Vancouver, CANADA – January 28 th , 2019 – Imagination Park Technology Inc. (CSE: IP) (OTC: IPNFF) (“Imagination Park” or “Company”), a leader in delivering engaging and interactive Augmented Reality content through a cloud-based self-service platform is pleased to announce the results for the three months ending November 30, 2018. The Company reported revenues of $45,794 and a net loss of $967,214 ($ .01/ share).
During the first quarter, we completed an oversubscribed non-brokered private placement financing for gross proceeds of $3,028,718. The placement reinforces investor confidence and recognition in our products and services and provides the Company with a runway to execute on its business plan. The Company’s cash position as at November 30, 2018 was $2,469,623.
The Company continues to generate awareness for it platform by promoting its technology in a variety of verticals including retail, sports, live entertainment, education, and fundraising. There continues to be significant interest and a pipeline of opportunities continues to grow. Over next months, the Company expects to convert these opportunities into revenue in the form of monthly recurring licensing fees and upfront professional services fees from gaming and customer content.
The following are highlights for the Quarter:
- Exclusive engagement with the Tuscon Sugar Skulls of the Indoor Football League
- Filing of a comprehensive augmented reality patent with the US Patent and Trademark Office
- Mall of America selects IP to provide Christmas shoppers with Augmented Reality Experience
- Appointment of Mr. Jim Skippen as Chairman of the Board
- Sale of all interests in a production movie company
Alen Paul Silverrstieen, CEO of Imagination Park, stated “we continue to educate the market about Augmented Reality and its unique ability to deliver content and connect brands to consumers. We have presented our platform to Chief Marketing Officers and key decision makers in consumer brand and sports organizations and the feedback has been extremely promising. We remain encouraged by the interest as we expand our sales funnel and look to monetize these new opportunities.”
Copies of the audited consolidated Financial Statements, the Management Discussion and Analysis and related notes to the financial statements can be found on the Sedar website at www.sedar.com
About Imagination Park
Imagination Park Technologies creates engaging and interactive holographic content delivered by its cloud-based augmented reality enterprise platforms. The Company provides augmented reality products for mobile phones and wearable headsets, as well as rapid deployment of AR solutions, without the need for developers, while integrating artificial intelligence (AI) and Blockchain.
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ON BEHALF OF THE BOARD
Alen Paul Silverrstieen
President & CEO