ImagineAR Inc. (CSE:IP, OTCQB:IPNFF) said it booked contracts worth $535,000 in the current fiscal year and has also 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.
The deal, once signed, is expected to generate revenue of between C$200,000 and C$414,000 per year for three years, the augmented reality (AR) solutions provider said. The mobile app licenses are intended to power top icons in sports, music, entertainment, and gaming.
In a statement, ImagineAR president and CEO Alen Paul Silverrstieen commented: “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."
Silverrstieen added that to ensure the company maintains the resources necessary to continue delivering its success, it has significantly reduced expenses and is actively engaged in financing discussions with strategic investors.
He said the firm has already received commitments above its current share price and plans to consider providing shareholders with an opportunity to participate in growth through the new financing exemption that provides them with free trading shares and warrants.
ImagineAR has filed its audited 2023 financial statements and MD&A for the period ending February 28, 2023, which can be found on SEDAR. The company also announced that M. Coffin has resigned as a board member and said it plans to fill the vacated seat within the coming months.
ImagineAR has developed an 'AR-as-a-Service' platform that enables sports teams and organizations of any size to create and implement their own AR campaigns with no programming or technology experience. The platform is available as a native mode SDK and can be used by any organization, from professional sports franchises to small retailers, to develop interactive AR campaigns.
The ImagineAR mobile app is available in the IOS and Android mobile app stores, and the platform is 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.
Contact the author at jon.hopkins@proactiveinvestors.com