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ImagineAR logs best yearly performance in 2020 with record $775,000 in executed contracts

Confidence in the firm's augmented reality abilities was demonstrated by the capital markets with the company receiving around $6 million in proceeds from financing in 2020

ImagineAR Inc. - ImagineAR logs best calendar year performance in 2020 with record $775,000 in executed contracts
CEO Alen Paul Silverrstieen said the augmented reality company fully expects to deliver 'news related to new contract wins in early 2021'

ImagineAR Inc (CSE:IP) (OTCQB:IPNFF), an augmented reality company that enables businesses to create instant AR campaigns, told investors on Wednesday that it logged its best calendar year performance in 2020, with a record $775,000 in executed contracts.

The Vancouver-based technology company said it set records in two key performance indicators (KPI), which included $775,000 in executed contracts and bringing in around $6 million through total proceeds from financing.

“Confidence in our augmented reality abilities was demonstrated by the capital markets with ImagineAR receiving record proceeds from financing in 2020 of approximately $6,000,000, including approximately $4.5 million from the exercise of warrants over this summer,” said the company. As a result, ImagineAR said it is "well-financed for growth to the end of 2021."

READ: ImagineAR forges partnership with superstar singer Ananya Birla to launch in India

In a statement, ImagineAR CEO Alen Paul Silverrstieen said: "By every KPI, ImagineAR turned in its best calendar year performance ever. Despite the early negative impact to our sales pipeline as a result of COVID-19 shutting down live events, the pendulum swung quickly as sports teams, corporations and entertainers turned to augmented reality to generate new revenue opportunities through our platform's ability to create direct mobile engagement and activations.”

“We are very proud of our performance from both a sales and technology development point of view,” he added.

The company is filing its audited 2020 financials for the fiscal year ended August 31, 2020, on SEDAR by the end of December. Although Imagine AR has executed contracts worth $775,000 in the calendar year, the value of these contracts will not be fully reflected in the fiscal year financials as some of the agreements were signed after August 31.

"Looking forward into 2021, though COVID-19 was a significant short-term catalyst in 2020, our pipeline clearly indicates it also accelerated the inevitable adoption of AR by two or three years, leading to our confident expectation that 2021 will see even greater increases than 2020,” added Silverrstieen. “We fully expect to deliver news related to new contract wins in early 2021."

The company highlighted major new global clients which included:

  • A five year white label contract with SlapitOnAR, a company founded by CEO Mike Vanderjagt, a former placekicker who played in the National Football League and his partners include Johnny Damon (MLB), Mike Modano (NHL), Troy Aikman (NFL), Steve Smith(NBA), and Cobi Jones (MLS)
  • Five-year white label contract with WaV Sports & Entertainment starting with a launch of the NFL Alumni Academy Subscription Mobile App in early 2021
  • Two-year partnership with Valencia CF of La Liga in Spain installing the ImagineAR SDK in December 2020
  • Two-year partnership with Royal Sociedad of La Liga in Spain installing the ImagineAR SDK in February 2021
  • Shoppers Drug Mart white label contract for company-wide training in 2021
  • A key business partnership with Indian music superstar Ananya Birla to launch ImagineAR in India

During the year, the company also gained traction by launching three major consumer AR campaigns in North America, which included the high-profile Jacob "Stitch" Duran promotion for the Fury vs. Wilder 2 Heavyweight Championship.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: ImagineAR Inc.

Price: 0.26 CAD

CSE:IP
Market: CSE
Market Cap: $48.14 m
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