FameDays also signed a Master Services Agreement to provide ongoing on-site and software support and will be paid an annual fee and recurring monthly royalties once the center opens to the public
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - ImagineAR (CSE: IP) (OTCQB: IPNFF) (FSE: GMS1) an Augmented Reality company that enables organizations, brands and businesses to create their own immersive experiences, announced today the execution of a Design and Project Installation Agreement by its wholly-owned subsidiary FameDays to develop a 25,000-square-foot immersive experience center in Niagara Falls, Ontario. The $10 million agreement, executed with Ontario real estate developer Mr. J Grewal through his holding company on February 21, 2025, will include immersive attractions, AR racing, VR Gaming, Mixed Reality among other attractions. This marks the first implementation of ImagineAR's newly announced AR-AI (Augmented Reality-Artificial Intelligence Integrated Revenue) business model, designed to drive scalable, recurring revenue.
Mr. J Grewal, an Ontario real estate developer and owner of the location for the Immersive Centre at Niagara Falls, paid a non-refundable deposit of $250,000 to the Company upon execution of the Design and Installation contract. Additionally, Mr. Grewal, through his holding company, executed the Master Services Agreement pursuant to which the Company will provide on-site support, software development and support as well as 24/7 mobile app guest support. Apart from the initial $10,000,000 contract, the Company will also receive an annual fee and monthly royalties based on the gross sales of the various attractions at the Immersive Centre once it is built.
Niagara Falls attracts over 13 million visitors annually, making it one of North America's most iconic tourist destinations. The immersive center intends to capitalize on this foot traffic, positioning ImagineAR's technology at the intersection of entertainment, education, and next-gen tourism. The location ensures access to a global audience and enhancing visibility for both parties.
2025 Rollout
The Niagara Falls center is the first immersive AR /AI installations slated for 2025. The partnership serves as a blueprint for scaling ImagineAR's technology across high-traffic global destinations, from theme parks to cultural landmarks.
Mr. J Grewal added "An immersive center inside a hotel transforms the guest experience from a simple stay to a journey of discovery, blending technology, culture, and entertainment seamlessly. In Canada, where travelers seek both adventure and authenticity, this innovation allows hotels to offer curated, interactive experiences that not only enhances guest satisfaction but also drives longer stays and repeat visits, making it the future of hospitality. We have already expressed interest to open two more locations, and we are currently in discussions to open our 2nd immersive center in Ontario with much larger square footage."
Alen Paul Silverrstieen, CEO of ImagineAR, stated "This partnership is a transformative milestone. Niagara Falls' tourist base provides the ideal stage to showcase how AR/AI can redefine experiential entertainment. By signing a $10 million contract and a separate agreement securing recurring revenue for our software installation, this accelerates adoption of our AR-AI model. This is just the beginning of our vision to make immersive AR/AI a staple of global tourism."
Recent data predicts the immersive tech market will explode from $183.96 billion in 2024 to $1.7 trillion by 2032, with a staggering 32.1% annual growth rate. https://unity.com/blog/industry-trends-report-2025
About ImagineAR
ImagineAR Inc. (CSE: IP) (OTCQB: IPNFF) (FSE: GMS1) is an augmented reality (AR) platform, ImagineAR.com, that enables businesses of any size to create and implement their own AR immersive campaigns with no programming or technology experience. FameDays, wholly owned subsidiary, is a leading-edge developer of immersive entertainment centers, integrating AR/ AI and interactive technology to create fully immersive, high-impact experiences. The large-scale venues redefine storytelling by blending pre-rendered visuals, augmented reality overlays, and real-time interactivity, offering audiences a next-generation entertainment experience with limitless creative possibilities.
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ON BEHALF OF THE BOARD Alen Paul Silverrstieen President & CEO (818) 850-2490 info@imaginear.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
