ImagineAR Inc revealed that its subsidiary FameDays has been selected by 4Front Development to be the technology project lead for a giant Immersive Entertainment Center to be built in a sprawling residential and commercial complex in the southern United States.
In addition, the Vancouver, British Columbia-based augmented reality company said it has signed a binding letter of intent with 4Front following which 4Front will acquire a minority share interest in FameDays Inc.
The project is expected to include a hotel, residential homes, and an entertainment park. It is currently slated to include a 50,000-square-foot interactive entertainment center featuring advanced experiential activities for both adults and children.
FameDays, led by CEO Alen Paul Silverrstieen, plans to deliver a destination mobile app and work with global suppliers to develop immersive entertainment, virtual and augmented reality, and mixed reality experiences in a futuristic indoor theme park design. The project is expected to open its doors to the public in the Fall/Winter of 2024, according to the company.
In a statement, 4Front Development co-founder Chris Eddy said: "We have been focusing on large-scale projects that merge hospitality, entertainment, and technology.”
“After almost two years of dedicated effort, we are ready to plan, finance and build this new 2,100-acre commercial and residential project in the southern US which will include 1,168 hotel rooms, a rental and condo tower, multiple townhouses, single family homes as well as an indoor and outdoor water park, and an Immersive Entertainment Center.”
Eddy noted that after working closely with Silverrstieen for the past year, they picked FameDays to develop one of the “most advanced” immersive entertainment centers integrated with mobile technology.
“Our plan is then to work with other selected cities throughout the US delivering futuristic technology entertainment centers, energy, transportation, and infrastructure," Eddy added.
Meanwhile, ImagineAR and FameDays co-founder and CEO Alen Paul Silverrstieen said this would transition the company from a mobile AR platform into a global provider of immersive entertainment, opening strong new revenue streams.
"We are honored to be selected as the technology project lead by Chris and his team at 4Front Development for this project,” said Silverrstieen.
“Our strategy is to design a futuristic immersive entertainment destination with unique experiential games, interactive art and music leveraging Augmented Reality, Mixed Reality, 360 Projection, Motion Capture and Artificial Intelligence."
Acquisition terms
The companies executed a binding letter of intent on June 23, 2023, pursuant to which FameDays will be the exclusive Mixed Reality, Augmented Reality, Virtual Reality, and Immersive Experience vendor and provider for the project.
4Front will lead fundraising efforts for a minimum of $2 million in FameDays. After the financing, 4Front will appoint FameDays to be the Mixed Reality, Augmented Reality, Virtual Reality, and Immersive Experience vendor and provider for all current and future 4Front development projects as well as any other vertical market investments by 4Front Development in the future. In exchange, FameDays will issue common stock equal to 49% of its issued and outstanding common stock to 4Front Development on a post-financing basis.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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