VANCOUVER, British Columbia, Jan. 30, 2024 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“Immersive Tech”, or the “Company”) (CSE: VRAI) (FSE:79W) (OTCQB: FNTTF), an industry leader in Social Entertainment, AI, VR, and AR content and experiences, is thrilled to announce an industry first partnership with RaceRoom Entertainment AG a premier racing simulation developer, to bring the exhilarating world of RaceRoom to VR locations worldwide through its subsidiary SynthesisVR.

The Synthesis VR software platform is one of the largest VR out-of-home entertainment marketplace for games, educational and training experiences worldwide. Synthesis has over 450 VR arcades globally and a market of over 400+ VR games.

About RaceRoom

RaceRoom is one of the worldwide leading motorsport simulations and your point of access to international race series like ADAC GT Masters, DTM, and WTCC as well as legendary race cars and world-renowned racetracks.

RaceRoom offers many different game modes such as Multiplayer Races, Custom Championships, Single Races against AI, Practice, Leaderboard Challenges, and Online Competitions. The simulation also includes an online portal that keeps track of player statistics and leaderboard entries that serve as a platform for the players' activities. No other motorsports simulation brings you closer to professional motorsports and the drivers of real race series.

RaceRoom boasts over 4 million active users, with over 246 popular car models including Mercedez Benz, Porsche, Audi, BMW, Bentley, and McLaren, and 60 tracks.

RaceRoom is compatible with various PC-based headsets, including but not limited to Valve Index, HTC Headsets, and Meta Quests headsets via Streaming Link.

About this Partnership

This collaboration marks a notable development in the virtual reality gaming industry by addressing the need for a high-quality motorsport simulation experience in virtual reality. The aim is to provide an engaging experience suitable for both newcomers and experienced drivers. Through this strategic partnership, SynthesisVR will integrate RaceRoom's racing simulation experience into its VR platform, providing users with a realistic and immersive racing environment while creating a seamless operator experience for VR location owners in terms of game license, tracking, and distribution.

The global sim racing market size is expected to grow at a compound annual growth rate (CAGR) of 12.1% during the forecast period and is estimated to be valued at USD 9.99 billion by 2027 according to a study by Grand View Research, Inc.

The incorporation of local and international racing events, coupled with the opportunity for VR establishments to participate in global competitions and secure prizes, is poised to generate substantial interest among VR enthusiasts. This engagement strategy holds the potential to cultivate repeat patronage, fostering the development of a loyal customer base that can contribute positively to the long-term viability of VR locations.

"We are excited about our collaboration with RaceRoom to enhance the virtual reality racing experience for our valued customer base. This partnership aligns seamlessly with our dedication to providing cutting-edge content and establishing a sustainable, long-term strategy that benefits both VR and non-VR entertainment locations” said A Shabeer Sinnalebbe.

"We are thrilled to join forces with SynthesisVR in this strategic partnership, bringing RaceRoom's immersive racing simulations to VR locations worldwide. This collaboration heralds a new era for virtual reality entertainment, offering VR locations an exceptional and dynamic racing experience. RaceRoom's realism, extensive track selection, and the diversity of popular car models aim to captivate audiences, making our contribution an exciting prospect for enhancing the appeal of VR venues globally” said Holger Stangl, Head of Business Development at RaceRoom.

Other Exciting Developments

SynthesisVR, a subsidiary of ImmersiveTech, is dedicated to evolving into a platform that seamlessly integrates with a variety of virtual reality headsets, including the widely popular Meta Quest headsets. Meta Quest headsets, designed for consumers, have gained significant traction in VR locations due to their affordability and portability. Recognizing the growing popularity of Meta Quest among VR arcades, SynthesisVR is dedicated to ensuring its platform supports this headset, offering an unparalleled experience for VR arcade owners and operators.

SynthesisVR boasts key features and advancements that contribute to its status as an industry leader in virtual reality (VR) platforms. The platform’s integration with Meta Quest headsets extends to both Free Roam Arena and Room Scale experiences, setting SynthesisVR apart as the exclusive platform offering such versatility with Meta Quest.

The introduction of the Local Manager desktop application further enhances the user experience with Meta Quest headsets. This advanced application is designed to efficiently manage and monitor Meta Quest devices, showcasing SynthesisVR's commitment to providing a user-friendly and efficient platform.

SynthesisVR also empowers VR arcade owners and operators with the capability to commercially license and launch diverse content on Meta Quest headsets. This includes entertainment, educational, and enterprise experiences, allowing businesses to cater to a broad audience and explore various solutions for their customers.

In closing, the partnership between XR Immersive Tech Inc.'s subsidiary, SynthesisVR, and RaceRoom Entertainment AG marks a pivotal moment in the virtual reality gaming industry. This collaboration addresses the demand for a high-quality motorsport simulation experience in virtual reality, bringing RaceRoom's immersive racing simulations to VR locations worldwide. As the global sim racing market continues to grow, this strategic partnership positions SynthesisVR at the forefront of delivering content. With the incorporation of RaceRoom's realism, extensive track selection, and diverse car models, the collaboration aims to captivate audiences, offering an exceptional and dynamic racing experience. SynthesisVR remains committed to evolving its platform, ensuring seamless integration with various VR headsets, including the popular Meta Quest, and providing unparalleled tools for VR arcade owners and operators to thrive in the ever-expanding world of virtual reality entertainment.

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
Tel: +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.

Since 2016, the Company has been an industry leader in Social Entertainment, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR) entertainment attractions. With its growing network of over 500 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.