Glimpse Signs Follow-on Immersive Technology Contracts with Two Global Leaders

Rhea-AI Summary

The Glimpse Group has secured two follow-on contracts with major organizations. One contract is for a VR simulation and software license with a NYC hospital, while the other is for webAR experiences with a consumer packaged goods company. These contracts demonstrate the power of Glimpse's ecosystem and the utilization of immersive technologies in real-world enterprise scenarios.

Positive

• The Glimpse Group has secured two follow-on contracts with major organizations, showcasing the power of their ecosystem and diversification.
• One contract is with a major NYC hospital for a logistics-focused VR simulation and software license, estimated in the low six figures.
• The other contract is with a consumer packaged goods company for an initial agreement for two webAR experiences, estimated in the high five figures.
• The utilization of immersive technologies in real-world enterprise scenarios is driven by strong IRRs.

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• None.

Immersive Technologies Are Being Increasingly Utilized Across Industries By Top Tier Glimpse Customers

NEW YORK, NY / ACCESSWIRE / August 8, 2023 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR)(FSE:9DR), a diversified Virtual Reality ("VR") and Augmented Reality ("AR") company providing enterprise focused immersive technology software and services solutions, announced that it has entered into two follow-on contracts with major organizations.

One follow-on contract, via Glimpse subsidiary company Foretell Reality (https://foretellreality.com/) and estimated in the low six figures, is for a logistics-focused VR Simulation and software license with a major NYC hospital, that will be utilized to safely and effectively instruct the hospital's facilities team on best practices relating to specific hazardous operations.

The other follow-on contract, via Glimpse subsidiary company SpearXR (https://www.spearxr.com/), and estimated in the high five figures, is for an initial agreement for two webAR experiences with one of the world's largest consumer packaged goods companies, which is expected to be deployed in commercial environments and accessed by consumers on mobile phones and tablets without a need to download an app, potentially leading to additional webAR experiences and widespread implementation.

Lyron Bentovim, President & CEO of The Glimpse Group, commented: "In conjunction with the Airforce and Verizon contracts we recently announced, these follow-on contracts, with two other major global organizations, in varying industries, showcasing completely different use cases, utilizing different technologies and delivered by different Glimpse subsidiary companies, demonstrate the power of the Glimpse ecosystem, diversification and how immersive technologies are being utilized today in real-world enterprise scenarios driven by strong IRRs."

About The Glimpse Group, Inc.

The Glimpse Group (NASDAQ: VRAR, FSE: 9DR) is a diversified Virtual and Augmented Reality platform company, comprised of multiple immersive technology, enterprise-focused, software & services companies. Glimpse's unique business model simplifies the challenges faced by immersive technology companies and creates a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into this emerging 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

SOURCE: The Glimpse Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/772865/Glimpse-Signs-Follow-on-Immersive-Technology-Contracts-with-Two-Global-Leaders

FAQ

What contracts has The Glimpse Group secured?

The Glimpse Group has secured two follow-on contracts with major organizations.

What is the contract with the NYC hospital for?

The contract with the NYC hospital is for a logistics-focused VR simulation and software license.

What is the contract with the consumer packaged goods company for?

The contract with the consumer packaged goods company is for an initial agreement for two webAR experiences.

What is driving the utilization of immersive technologies in real-world enterprise scenarios?

The utilization of immersive technologies in real-world enterprise scenarios is driven by strong IRRs.