Vancouver, B.C – December 23, 2020 – Imagine AR Inc. (IP:CSE) (IPNFF:OTCQB) (“ImagineAR” or “Company”) an Augmented Reality Company that enables businesses, sports teams and organizations to create instant AR campaigns without a technical background, is pleased to provide investors with a corporate update for calendar 2020, the Company’s best year. Specifically, the Company set records in two key performance indicators (KPI’s):
Total Executed AR Contracts $775,000 *
Total Proceeds from Financing $6,000,000 (approximate)
* Approximate Augmented Reality Enterprise, White Label, and SDK contracts
ImagineAR CEO, Alen Paul Silverrstieen said “By every KPI, ImagineAR turned in its best calendar year performance ever. Despite the early negative impact to our sales pipeline as a result of COVID-19 shutting down live events, the pendulum swung quickly as sports teams, corporations and entertainers turned to augmented reality to generate new revenue opportunities through our platform’s ability to create direct mobile engagement and activations. We are very proud of our performance from both a sales and technology development point of view.”
The Company is filing its audited 2020 financials and MD&A for the fiscal year ended August 31, 2020 on SEDAR by the end of this month. Though the Company has executed contracts totaling approximately $775,000 in the calendar year, the value of these contracts will not be fully reflected in the fiscal year financials due to the fact some of the agreements were signed after August 31.
Moreover, given the SaaS business model of the Company, revenues are recognized pro-rata over the life of the term of each contract, which can range from 1 - 5 years. Nonetheless, the approximate $775,000 record revenue from these contracts will be received and recognized by the Company.
Silverrstieen added “Looking forward into 2021, though COVID-19 was a significant short-term catalyst in 2020, our pipeline clearly indicates it also accelerated the inevitable adoption of AR by 2-3 years, leading to our confident expectation that 2021 will see even greater increases than 2020. We fully expect to deliver news related to new contract wins in early 2021.
Major New Global Clients
The Company had its best year of augmented reality contracts around the world in 2020.
- Five Year White Label Contract with SlapitOnAR, a company owned and operated by true legends in the world of sports in the United States. CEO Mike Vanderjagt, NFL All-Pro Placekicker is the founder and his partners include Johnny Damon (MLB), Mike Modano (NHL), Troy Aikman (NFL), Steve Smith(NBA), and Cobi Jones (MLS).
North American AR Consumer Campaigns
The Company launched three major consumer AR campaigns in North America.
- Jacob “Stitch” Duran Promotion for the Fury vs. Wilder 2 Heavyweight Championship.
$6,000,000 From Financing & Warrant Redemptions
Confidence in the Company’s augmented reality abilities was also demonstrated by the capital markets with ImagineAR receiving record proceeds from financing in 2020 of approximately $6,000,000, including approximately $4,500,000 from the exercise of warrants over this summer. As a result, the Company is well financed for growth through to the end of 2021.
The Company wishes its investors in North America and across the world safe and happy holidays.
Most of all, ImagineAR extends its thanks and appreciation to all shareholders for their support and looks forward to achieving even greater things together in 2021.
This News Release is available on the company's CEO Verified Discusion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.
Imagine AR Inc. (CSE: IP) (OTC: IPNFF) has developed ImagineAR.com; an "AR-as-a-Service" platform for desktops that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos,
information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.
For more information or to explore working with ImagineAR, please email; firstname.lastname@example.org or visit www.imagineAR.com.
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ON BEHALF OF THE BOARD
Alen Paul Silverrstieen
President & CEO