IP M&A filed. Very interesting information available
sult of new information or events after the date of this MD&A except as may be required by law. All forward-looking information disclosed in this document is qualified by this cautionary statement. Letter of Intent for exclusive worldwide joint venture with InterKnowlogy On July 5, 2017, the Company announced the execution of a binding letter of intent (“LOI”) with InterKnowlogy, LLC (“InterKnowlogy”) in connection with the establishment of a joint venture company ("JVC") where, pursuant to the terms, ownership will be divided on a 50/50 basis between Imagination Park and InterKnowlogy. The JVC will be formed to exclusively develop and sell InterKnowlogy’s Augmented Reality software tools and products, as well as custom client Augmented Reality and Mixed Reality solutions starting in the Fall of 2017. Later this year, and as a result of this joint venture, Imagination Park and InterKnowlogy will also launch a Mixed Reality Showroom product developed to allow major brand companies and advertisers to integrate 3D holographic images with AR headsets. The Mixed Reality Showroom is established to impact viewers by drawing them deeper into engaging experiences and will additionally support an advertiser’s existing 3D content. The solution includes a cloud-based content management system for 3D holographic images automatically downloaded to AR headsets and rendered dynamically. Under the terms of the LOI, Imagination Park and InterKnowlogy will establish a newly incorporated JVC. The LOI provides for the following key terms: a. Imagination Park will contribute US$500,000 in initial seed funds to the JVC over 12- months from the date of formation of the JVC, anticipated on or about July 31, 2017. b. InterKnowlogy will contribute substantial technology and intellectual property as identified in the LOI for AR/MR solutions. These include development tools for AR/MR manufactured headsets; toolkits to bi-directionally communicate between disparate devices via Bluetooth; and existing and in-progress R&D in building communication technology including, but not limited to, the utilization of devices off-board from the AR/MR hardware for interactions. c. The JVC will initially have a board of directors of three individuals, one chosen by Imagination Park, one chosen by InterKnowlogy and one mutually acceptable to both. The initial sole officer of the JVC will be Alen Paul Silverrstieen, CEO of Imagination Park. d. Imagination Park has also today granted an aggregate of 240,000 Imagination Park incentive stock options to certain founders of InterKnowlogy, each option exercisable for a period of five years from the date of grant at a price of C$0.26 per option. On July 19, 2017, the Company announced formal establishment and launch of XENOHolographic Inc. (“XENOHolographic”). XENOHolographic, a worldwide joint venture between Imagination Park and InterKnowlogy originally announced on July 5, 2017, is focused on delivering products, services, and content seamlessly enabling holographic experiences within augmented and mixed reality beginning in the Fall of 2017. XENOHolographic’s premiere product, unveiled for the first time here as XENOSidekick, will enable major manufacturers’ headsets to deliver consistent holographic interactions. Currently, few AR/Mixed Reality headsets support interactions and further, those that do, do so uncooperatively. There are no existing standards for these wearable glasses. XENOHolographic plans to sell and license software tools to solve these technical issues for content providers, headset manufacturers as well as advertisers.
