Infinity Augmented Reality Announces Relocation to Israel: Home of World's Top Software Developers
Marketwired
NEW YORK, NY--(Marketwired - Jun 13, 2013) - Infinity Augmented Reality, Inc. ("Infinity Augmented Reality" or "Infinity AR") (OTCQB: ALSO), the first augmented reality software platform to connect universally with digital eyewear, smartphones and tablets, announced a significant milestone for the company. Infinity AR has decided to relocate its operations from Manhattan to Israel. The country has developed as a center for high-tech research and development particularly in information security, semiconductors and pharmaceuticals, in the past decade. Israel's celebrated high-tech creations include cell phone technology, wi-fi internet, instant messaging, and USB thumb drives.
To explain the reason for the relocation, new CEO Enon Landenberg said, "We consider the move to Israel, a global hub for innovation, to be a crucial strategic decision that will ensure our long-term growth."
One of the important resources in Israel for Infinity AR will be access to highly skilled engineers and software developers. "We are confident that the hi-tech resources in Israel will help us continue to be on the forefront of developing proprietary augmented reality software," added Landenberg. "We are proud to work with a team of pioneers and innovators that are dedicated to revolutionize the augmented reality sector. Israel has earned a reputation for developing and commercializing breakthrough technologies. There are an outstanding percentage of Israelis engaged in scientific and technological inquiry, and the amount devoted to research and development (R&D) in relation to gross domestic product (GDP) is the highest in the world, as related in the report, "Invest In Israel Where Breakthroughs Happen," prepared by the State of Israel's Ministry of Industry, Trade & Labor. In fact, Israel has 140 scientists, technicians, and engineers per 10,000 employees, according to an article by the National Research University.
As an example of the innovative and cutting edge software technology being developed in Israel, Google Inc. recently announced that it acquired Waze, a five-year-old Israeli navigation software maker, which Bloomberg reports may have a value of around $1.1 billion. It also represents a recent push by the local high-tech industry into the fast-growing consumer market.
Today, the Israeli startup space is much more diverse with companies ranging from social media to Cleantech sectors. In addition, Israel is home to 64 companies that are listed on the NASDAQ, third in the world after the United States and Canada, and is often referred to as Silicon Wadi. Most of the hi-tech activity is located in the densely populated areas of metropolitan Tel Aviv, Haifa and Jerusalem.
Infinity AR is following in the footsteps of high-tech giants such as Apple that just announced the opening of its third R&D center in Israel earlier this year due to the country's incredibly deep pool of software development and engineering talent. Last year, Apple purchased its first Israeli company, Anobit, a global leader of flash storage solutions. Google opened its R&D center in Israel seven years ago. In fact, more than 240 foreign companies such as Intel, IBM and Microsoft have established R&D centers in Israel, according to a report prepared by the State of Israel's Ministry of Industry, Trade and Labor. Israel's IT services market is valued at $1.6 billion, according to research firm Sourcing Line. Many analysts predict that this will expand to USD $2 billion by 2014. These centers employ more than 50,000 people.
Infinity AR will continue to maintain an office in New York, but will centralize its operations in Israel.
About Augmented Reality Augmented reality is a medium in which real sensory inputs are enhanced, or augmented, with relevant digital information from the Internet. Using specially equipped eyewear, virtual images, video, and sound are superimposed for the user over what is actually seen and heard, heightening the real-life experience with additional information that is pertinent, informative, practical and entertaining. The individual user may also be fully immersed in a virtual world, temporarily blocking out real surroundings. With augmented reality, sensory inputs are no longer limited to what is within eyeshot or earshot, but may incorporate, in real-time, all that the network has to offer.
Augmented reality requires an interface, such as digitally-enhanced eyewear, that can instantaneously overlay virtual images and video on top of what is actually experienced. Companies like Google and Lumus are in the process of developing augmented reality glasses that will change the way users see and interact with the world. Infinity AR will utilize its augmented reality applications through these glasses and through other mobile devices including smart phones. As the individual changes his or her visual perspective the sights that are overlaid change accordingly. The eyewear incorporates audio speakers that add virtual sounds to the experience, as well as microphones that capture and interpret the user's spoken commands through speech recognition technology in order to summon desired information and actions. Further information on the Company is available at its website. www.infinityar.com.
Safe Harbor Forward-Looking Statements Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in our public filings with the Securities and Exchange Commission. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. We undertake no obligation to update these forward looking statements.
