Adept XR Provides Maintenance Equipment VR Simulation For Goodway Technologies

Rhea-AI Summary

The Glimpse Group (NASDAQ: VRAR) announced a new industrial VR project through its subsidiary Adept XR, collaborating with Goodway Technologies. The project utilizes Adept XR's proprietary software, Elevate, to create a gamified VR simulation demonstrating Goodway's CoilPro CC-400HF cleaner. This innovative approach aims to enhance user engagement at conventions, reduce costs related to physical installations, and collect user data through a leaderboard system. Both companies anticipate that this VR tool will improve marketing effectiveness and accessibility.

Positive

• Launch of an industrial VR project with Goodway Technologies.
• Utilization of Adept XR's proprietary platform to enhance customer engagement.
• Gamified VR simulation expected to be a cost-effective alternative to physical demonstrations.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / March 29, 2022 / The Glimpse Group, Inc. (NASDAQ:VRAR)(FSE:9DR), a diversified Virtual Reality ("VR") and Augmented Reality ("AR") platform company providing enterprise-focused VR and AR software and services solutions, today announced an industrial VR project and software license between its subsidiary company Adept XR and Goodway Technologies, a manufacturer of innovative maintenance equipment and solutions.

Built on Adept XR's proprietary VR software platform Elevate, the VR experience simulates the coil cleaning process of the CoilPro® CC-400HF - HiFlo® Coil Cleaner from Goodway®. The project entailed the development of a gamified VR simulation to be played at upcoming conventions as well as be used for other demonstrations and brand-building purposes.

Link to Video: https://player.vimeo.com/video/693279958

Sarah Sedlock, Director of Marketing at Goodway Technologies, said: "The simulation is an engaging and powerful tool. It is expected to increase user engagement and highlight the specific unique features of our equipment while accomplishing the core objectives of a traditional convention demonstration for an industrial product. The leaderboard system further enhances marketing effectiveness by facilitating the collection of user contact data while infusing an element of fun with the competition aspect of the experience."

Lyron Bentovim, President & CEO of Glimpse and Acting General Manager of Adept Reality, said: "The VR simulation replaces an expensive physical installation, reducing both transportation and maintenance costs, making the simulation more convenient, memorable, and accessible. We believe that it is an excellent use case for VR technologies which can be replicated in other expensive and complicated industrial product demonstrations."

About Adept XR

Adept Reality, LLC (dba Adept XR), a subsidiary company of the AR/VR company The Glimpse Group, Inc. (Nasdaq: VRAR) combines learning science and cutting-edge technology to bring amazing solutions to today's toughest learning challenges. Adept XR offers immersive learning solutions for both higher education and corporate training. For more information on Adept XR, please visit https://adeptxr.com/

About Goodway Technologies

Founded in 1966, Goodway Technologies has been delivering better maintenance solutions for more than 55 years. Goodway Technologies provides innovative maintenance solutions for a wide variety of industries including commercial HVAC, food and beverage processing, power generation and manufacturing. Over the decades, Goodway has worked with our customers to create better solutions for tube cleaning systems, industrial vacuums, cooling tower maintenance systems, dry steam solutions, descaling systems, coil cleaning products and practically everything else for the care and maintenance of HVAC systems. Further information is available at www.goodway.com. Goodway is recognized as an ISO 9001:2015 certified company.

About The Glimpse Group

The Glimpse Group (NASDAQ:VRAR) is a diversified Virtual and Augmented Reality platform company, comprised of multiple VR and AR software & services companies, and designed with the specific purpose of cultivating companies in the emerging VR/AR industry. Glimpse's unique business model simplifies challenges faced by VR/AR companies and creates a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into the emerging VR/AR industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com.

Safe Harbor Statement

This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "view," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Glimpse Contact

Maydan Rothblum
CFO & COO
The Glimpse Group, Inc.
917-292-2685
maydan@theglimpsegroup.com

Investor Relations

Mark Schwalenberg, CFA
Director
MZ Group - North America
312-261-6430
Glimpse@mzgroup.us
www.mzgroup.us

SOURCE: The Glimpse Group, Inc.

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FAQ

What is the recent project announced by The Glimpse Group (VRAR)?

The Glimpse Group announced an industrial VR project in collaboration with Goodway Technologies, leveraging Adept XR's software to create a VR simulation.

How will the VR simulation benefit Goodway Technologies?

The VR simulation is designed to increase user engagement, highlight product features, and streamline marketing at conventions.

What technology is used in the new VR project by The Glimpse Group?

The project utilizes Adept XR's proprietary software platform called Elevate.

What are the expected cost benefits of the VR simulation for The Glimpse Group?

The VR simulation is anticipated to reduce transportation and maintenance costs compared to traditional physical installations.

When was the industrial VR project announced by VRAR?

The industrial VR project was announced on March 29, 2022.