{"id":404978,"date":"2020-12-23T06:33:14","date_gmt":"2020-12-23T11:33:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=404978"},"modified":"2020-12-23T06:33:14","modified_gmt":"2020-12-23T11:33:14","slug":"imaginear-provides-shareholders-with-2020-calendar-year-update-including-record-775000-in-executed-contracts","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/imaginear-provides-shareholders-with-2020-calendar-year-update-including-record-775000-in-executed-contracts\/","title":{"rendered":"ImagineAR Provides Shareholders with 2020 Calendar Year Update, Including Record $775,000 in Executed Contracts"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n VANCOUVER, BC<\/span>, Dec. 23, 2020<\/span> \/PRNewswire\/ –\u00a0Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) (“ImagineAR” or “Company”) an Augmented Reality Company that enables businesses, sports teams and organizations to create instant AR campaigns without a technical background, is pleased to provide investors with a corporate update for calendar 2020, the Company’s best year. Specifically, the Company set records in two key performance indicators (KPI’s):<\/p>\n

\n\n\n\n\n
\n
    \n
  • Total Executed AR Contracts<\/li>\n<\/ul>\n<\/td>\n
\n

\n $775,000 * <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • Total Proceeds from Financing<\/li>\n<\/ul>\n<\/td>\n
\n

\n $6,000,000 (approximate)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n * Approximate Augmented Reality Enterprise, White Label, and SDK contracts <\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

ImagineAR CEO, Alen Paul Silverrstieen said “By every KPI, ImagineAR turned in its best calendar year performance ever.\u00a0 Despite the early negative impact to our sales pipeline as a result of COVID-19 shutting down live events, the pendulum swung quickly as sports teams, corporations and entertainers turned to augmented reality to generate new revenue opportunities through our platform’s ability to create direct mobile engagement and activations.\u00a0 We are very proud of our performance from both a sales and technology development point of view.”<\/p>\n

The Company is filing its audited 2020 financials and MD&A for the fiscal year ended August 31, 2020<\/span> on SEDAR by the end of this month.\u00a0 Though the Company has executed contracts totaling approximately $775,000<\/span> in the calendar year, the value of these contracts will not be fully reflected in the fiscal year financials due to the fact some of the agreements were signed after August 31.\u00a0 <\/p>\n

Moreover, given the SaaS business model of the Company, revenues are recognized pro-rata over the life of the term of each contract, which can range from 1 – 5 years. Nonetheless, the approximate $775,000<\/span> record revenue from these contracts will be received and recognized by the Company.<\/p>\n

Silverrstieen added “Looking forward into 2021, though COVID-19 was a significant short-term catalyst in 2020, our pipeline clearly indicates it also accelerated the inevitable adoption of AR by 2-3 years, leading to our confident expectation that 2021 will see even greater increases than 2020. We fully expect to deliver news related to new contract wins in early 2021.” <\/p>\n

Major New Global Clients<\/p>\n

The Company had its best year of augmented reality contracts around the world in 2020.<\/p>\n