• VR Hardware Kiosk is based on the open approach of the SynthesisVR software, incorporates the latest next generation hardware, is attendant less and only requires a small footprint
  
• Access to a vast library of gaming, education and enterprise content
• Multi-player, multiple gameplay modes, custom video playback, fleet management, online statistics, leaderboard visualizations and power-saving automation
• Working with OEM manufacturers to sub-license the technology for existing kiosk systems in the fields of Gaming, Healthcare, Retail, Entertainment, Defense & Education.

VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE:VRAR) (FSE:79W) (OTCQB: FNTTF), an industry leader in Social Entertainment, Virtual Reality (VR) and Augmented Reality (AR) content and experiences, is pleased to announce PORTALX, a new virtual reality (VR) Kiosk powered by wholly-owned subsidiary, SynthesisVR Inc. (“Synthesis VR'').

PORTALX is a collaboration between SynthesisVR and Virtuawerks. PORTALX incorporates over 20 years of experience creating commercial systems and aims at reinventing the classic arcade experience for VR. The system incorporates the latest next generation hardware, a modern VR headset, various cash and cashless payment methods and a vast library of content.

Harnessing the power of the SynthesisVR platform, PORTALX has a modular interface allowing multiple gameplay modes, custom video playback, fleet management, online statistics, leaderboard visualizations with optional player profile support, and even power-saving automation. By combining multiple PORTALX systems a truly amazing multiplayer experience can be delivered. The company is working with OEM manufacturers to sub-license the technology for existing kiosk systems in the fields of Gaming, Healthcare, Retail, Entertainment, Defense & Education.

“Utilizing the vast library of content in gaming, education and enterprise while running on SynthesisVR platform gives PORTALX a true advantage and stands apart from other kiosks. A VR tower that can deliver an attendant less virtual reality experience in a multitude of industries and not just for gaming,” says A Shabeer Sinnalebbe, CEO at XR Immersive Tech Inc. Sinnalebbe goes on to say, “This VR Kiosk only requires a small footprint, saving you space and budget. The upright kiosk remains a popular genre for VR deployment, especially for venues that want to dip into the immersive waters but do not have the space or deep pockets for a larger deployment.”

Features include:

Hardware

• HD Touch Screen
  • A large screen, immersive game experience, showing game screen synchronously. Customized advertisement videos also can be played on screen.
• Inside out Tracking with the Latest VR Headset
  • No Need Base Station for Tracking
  • Easy to adjust headband
• VR Controllers
  • Lightweight, 6DOF Motion Controllers
    

Content

• Access to a large content library through the SynthesisVR platform
  • The games include: Fruit Ninja, Angry Birds, Synth Riders, Pistol Whip, Ragnarock, Propagation VR and more
• Leaderboard
• Multi-player
  • Multiple PortalX systems can be easily linked together and offer up to 20 people in a multiplayer session
    

Supports Multiple Billing Options

• Coin, Card and NFC/QR code.
  

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.

Major factors driving the growth of the Virtual and Augmented reality Market are:

• The booming gaming industry and rapid penetration of the internet act as the key drivers of the VR/AR market.
• The increasing application of virtual reality and augmented reality in healthcare, retail, entertainment, media, manufacturing, aerospace, defense, and education will boost the growth of the VR/AR market during the forecast period.

On behalf of the Board of Directors

A Shabeer Sinnalebbe, Chief Executive Officer
XR Immersive Tech Inc.
https://www.immersivetech.co/

For further information about Immersive Tech, please contact:

Contact - A Shabeer Sinnalebbe
Email: shabeer@immersivetech.co
Telephone: +1-818-877-6548

CAUTIONARY DISCLAIMERS

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

ABOUT XR IMMERSIVE TECH INC.

Immersive Tech (formerly Fantasy 360 Technologies Inc.) is building the industry's premier location-based Metaverse Platform. Since 2016 the Company has been an industry leader in Social Entertainment, Virtual Reality (VR) and Augmented Reality (AR) entertainment attractions. With its Hardware Platform UNCONTAINED and its Software Platform Uncontained/OS and its growing network of over 450 VR operators through SynthesisVR, the Company helps its stakeholders build user experiences unmatched in realism, depth and immersion. The Company builds experiences on its platforms for some of the world's largest companies including: Intel, Bayer, Capital One, Scotia Bank, the US Food and Drug Administration, Allegiant Airlines and more.

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company and SynthesisVR, future performance and future growth, development initiatives, business prospects, synergies and opportunities of Immersive Tech and SynthesisVR and their related subsidiaries, the Company’s expansion initiatives and pursuit of M&A activity, and other factors beyond the Company’s control.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to, the Company being able to capitalize on the services and business of SynthesisVR, the easing of world-wide COVID restrictions and effect on the LBVR industry, the increase in VR arcades and demand for VR entertainment and educational content, the Company’s and SynthesisVR’s operations and development initiatives, and such other assumptions presented in the Company’s disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.