposes.

GreenidgeAI will be iR’s exclusive provider in the United States and Canada of specialized infrastructure, including data centers utilizing GPUs to support generative Artificial Intelligence (“AI”) workstreams, including immersive experiences and other applications requiring high performance computing. Additionally, iR and Greenidge will explore jointly designing and building a new data center to enhance iR’s offerings, spearhead its growth and provide clients with lower-cost GPU access. This effort will be powered by Greenidge’s access to low-cost power and leading engineers with experience designing and building data centers.