VANCOUVER, British Columbia, July 18, 2024 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investors access to a portfolio of over 25 innovative companies around the world with a single share, 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, has entered into a licensing agreement with European company Deploy Reality for its Location-Based Virtual Reality (LBVR) platform.
License highlights:
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Immersive Tech grants Deploy Reality the right to use the SVR website and manage, service, bill and operate all SVR clients as Deploy Reality for a period of five years, beginning July 1, 2024, for $4.5 million, as well as the right to purchase a license to the SVR brand from Immersive Tech during this period.
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The initial purchase payment is $805,571.60 and Deploy Reality agrees to invest directly or indirectly $102,147 per month in research and development expenses into SVR beginning July 1, 2024.
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ImmersiveTech agrees that full ownership of the SVR brand license will be transferred to Deploy Reality following Deploy Reality's payment of a total of $4.5 million.
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This agreement will be reviewed annually on July 1st to ensure both parties are meeting their responsibilities.
“We are excited to enter into a licensing agreement with Deploy Reality,” said Alexandros Tzillios, Director of XR Immersive Tech. “This partnership marks an important milestone for our company and demonstrates the growing demand and value of our SVR platform. We are confident that by leveraging Deploy Reality's expertise and resources, the SVR brand will continue to thrive and expand in the European market. This collaboration will not only accelerate our growth but also strengthen our commitment to bringing innovative VR, AR and AI experiences to a wider audience. We look forward to a successful and transformative partnership.”
XR immersive technology focus for the second half of 2024:
Distribution and License Agreement for the company's LBVR platform and AI applications such as AI Avatar Clone, DigitalTwinX, and AI LipDub tools.
Building VR/AR education, training and R&D services in the enterprise sector. It is much safer to use VR/AR to train professionals in the medical industry, architecture, automation, aircraft design, etc. It is also much cheaper to use VR/AR than using real test fields.
An AI-powered creative agency. As part of expanding its capabilities and exposure to fast-growing industries, the company has assembled a team of creative professionals specializing in graphic, video and visual effects editing, leveraging the latest tools using AI (artificial intelligence) to create compelling content and marketing solutions for brands and businesses. Products and content range from servicing the fast-growing influencer market to a new pilot film that uses AI to create visual effects.
AI applications. For LBVR studios, AI can be used to generate worlds and relatively random environments. This increases replayability and significantly reduces the cost of world generation. It makes even more sense in XR games, where camera pass-through mode is used to add virtual elements to the real environment. AI can perceive the environment better and generate obstacles and maps that are exactly like the physical environment. This can be further improved by using more human-like AI asset generation. There are similar use cases in corporate training and education. Developing a high-quality, detailed VR experience requires a lot of effort, but AI makes the process happen at the speed of light.
About XR IMMERSIVE TECH INC.
We have been an industry leader in social entertainment, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR) entertainment attractions since 2016. We build experiences on our platform for some of the world's largest companies, including Intel, Bayer, Capital One, Scotia Bank, the U.S. Food and Drug Administration and Allegiant Airlines.
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On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
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For more information about Victory Square, please contact:
Investor Relations – Abbey Vogt
Email: email address
Phone: 604 283-9166
Peter Smyrniotis – Director
Phone: 604 283-9166
About VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a venture builder that offers investors a liquid way to invest in early-stage technology companies without purchasing a venture fund that requires accredited investor status or a multi-year commitment.
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A diverse portfolio of 25+ innovative companies from around the world (founders hail from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, Middle East and North America)
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Areas of focus: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual and Augmented Reality (VR/AR), Gaming, Climate Tech
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Owner-managed (approximately 15% ownership)
Business type:
Victory Square's business model is to acquire, incubate, and invest in early stage technology companies. We spend 48+ months with these companies until they are ready to spin off or become independent. Our business model has several unique elements…
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We have unparalleled access to startups through our in-house incubator and our international network of 250+ founders, investors, tech accelerators and venture capital firms from over 60 countries.
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Second, our management team and advisors are actively involved in our investments from incubation to monetization, providing financial, operational and strategic support to scale globally.
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We grow value by monetizing our investments and reinvesting the profits in new innovations. The strategy was to build a self-sustaining business.
VST is a public company headquartered in Vancouver, Canada and listed on the Canadian Securities Exchange (VST), the Frankfurt Stock Exchange (6F6) and the OTCQX (VSQTF).
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About the Canadian Securities Exchange (CSE)
The Canadian Securities Exchange (CSE) is operated by CNSX Markets Inc. Chartered as a securities exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies wanting to access Canada's public capital markets.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws regarding the business prospects of Victory Square and its portfolio companies, including, but not limited to, statements regarding the future performance, execution of business strategies, future growth, business prospects and opportunities of Victory Square and its affiliated subsidiaries and portfolio companies (including items discussed under the headings “Net Asset Value (“NAV”) Update” and “Notable Portfolio Highlights”) and other factors beyond the Company's control. Such forward-looking statements may be preceded by, followed by or include words such as “believe,” “expect,” “is,” “anticipate,” “estimate,” “intend,” “plan,” “continue,” “project,” “potential,” “possible,” “contemplate,” “seek,” “goal,” “objective,” “outlook,” or may use future or conditional verbs such as “may,” “might,” “will,” “could,” “should,” “would,” or may be identified as forward-looking statements by grammatical construction, wording or context. All statements other than statements of historical fact contained in this news release are forward-looking statements.Forward-looking information is based on certain material expectations and assumptions made by Victory Square's management. 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. Although Victory Square believes that the expectations reflected in the forward-looking statements in this press release are reasonable, such forward-looking statements are based on expectations, factors and assumptions about future events that may prove to be inaccurate and are subject to a number of risks and uncertainties. Some of these risks and uncertainties are beyond Victory Square's control, including, but not limited to, the risk factors discussed in Victory Square's continuous disclosure materials, available under 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 in such statements. The statements contained in this press release are made as of the date hereof. Victory Square disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results, or otherwise, except as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and does not accept responsibility for their adequacy or accuracy.
