Victory Square Technologies Inc (VSQTF)

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“8:00a ET 9/20/2021 - Globe Newswire
Victory Square Portfolio Company, Fantasy 360 Technologies Inc., Signs Binding Letter of Intent to Acquire Synthesis VR Inc., A leading Location-based Virtual Reality Content Store & Technology Engine Powering 300 Global Locations

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Victory Square Technologies Inc. ("Victory Square'' or "Company") (CSE:VST) (OTC:VSQTF) (FWB:6F6) is pleased to announce that its portfolio company, Fantasy 360 Technologies Inc. d/b/a Immersive Tech ("Immersive Tech" or "Fantasy 360" ) (CSE:VRAR) has signed a binding letter of intent (the "LOI") dated September 17, 2021 in respect of the acquisition (the "Acquisition") of all of the shares of Synthesis VR Inc. ("Synthesis VR"), A leading Location-based Virtual Reality ("VR")content store & technology engine empowering nearly 300 out-of-home entertainment locations worldwide. Synthesis VR serves more than the Location-based entertainment industry with its first to market and industry leading technology but also operates a broader sandbox platform serving the education and enterprise sectors as well.

As one of the largest and most active location-based VR communities globally, Synthesis VR has seen a large uptick in client operator growth and player engagement across its network. So far in 2021 alone the Synthesis VR global community has already logged over 10,000,000 minutes of game play with over 600,000 booking reservations across its global network of 300+ operator centers and 130,000+ active users. This is a sharp rise in player engagement and bookings over 2019 & 2020 which continued to see strong growth even through a global pandemic. Their catalogue of games and other experiences also continues to grow, to over 325, as the VR entertainment industry as a whole has seen large spikes in audience and game developers creating more VR games to answer the consumer demand as a result of the global pandemic.

VR and augmented reality ("AR") is rapidly transforming every aspect of people's lives and businesses including paradigm shifts in entertainment, retail, manufacturing, healthcare, training and education industries. In a recent study published by PwC it was predicted that the VR/AR industry would grow from $148.5B in 2021 to contributing an estimated $1.5 Trillion to the global economy by 2030. And Out-of-Home entertainment is playing a major part in this growth.

Fantasy 360 has rapidly moved to scale up its team and product offerings to answer the increasing demand and interest in multiplayer hyper-immersive VR experiences. Fantasy 360 has previously focused on its Family Entertainment Center (FEC) clients and the general Out-of-home Entertainment customers and is poised for rapid growth in this sector. Fantasy 360 has set its sights on the future with the creation of its UNCONTAINED Immersive Entertainment Platform and some heavy weight industry veterans are joining to help. Recently adding to its board of directors industry veterans Alvin Graylin (HTC China President, Virtual Reality Venture Capital Alliance President) and Cathy Hackl (CEO of Futures Intelligence Group, Metaverse Strategist, & Tech Futurist), to accelerate its plans in the out of home entertainment sector.

Fantasy 360 has positioned its UNCONTAINED turnkey attractions as the base for its strategic plan, creating an Immersive Entertainment Platform which goes far beyond conventional attraction manufacturing and unit sales, to a sophisticated platform encompassing hardware (attractions), technology (software to power an interconnected network) and content (app store, SDK and in-house studio) with an end game goal of being the physical portal to the Metaverse.

"We are extremely excited with the acquisition of Synthesis VR and delighted to welcome their talented team, clients and partners into the Fantasy 360 family. Together we will be able to accomplish so much more," said Tim Bieber, Fantasy 360 Technologies Chief Executive Officer. "The Synthesis technology engine is the most sophisticated in the industry and a perfect fit for our Immersive Entertainment Platform technology core and a base to build our larger vision on. The pedigree, experience and partnerships the Synthesis team brings will be invaluable to building a strong foundation for us to collectively build on and create magic together," added Bieber.

"We at Synthesis VR are very excited to be joining the Fantasy 360 family and continue to develop on our platform for our clients, many of whom have been with us since the beginning in 2017," said Shabeer Sinnalebbe, CEO of Synthesis VR. "This acquisition will allow our products and offerings to reach an even larger market and enable our dedicated team to assist and grow with Fantasy 360's impressive objectives for today and beyond. We couldn't be more thrilled for what the future brings for our team, clients and the industry as a whole," added Sinnalebbe.

The Synthesis technology stack, Content store, VR arcades & family entertainment center clients worldwide, and most importantly the team, make a perfect fit to Fantasy 360's strategic positioning in the creation of a next-gen Immersive Entertainment Platform. Offering a broader out-of-home entertainment market and the core technology behind Fantasy 360's interconnected network of UNCONTAINED Attraction units. The combined team will continue to invest to improve the current Synthesis VR technology engine, providing many new features to its existing operator base around the globe.

Fantasy 360 plans to not only adopt the Synthesis VR industry leading technology into its UNCONTAINED Immersive Entertainment Platform but to also market the standalone product offering to all its existing out-of-home entertainment clients and prospects in order to dramatically increase the user base utilizing the industry leading Synthesis VR software to power their VR gaming operations. The Synthesis package as offered currently to operators around the globe will continue to provide the existing level of superior technology, service and support including all the crowd favourite games, plus the addition of many new games that will start to be released across the platform.

The acquisition will see the Synthesis VR team continue in their roles and the development roadmap that Fantasy 360 had created prior to this acquisition will be accelerated with an additional investment into the Synthesis VR core platform. Many new features and capabilities will be added to the Synthesis platform, continuing to grow, and providing added revenue opportunities to the Company's growing family of customers.”

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