A VERY significant M&A today from IP
Over the past year, we have taken several steps to further strengthen the foundation of Imagination Park. We’ve built a new leadership team by adding key members to the Board and executive team, we have strategically shifted the company from digital film production to developing one of the first cloud based augmented reality (AR) enterprise platforms and we have created good momentum to drive growth for future years.As you are well aware, in 2017, the company established XenoHolographic, a joint venture company between InterKnowlogy and Imagination Park to develop and advance an augmented and mixed reality platform.
By May 2018, the Company had acquired the remaining 50% interest in XenoHolographic and currently owns 100% of all the right, title and interest in the XenoHolographic suite of products that consist of XenoMarkTM, XenoPlayTM , and XenoCloudTM.
REVENUE GENERATION
As we continue to educate the market and cycle through our pipeline of prospects, we expect to convert these opportunities into subscribers paying monthly recurring licensing fees and upfront professional services fees for gaming and customer content. The successful adoption of our XenoPlayTM services platform will be an important driver behind the success of our future results.
During the year, we completed an oversubscribed non-brokered private placement financing of for gross proceeds of $3,028,718. The placement reinforces investor confidence and recognition in the markets. We believe this will provide the Company with 12 month runway to execute on its strategic initiatives. The Company is now in a unique position to take advantage of growth in this grass roots innovative industry which will revolutionize the way brands engage with their customers.
