The Glimpse Group Partners With The College Of Staten Island (CUNY) To Provide Immersive Technologies For Its Innovation Hub

Rhea-AI Summary

The Glimpse Group (NASDAQ:VRAR) has entered into a two-year, mid-six figure contract with the College of Staten Island CUNY (CSI) Technology Incubator to design, deploy, and integrate immersive technologies in its new Innovation Hub. CSI received funding from New York State and Empire State Development to establish a state-of-the-art Virtual and Augmented Reality (VR/AR) Lab as part of New York State's Downtown Revitalization Initiative. The project has a total budget exceeding $3 million, supported by additional funding from the New York City Council.

The VR/AR Lab will be housed within the newly constructed Innovation Hub, offering cutting-edge equipment and technology for students and entrepreneurs, advanced instructional spaces, and collaborative workspaces. The project, to be implemented over the next two years, includes significant software licenses and services from several Glimpse subsidiary companies.

Positive

• Secured a two-year, mid-six figure contract with CSI
• Project implementation over two years, indicating steady revenue stream
• Potential for additional contracts with academic institutions
• Exposure to a $3 million+ project budget
• Opportunity to showcase Glimpse's immersive technology solutions in an educational setting

Negative

• None.

NEW YORK, NY / ACCESSWIRE / September 24, 2024 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR) a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, announced today that it entered into a two year, mid-six figure contract with the College of Staten Island CUNY ("CSI") Technology Incubator for the design, deployment and integration of a suite of immersive technologies in its new Innovation Hub.

CSI was awarded funding from New York State and Empire State Development to establish a state-of-the-art Virtual and Augmented Reality (VR/AR) Lab as part of New York State's Downtown Revitalization Initiative. With additional financial backing from the New York City Council, the VR/AR Lab will be housed within the newly constructed Innovation Hub, with a total project budget exceeding $3 million. This funding will support a wide range of initiatives, including cutting-edge equipment and technology for students and entrepreneurs, the development of advanced instructional spaces, and the creation of collaborative workspaces for faculty, students, entrepreneurs, and community members. This immersive tech project is expected to be implemented over the next two years and includes significant software licenses and services from several Glimpse subsidiary companies.

Jasmine Cardona, Executive Director, Economic Development & Community Partnerships at CSI, commented: "We are thrilled to collaborate with Glimpse to integrate immersive technologies into our CSI Tech Incubator Innovation Hub, providing students with access to innovative tools that will not only enhance their academic experience but also equip them with critical skills for the future. This partnership embodies our commitment to fostering entrepreneurship, technology advancement, and community engagement, positioning our students and local entrepreneurs to thrive in an increasingly digital and immersive world."

Lyron Bentovim, President and CEO of Glimpse, commented: "Our partnership with CSI leverages our experience and expertise in immersive technologies and will leverage the work we have been doing with several academic institutions. Immersive technologies offer tremendous advantages to higher learning, and we look forward to implementing these technologies with our partner CSI for the benefit of their students, faculty and community."

About the CSI Tech Incubator:
As part of the College of Staten Island (CSI), the only public institution of higher education on Staten Island, the CSI Tech Incubator (CTI) is a driving force behind technological innovation and economic development. Established to support the Staten Island community and beyond, CTI offers education, resources, and support to foster entrepreneurship and drive growth in the rapidly evolving tech sector. Leveraging the College's resources with a vision to transform Staten Island into a leading hub for creativity, applied research, and business development. https://www.csitechincubator.com/

About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ:VRAR)(FSE:9DR) is a diversified Immersive technology platform company, providing enterprise-focused Virtual Reality, Augmented Reality and Spatial Computing software & services. Glimpse's unique business model provides scale and 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 may contain certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements, if provided, are based on information available to the Company 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, if provided, 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, if provided, are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, any forecasts, if provided, 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 the original press release on accesswire.com

FAQ

What is the value and duration of the contract between The Glimpse Group (VRAR) and the College of Staten Island?

The Glimpse Group (VRAR) has entered into a two-year, mid-six figure contract with the College of Staten Island CUNY Technology Incubator.

What is the total budget for the CSI Innovation Hub project that The Glimpse Group (VRAR) is involved in?

The total project budget for the CSI Innovation Hub, which includes the VR/AR Lab, exceeds $3 million.

What technologies will The Glimpse Group (VRAR) provide to the College of Staten Island's Innovation Hub?

The Glimpse Group (VRAR) will provide a suite of immersive technologies, including Virtual Reality (VR) and Augmented Reality (AR) solutions, for the CSI Innovation Hub's VR/AR Lab.

How long is the implementation period for The Glimpse Group's (VRAR) project with the College of Staten Island?

The immersive technology project with the College of Staten Island is expected to be implemented over the next two years.