The Glimpse Group Closes Acquisition of Sector 5 Digital

Rhea-AI Summary

The Glimpse Group (NASDAQ:VRAR) has successfully closed its acquisition of Sector 5 Digital (S5D), significantly impacting its revenue and operational capabilities. This strategic move is expected to double Glimpse's annual revenues and enhance its immersive technology offerings. The acquisition also brings valuable talent and a strong clientele, positioning Glimpse to expand its market presence. Lyron Bentovim, CEO, emphasized the importance of this milestone for future growth in the VR/AR sector.

Positive

• Acquisition expected to double annual revenues.
• Enhances operational capabilities and market position.
• Brings valuable talent including developers and industry executives.
• Strengthens existing client relationships with major companies.

Negative

• None.

Accretive Acquisition Expected to Approximately Double Glimpse's Annual Revenues

NEW YORK, NY / ACCESSWIRE / February 1, 2022 / The Glimpse Group, Inc. ("Glimpse") (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 the closing of its acquisition of Sector 5 Digital ("S5D"), a leading immersive technology company.

S5D (www.sector5digital.com) is an award-winning, enterprise focused, immersive technology company that combines brilliant storytelling with emerging technologies for industry leading organizations. It helps companies transform their brands by creating innovative digital content for marketing, communications, sales, entertainment, virtual events, training and simulation. Key customers include: American Airlines, BAE Systems, Bell Flight, Ecolab, Galderma, Halliburton, Recaro, Textron Systems and others. S5D has approximately 25 employees, was founded in 2014 and is based in Fort Worth, Texas.

Link to Video: https://vimeo.com/670398411

Lyron Bentovim, President & CEO of Glimpse commented, "The successful completion of our largest acquisition to date, essentially doubling our revenues, accretive to earnings and in a structure that is well aligned with our shareholders' interests, marks yet another key milestone for Glimpse on our path to becoming the premier VR/AR software and services company."

"By bringing Sector 5 Digital into the Glimpse family, we not only strengthen our financial and operational foundations, but also significantly improve our ability to scale and create synergies. The acquisition adds hard to come by immersive technology talent including developers, engineers and 3D artists, first tier customers and a high caliber industry executive, Jeff Meisner, who in addition to continuing as S5D's General Manager will also serve as Glimpse's Chief Revenue Officer and join our Board of Directors. Together, we are well positioned to propel Glimpse forward as an emerging leader in the immersive technology and metaverse landscape."

About The Glimpse Group, Inc.

The Glimpse Group (NASDAQ:VRAR)(FSE:9DR) 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

About Sector 5 Digital

Sector 5 Digital helps companies transform their brands by creating brilliant digital content for marketing, communications, sales, entertainment, visualization and simulation. The company has an in-house studio developing immersive experiences through Virtual Reality (VR), Augmented Reality (AR), 3D modeling and animation, film & video production, interactive game technology, and a lot more. For more information on Sector 5 Digital, please visit www.sector5digital.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 main purpose of The Glimpse Group's acquisition of Sector 5 Digital?

The acquisition aims to double Glimpse's annual revenues and enhance its operational capabilities in the VR/AR industry.

When did The Glimpse Group close the acquisition of Sector 5 Digital?

The acquisition was closed on February 1, 2022.

How will the acquisition of Sector 5 Digital impact VRAR stock?

The acquisition is expected to significantly increase revenues and operational capabilities, potentially positively influencing VRAR stock performance.

Who will lead The Glimpse Group's efforts post-acquisition?

Jeff Meisner, previously General Manager of S5D, will serve as Chief Revenue Officer and join Glimpse's Board of Directors.