ImagineAR Inc (CSE:IP) (OTC:IPNFF), an augmented reality company, told investors Monday that a contract with a major North American sports and entertainment company (NASEC) is imminent.
The deal has not yet officially closed, but the unnamed company has put ImagineAR on notice that an agreement is on the horizon. ImagineAR, for its part, said it believes all major hurdles on the path to a contract have been cleared.
The size of the NASEC in question and the unspecified amount of time until the contract is officially closed prompted ImagineAR to inform investors ahead of time, the company said.
"We are taking the extraordinary step of advising our shareholders of an imminent material agreement with NASEC because we now expect it to be formalized in short order,” ImagineAR CEO Alen Paul Silverrstieen said in a statement. “I want to emphasize that no formal agreement has been executed and that we cannot provide any potential dates for or assurances of completion."
ImagineAR also said that it is in various stages of discussions with other major brands and retailers about providing AR solutions to deliver consumer engagement and activation during the coronavirus pandemic. The company’s technology gives its clients the tools to create AR mobile campaigns.
Additionally, ImagineAR announced that it has joined the Global Sports Innovation Center (GSIC), a business cluster powered by Microsoft Sport Team comprised of sports organizations, tech companies, research entities and others.
Earlier this month, ImagineAR presented its AR fan engagement platform to a judging panel at GSIC’s 2020 World Football Summit StartCup and was named one of the event’s top 16 startups. Finalists are expected to be announced Monday.
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