EPAZZ Increases Funding of CryObo Technology and DeskFlex Metaverse Office Product Development

Rhea-AI Summary

Epazz, Inc. (EPAZ) announced plans to increase funding for the development of CryObo Technology and the DeskFlex Metaverse projects. The company's DeskFlex room booking software achieved revenues of $1.9 million in 2021, a substantial rise from $1.4 million in 2020, alongside a 1,168% increase in EBITDA, reaching $102,000. The upcoming Epazz Slims VR glasses, priced under $100, aim to enhance remote collaboration in a Metaverse Office setting, enabling immersive interactions for all employees.

Positive

• DeskFlex software revenue increased to $1.9 million in 2021 from $1.4 million in 2020.
• EBITDA rose significantly to $102,000 in 2021, up from $8,083 in 2020.

Negative

• None.

CHICAGO, April 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Epazz, Inc. (OTC Pink: EPAZ), a leading provider of cloud-based business software solutions, announced today that it would add more funding to further develop the CryObo Technology and the DeskFlex Metaverse projects.

Epazz DeskFlex room booking software reported revenues of $1.9 million for 2021 compared to $1.4 million in 2020. It also reported a positive EBITDA of $102,000, compared to an EBITDA of $8,083 for 2021, an increase of 1,168% due to a surge in demand during the pandemic. 

DeskFlex is developing a Metaverse Office that uses a pair of virtual reality smart glasses, called the Epazz Slims, that allows remote employees to work, collaborate, connect, and hold discussions in real-time with other office employees. The VR glasses enable remote workers to enter into a visual representation of their office and interact with their co-workers working from home as if they were there, physically present. 

The revenues from 2021 earnings will fund the further development of the VR headsets to provide every employee with VR Smart Glasses that would cost under $100.00. Because of its affordability, every worker can access the Metaverse Office and participate in company activities from the comfort of their home. 

Epazz Slims will be a low-cost VR headset solution that incorporates total sensory involvement in virtual reality and augmented reality office conferences, meetings, and team discussions. It will use multiple webcams to generate a 3D rendering of employee avatars and facilitate real-time interactions among colleagues.

"We are reinvesting our funds and focusing on product development to provide our clients with optimal, functional, and practical technological solutions in conducting meetings and conferences," says Shaun Passley, Ph.D., CEO of Epazz, Inc.

About Epazz, Inc.

Epazz, Inc. is a mission-critical provider of Metaverse solutions, blockchain cryptocurrency mobile apps, and cloud-based software. It is a company that specializes in providing customized cloud applications to corporate firms, higher-education institutions, and the public sector. Epazz is developing Metaverse business solutions that enable people to collaborate in real-time through VR. Epazz is upgrading its business solutions to be fully integrated into the Metaverse. Epazz will be manufacturing low-cost smart glasses for Metaverse.

Safe Harbor

Certain statements contained in this press release are "forward-looking statements," as defined by the "Safe Harbor" statement in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by their use of forward-looking terms such as "may," "expect," "intend," "estimate," "anticipate," "believe," and "continue" (or the negative variations thereof). Such forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those the statements imply. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those such forward-looking statements contemplate. Epazz assumes no obligation, does not intend to update these forward-looking statements, and has no duty to update or correct information that third parties not paid for by Epazz prepare.

Investors are encouraged to review Epazz's public filings on SEC.gov, including its unaudited and audited financial statements, its registration statement, Form 10-Ks, and Form 10-Qs, which contain general business information about the company's operations, operations results, and the risks associated with the company and its operations. Penny stock picks need to be researched. Do your homework. Please review all our filings.

For more information, please contact the following:
Epazz Inc.
Investor Relations
investors@epazz.net
(312) 955-8161
www.epazz.com/investors.aspx

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• Epazz, Inc.

FAQ

What are the latest revenue figures for Epazz (EPAZ)?

Epazz reported revenues of $1.9 million for 2021, up from $1.4 million in 2020.

What is the EBITDA growth for Epazz (EPAZ) in 2021?

Epazz's EBITDA grew to $102,000 in 2021, a 1,168% increase from $8,083 in 2020.

What investments is Epazz (EPAZ) making for future projects?

Epazz is increasing funding for the development of CryObo Technology and DeskFlex Metaverse projects.

What is the cost of Epazz Slims VR glasses?

The Epazz Slims VR glasses are expected to cost under $100.

How does DeskFlex's Metaverse Office function?

DeskFlex's Metaverse Office utilizes VR glasses to facilitate real-time collaboration between remote and in-office employees.