ImagineAR Inc (IPNFF)

[StockpickerCAPC]

ImagineAR Discusses $535,000 In Booked Augmented Reality Contracts Year to Date, 3-Year MOU For Global Icons & Other Matters In Corporate Update.

Source
https://finance.yahoo.com/news/imaginear-discusses-535-000-booked-210000118.html

May 1, 2023

Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) an Augmented Reality Company that enables sports team, businesses, and organizations to dynamically create mobile phone AR campaigns without a technical background, is pleased to provide investors with the following spring corporate update.

CONTRACTS TOTALING $535,000 BOOKED YEAR TO DATE
The Company is pleased to announce that it continues to commercialize its leading Augmented Reality solutions with $535,000 in contracts booked to date for this fiscal year.
In addition to these booked contracts, the Company recently announced this MOU:

MOU WITH GLOBAL DIGITAL PUBLISHING COMPANY FOR MINIMUM OF 10 LICENSES IN 2023 TO GLOBAL ICONS
On March 1, we announced a Memorandum of Understanding ("MOU") with a global digital publishing company to purchase a minimum of 10 and a maximum of 25 three-year SDK mobile app licenses in 2023.
Once the formal contract is signed, the SDK licenses are expected to generate revenue in the range of $200,000 CDN - $414,000 CDN per year for three years.
The mobile app licenses are intended to power top icons in sports, music, entertainment, and gaming, which the Company believes will generate additional attention for its augmented reality technology from global users.

EXISTING CLIENTS ADDING NEW IMMERSIVE ENGAGEMENTS
Over the past year ImagineAR has announced agreements with renown clients such as the Baltimore Ravens, Jet Media, HipHopHall of Fame, and Learfield/SideARM Sports. The Company is pleased to advise we are in discussions to develop additional immersive engagements as a result of the technical proficiency of our Augmented Reality solutions.

Company President and CEO Alen Paul Silverrstieen stated "Despite the deeply challenging capital markets environment for small cap companies, we continue to execute very well on the one thing we can control - our world class augmented reality technology. Our booked contracts in this fiscal year, as well as the pending deals above, is reinforces our belief that we have the right solution to meet the paradigm shift of augmented reality."

Silverrstieen continued "In order to make sure we maintain the resources necessary to continue delivering this success we have significantly reduced expenses and are actively engaged in financing discussions with strategic investors that have already yielded commitments above our current share price. Moreover, with some strategic money in place, we are considering providing our shareholders with an opportunity to participate through the new financing exemption that provides them with free trading shares and warrants to participate in our growth. This has previously not been available to non-accredited investors."

The Company has filed its audited 2023 financial statements and MD&A for the period ending February 28, 2023, on SEDAR.

The Company would like to announce that M. Coffin has resigned as a Board of Director. The Company would like to thank him for his years of dedication as an officer and wishes him well in his future endeavors. ImagineAR's Board plans to fill the vacated seat within the coming months.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This News Release is available on the company's official Verified Discussion Forum On AGORACOM,
https://agoracom.com/ir/Imaginear/forums/discussion
a moderated social media platform that enables discussion and Q&A between Management and Shareholders.