ImagineAR Inc (CSE:IP) (OTCQB:IPNFF), an augmented reality (AR) platform company said Tuesday that Escape Room NJ has inked a partnership agreement to become both a client and reseller of ImagineAR.
In a statement, the Vancouver-based company said Escape Room NJ will be the first escape room in North America to integrate immersive augmented reality within its three locations, as well as, offer AR Scavenger Hunts to their consumer and corporate clientele.
ImagineAR has tapped a lucrative market as there are over 2,000 escape rooms around the world.
Jeff Sherer, owner of Escape Room NJ stated: "We are proud to announce the first ever AR escape rooms in the world. In this day and age where some people are not comfortable to be in large groups, we believe this will offer a whole new avenue to play escape rooms and scavenger hunts outdoors around our location or even remotely.”
“We are going to be the first company to introduce AR into 'Rage Rooms'. Partnering with Imagine AR we look forward to taking the most smashingly good times you can have with an assortment of weapons!"
ImagineAR CEO Alen Paul Silverrstieen said the partnership with Escape Room NJ demonstrated the “limitless applications” for ImagineAR in any industry. “Jeff is closely associated with escape room owners around the world and plans to present ImagineAR as an additional great product for their customers and revenue stream for owners," he added.
The ImagineAR boss also said augmented reality is making great commercial strides this year in a mid-year update to shareholders.
“Despite dramatic geopolitical, economic and societal volatility from the start of 2020 resulting in delays to some of our negotiations, we were still able to close a significant financing, announce significant national and global partnerships, and add top notch people to our board and team,” said Silverrstieen. “We anticipate significant results to stem from this positioning in the second half of the year and, quite frankly, for the foreseeable future".
At the start of the year, ImagineAR had a market cap of less than $5 million which has since expanded to $25 million.
"With a market cap of approximately $25 million dollars, ImagineAR continues to provide investors with a great opportunity to participate in the anticipated growth of AR, which promises to be a disruptive over the next three years," said Silverrstieen.
In April, ImagineAR inked a five-year $300,000 licensing agreement with SlapItOn for athletes to engage fans through AR. A few weeks later, it won a deal with Engaged Nation, a digital marketing firm for casinos. More recently, ImagineAR teamed up with music superstar Flo Rida, NBA Superstar Dwyane Wade and Broward County Education Fund to help house-bound students celebrate graduation through augmented reality.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive