xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company’s primary focus is to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
The company was co-founded by two Australian military veterans to build physical skydiving simulators for both military training and the tourist market. The company has since expanded its simulation portfolio from indoor skydiving to include out-of-home virtual reality entertainment, defense XR training, and XR software development. xReality targets both the entertainment and the enterprise markets, which include defense, law enforcement, and other government agencies.
The company was listed on the ASX on January 18, 2013, as Indoor Skydive Australia Group (ASX:IDZ) and was rebranded to xReality Group on December 8, 2021.
It operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
The global total addressable market for the Operator XR business in the law enforcement and military markets is valued at about $3.37 billion in annual recurring revenue (ARR). Of this, the United States accounts for $1.3 billion, or 40 percent of the total, while the rest of the world is $2 billion. xReality has rightly been focusing on increasing its presence in the US given its relatively high share in the global context.
The global military market is significantly higher than the law enforcement market. Overall, the military market is valued at $2.68 billion, and the law enforcement market is valued at $682.6 million. Here again, the US is a significant player accounting for the largest share of the global pie in both military and law enforcement.
In the US, there are around 14 tier-1 law enforcement agencies (with 5,000 to 50,000 officers), 170 tier-2 agencies (with 500 to 5,000 officers), and 2,924 tier-3 agencies (with 40 to 500 officers). In total, the overall US law enforcement market is estimated at $170 million to $447 million in ARR.
Moreover, the US military market is almost three times the size of the law enforcement market, with an annual military budget of $842 billion. The addressable market is estimated at $499 million to $1.3 billion.
With annual revenues of about AU$10 million, xReality’s market share has a significant runway for growth. The company’s strategy to focus on its entry into the US market has seen some traction with first sales in the US in August 2023. The company has since expanded its US sales team, and the US sales pipeline is rapidly growing.
Operator XR focuses on the enterprise segment, more specifically the defense and law enforcement sectors. Operator XR systems help military personnel and law enforcement officers train in operational tactics and procedures within a virtual reality environment. The VR system complements the existing training methods and helps its users to train more often, covering a broad range of scenarios centered on de-escalation tactics, use of force decision-making, and operational procedures.
The system was developed from the ground up, using the latest innovations in VR technology, with all IP owned by xReality. The company has invested a total of AU$2.5 million in the ongoing development of the Operator XR product. Operator XR offers several benefits: First, it provides a software platform that can be easily updated and configured. It offers significant cost savings and can simulate threats that cannot be replicated by other means. Second, it helps create the virtual environment at a fraction of the cost and time. Third, it creates an immersive environment allowing the use of live weapons and equipment leading to greater preparedness. Lastly, it can work offline enabling the training anytime and anywhere.
With offices in Sydney and Virginia, the segment focuses on two main markets – Australia and the US. The Australian operations were launched in 2021, followed by the US in 2023. With a go-to-market strategy focused on the ‘tier 3’ segment of the US law enforcement market, xReality made its first US law enforcement sale in August 2023. Tier 3 market includes nearly 3,000 police agencies with 40 to 500 officers. These agencies typically have much shorter sales cycles and faster procurement pathways than larger state and federal agencies.
The strategy seems to be working with xReality seeing a surge in their total sales pipeline in the US, which stands at AU$31 million with 60 individual qualified opportunities at various stages.
xReality operates indoor skydiving facilities under the brands – iFly Downunder (located in Sydney) and iFly Gold Coast (located in Queensland). During FY 2023, xReality invested significantly in enhancing both iFly Downunder and iFly Gold Coast, resulting in upgrades to mechanical cooling systems, IT hardware and building works. This segment serves both the entertainment and enterprise markets. The first indoor skydiving tunnel was launched in 2014. Since then, xReality has been serving about 200,000 visitors annually. iFly provides a steady, stable revenue cash flow, essential to fund the growth side of the business.
Freak Entertainment is xReality’s virtual reality entertainment brand, established in 2019 to bring a market-leading VR experience to a retail footprint. The brand and IP are 100 percent owned by xReality, which includes cutting-edge technology and in-house-built games. It has served nearly 300,000 customers across its five locations in New South Wales and Queensland. Freak Entertainment venues offer various entertainment options such as VR arcade games, VR Escape Rooms, and VR Laser Tag among others.
Red Cartel develops software products that cater to both the entertainment and enterprise markets. A leading expert in developing AR, VR, XR and enterprise software for the entertainment, oil and gas, healthcare, mining and government sectors, Red Cartel has more than 20 years of market track record. xReality acquired Red Cartel in August 2021 to deliver in-house development capability and support its other three businesses.
John Diddams holds a bachelor’s degree in commerce from the University of NSW, is a fellow of the Australian Society of CPAs, and is a fellow of the Australian Institute of Company Directors. He has more than 40 years of financial and management experience in Australia and overseas, with rich experience in the practical application of ASX listing rules, Australian corporations’ law, international accounting standards, and corporate governance principles. Diddams has a strong track record in driving business performance, mergers and acquisitions, due diligence and corporate governance.
Wayne Jones has been the company's founder and CEO since November 2011. Before establishing xReality, he was a Commander with the Special Air Service Regiment (SASR) and was responsible for the development and performance of teams in complex and challenging environments. He holds formal qualifications in project management, business, security, and risk management, and financial management, and is a member of the Australian Institute of Company Directors. He has more than 25 years of experience in leading teams and delivering results. He is an experienced skydiver and maintains his involvement with the Australian Defense Force. He is also the president of the Australian Special Air Service Association (NSW Branch).
Danny Hogan joined the Australian Regular Army in 1991 and, in 1997 was selected for further service within the Special Air Service Regiment. He has been recognized and awarded for his actions and leadership during his 21-year military career, including the Medal for Gallantry. He was selected for and completed a two-year military exchange in the US with two of the country’s elite Special Forces Commands. Hogan was a highly qualified senior dive instructor within the Special Air Service Regiment. He served as an executive director and the chief operations officer of xReality from the foundation of the company until November 2019, at which time he became a non-executive director. He is a member of the Australian Institute of Company Directors.
Kim Hopwood has more than 20 years of experience across technology, media, management, and operations. He started his career as a network engineer at Cisco, then co-founded digital agency Pusher in 2004. He has worked with xReality since 2012 as a supplier, and then as a freelance consultant before joining full-time in 2019. In his role as chief technology and products officer, he is responsible for all products along with the development of company strategy.
Mark Smethurst is an accomplished senior executive leader, with a highly successful track record commanding large and diverse teams both in Australia and overseas. He is a former Australian Military Brigadier General and has rich experience in dealing with Australian and international defense and supply chains. He was head of preparedness, and director of General Joint Force Analysis, responsible for developing futures concepts, experimentation, lessons, and preparedness.
Philip Copeland is an experienced senior leader in the enterprise software-as-a-service (SaaS) sector and has a highly successful track record scaling enterprise SaaS businesses into global markets across highly regulated industries including government and financial services. He was the former CEO and founder of Avoka Software, a digital business enablement platform. He is the chairman of xReality’s International Growth Committee.
Stephen Tofler was appointed CFO and company secretary in February 2019. He has more than 20 years of experience as a CFO in financial services, manufacturing and in public practice. He is formally qualified as a CPA, maintains a CPA Public Practice Certificate, and has a Bachelor of Business degree.
Commencement of the Tetepisca Exploration Program for 2024
E-Power Resources Inc. (CSE: EPR) ("E-Power" or the "Company") announces that it has mobilized its exploration crew to the Tetepisca Graphite Project and the 2024 exploration program is underway.
The objectives of the exploration program are:
The Company may post photos of the ongoing work on its website and in various public forums.
Option Grants
The Company also announces it has made option grants to certain directors, officers and consultants. A total of 1,700,000 options were issued. The options will expire on June 10, 2029, and have a strike price of 12 cents.
About E-Power Resources Inc.
E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company's disclosure record on SEDAR (www.sedarplus.ca) or contact the Company by email at info@e-powerresources.com.
On Behalf of the Board of Directors
James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214289
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Principal Technologies Inc. (the " Company ") (TSXV: PTEC) (FSE: J07), is pleased to announce the closing of the first tranche (" Tranche 1 ") of its previously announced non-brokered private placement (the " Offering ") with one investor, MRPT Invest UG (" MRPT "), a company owned and controlled by Markus Mair . The Company issued a total of 4,000,000 units at $0.25 per unit for gross proceeds of $1,000,000 . Each unit (a " Unit ") will consist of one common share (a ' Share ") of the Company and one common share purchase warrant (a " Warrant "). Each Warrant entitles the holder to purchase one additional Share of the Company at $0.30 for a period of two (2) years from the date of closing. The Warrants are subject to a blocker term that prohibits exercise of the Warrants to the extent the holder would as a result of any exercise exceed 19.99% of then issued Shares.
As a result of the acquisition of Units, Mr. Mair now owns and/or controls directly and indirectly 7,003,333 Shares and 4,000,000 Warrants, representing 19% of the issued and outstanding Shares of the Company and 26.92% on a partially diluted basis, but, as noted above, Mr. Mair will be restricted to 19.99% at any one time. Prior to this transaction, Mr. Mair, through MRX Invest UG (a company owned and controlled by Mr. Mair), held 3,003,333 Shares of the Company, representing 9.14% of the issued and outstanding Shares of the Company. Mr. Mair selectively invests in growth opportunities and has been a significant supporter of the Company during the acquisition phase.
Mr. Mair and his related entities acquired these securities for investment purposes and, as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by Mr. Mair in connection with the Offering will be available under the Company's profile on SEDAR+ at ( www.sedarplus.ca ).
Proceeds of the Offering will be used for general working capital and corporate purposes of the Company, including those as may be required by Vivostat A/S (" Vivostat ") conditional on the closing of the acquisition of Vivostat.
All securities issued pursuant to Tranche 1 of the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. The Offering remains subject to final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Jerry Trent , Chief Executive Officer
Principal Technologies Inc.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits and approvals; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca . The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Principal Technologies Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2024/20/c8931.html
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Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") is pleased to announce that its targeted hyperthermia therapy ("THT") demonstrated positive results in a second preclinical cancer model. Findings just presented at the 2024 STING & TLR Targeted Therapies Summit for immunotherapies in San Diego, California, show that Sona's THT achieved responses in a preclinical melanoma model equal to that which was recently reported from its triple negative breast cancer study. THT effectively treated melanoma tumors in all animals when administered on its own. Further, when THT was combined with doses of interleukin-2 ("IL-2"), a standard immunotherapy, a synergistic effect was shown whereby greater treatment response, measured by tumor volume reduction, was achieved in comparison to either approach alone.
This second cancer model portion of the Study has documented that, in a cohort of seven animals, 7/7 of treated melanoma cancer mouse tumors bearing gold nanorods and IL-2 responded to the combination therapy, resulting in a flattening of the tumor growth curves, as shown in the first graph below. The generation of hyperthermia involved exposing tumors previously injected intratumorally with Sona's gold nanorods and IL-2 to a single dose of near infrared light. When a cohort of three mice were administered only THT but with a second dose of near infrared light, a further pronounced reduction in tumor size was demonstrated (See second graph below). Work continues to assess the extent to which the therapy caused a systemic change to each animal's innate immune system which could portend longer term benefits.
Sona's Chief Medical Officer and the study's principal investigator, Dr. Carman Giacomantonio, comments, "Again, we are encouraged by the strength of the results of Sona's THT therapy alone and when combined with a standard cancer immunotherapy, this time in a B16 murine melanoma model, where this combination therapy significantly outperformed either approach on its own, suggesting a true synergistic effect. What also stands out in this new data, however, is that when treated with an additional, second dose of light energy, Sona's THT therapy alone resulted in near clearance of the tumors, highlighting its potential value as a monotherapy."
Sona CEO, David Regan, commented, "Demonstrating the efficacy of our therapy in a second type of solid cancer in our preclinical efficacy study highlights the potential for Sona's therapy to be applied to multiple solid cancer types in humans. Our initial indication in humans is intended to be for late stage, irresectable melanoma - a type of cancer for which few current therapies have any effect - so these most recent data are important and very encouraging to our efforts to get Sona's therapy into the clinic."
Once the full biomarker analysis and interpretation for the melanoma model has been received, the Company will assess the next steps to be taken for the development towards a first-in-human clinical study.
Any regulatory permission to conduct human trials would require certain satisfactory additional studies, not necessarily limited to pre-clinical safety and biocompatibility studies. The Company has received guidance on its pre-clinical study plan from both the Food and Drug Administration and its EXCITE International (see press release dated September 5, 2023) panel of senior physicians and payor organization representatives in the United States.
The results discussed in this release are preliminary and have not been subject to peer review. Upon completion, the Company expects that the full Study will be submitted for peer review and scientific journal publication.
THT Melanoma Preclinical Study
To view an enhanced version of this graphic, please visit:
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THT Melanoma Preclinical Study - Different Laser Doses
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Contact:
David Regan, CEO
+1-902-536-1932
david@sonanano.com
About Sona Nanotech Inc.
Sona Nanotech, a nanotechnology life sciences company, is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (41-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion - thus enabling drugs to reach all tumor compartments more effectively. The size, shape, and surface chemistry of the nanorods target the leaky vasculature of solid tumors, and the selective thermal sensitivity of tumor tissue enables the therapy to deliver clean margins. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.
Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, Sona's preclinical and clinical study plans, future patent filings and its product development plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Not for distribution to United States newswire services or for dissemination in the United States
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Apple's first retail location in Malaysia will offer its full lineup of products and services, unparalleled support from over 160 team members, and sessions with local creatives
Apple® today previewed Apple The Exchange TRX, the first Apple Store® in Malaysia. Located in the heart of Kuala Lumpur's new Tun Razak Exchange (TRX) central business district, the new store will deliver the magic of Apple in the country like never before. Customers can discover and buy Apple's innovative lineup of products and services, receive exceptional service from knowledgeable team members, and learn how to get the most out of their devices through free Today at Apple® sessions.
"We live for moments when we can surprise and delight our customers, and we're excited to do that in Malaysia with the opening of our first store in the country, Apple The Exchange TRX," said Deirdre O'Brien, Apple's senior vice president of Retail. "Being able to support and directly connect with a new community is always a special experience for our retail teams, and we can't wait to welcome customers to this beautiful space designed for discovery, creativity, and shopping for the world's most innovative products."
At Apple The Exchange TRX, more than 160 team members are ready to help customers shop for their favorite Apple products — from the iPhone® 15 lineup to the MacBook Air® with M3 and the latest iPad® models, including the redesigned iPad Air® and incredibly thin iPad Pro® with M4.
Apple The Exchange TRX will be an inspiring hub for education, offering customers free in-store sessions through Today at Apple. Led by Apple Creatives, the events will empower attendees to tap into their creativity and learn how to get the most out of their devices, with topics ranging from basics and how-to lessons, to iPhone photo and video tours that take advantage of the beautiful store location.
To celebrate the opening, a special Today at Apple series, "Jom Discover," will run from Saturday, June 22, through Saturday, July 6. Bringing together some of Malaysia's most celebrated creators, the sessions will offer a glimpse into the creative process while showcasing Apple's full range of products and services.
Sessions in the "Jom Discover" series include:
Apple The Exchange TRX connects the mall's central atrium to a lush rooftop park that wraps around the store's upper level. Emitting a warm glow at night, the three-dimensional layered roof consists of horizontal glass panels and shading blades to reduce the sun's rays. A central glazed oculus brings daylight into the interior and includes a dynamic artificial-lighting feature.
Inside the store, a sculptural quartz and glass staircase connects the three levels where customers can explore, learn, and shop. The Forum, home to Today at Apple programming, is located on a floating deck that joins up with the mall, while the upper level directly connects with the edge of the park, bringing daylight and greenery into the store through a continuous glass façade.
Like all Apple facilities, the Apple The Exchange TRX runs on 100 percent renewable energy and is carbon neutral. The store is designed with a refined palette of high-quality materials, including natural stone walls, polished stainless-steel columns, light terrazzo floors, and a timber ceiling.
Visitors are invited to explore the surrounding display tables and avenues, and shop the new iPad Air with M2, the iPhone 15 lineup, and the latest Apple Watch lineup — Apple's first-ever carbon neutral products. Apple Specialists are excited to connect with the local community through personalized setup and support, switching to iOS, and Apple Trade In, where customers can get credit toward a new device by trading in their current one.
Just in time for back to school, students and families can save on a Mac or iPad with Apple Education Pricing available exclusively through Apple Retail. In-store or online, eligible customers can also take advantage of the university student offer running through September 30, and receive AirPods® when they buy an eligible Mac, or an Apple Pencil® when they buy an eligible iPad.
Apple The Exchange TRX also offers a dedicated Apple Pickup counter, making it even easier for customers to place an order online and pick up products when it's most convenient for them. And for hands-on technical and hardware support, customers can make a reservation at the Genius Bar® and get help from an expert.
Apple The Exchange TRX opens Saturday, June 22, at 10 a.m. MYT. Customers are invited to check out curated content celebrating the essence of creativity in Malaysia across Apple TV+®, Apple Music®, and the App Store® , and sign up for upcoming Today at Apple sessions .
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple's six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple's more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple's Media Helpline at media.help@apple.com .
© 2024 Apple Inc. All rights reserved. Apple, the Apple logo, Apple Store, Today at Apple, iPhone, MacBook Air, iPad, iPad Air, iPad Pro, Mac, Apple Watch, AirPods, Apple Pencil, Genius Bar, Apple TV+, Apple Music, and App Store are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240619608123/en/
Neema Mungai
Apple
nmungai@apple.com
Brian Bumbery
Apple
bumbery@apple.com
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