Various Technological Developments are Expected to Rally the AR Device Market

NEW YORK, August 16, 2018 /PRNewswire/ --

According to a report published by P&S Market Research, the global augmented reality (AR) and virtual reality (VR) market is expected to reach USD 94.4 Billion by 2023. Increasing smartphone penetration and the improving development in computer technology are the major factors that drive the growth of the market. Based on device type, virtual reality devices have the largest market share, accounting for more than 60% of the revenue in 2017. VR devices include head mount display (HMD), gesture control devices, and projection-based devices. HMD contributed nearly 74% of the revenue in the VR market in 2017. Victory Square Technologies Inc. (OTC: VSQTF), Sony Corporation (NYSE: SNE), HP Inc. (NYSE: HPQ), Himax Technologies Inc. (NASDAQ: HIMX), Vuzix Corporation (NASDAQ: VUZI)

The AR devices market is expected to grow at a faster rate during the forecast period due to increasing demand in the retail and healthcare sectors. AR devices can be divided into head mount display and head up display (HUD). HMD type AR devices are expected to contribute the largest revenue in the market due to advanced technology development. An additional component of AR and VR market is software designed for such devices. The software segment is expected to have the highest growth rate during the forecast years due to increasing demand for AR-based simulation games.

Victory Square Technologies Inc. (OTC: VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier this week, the Company announced that it is, "partnering with the Virtual Reality and Augmented Reality Association ('VRARA') to host the 2018 VR/AR Global Summit (the 'Global Summit') September 21^st and 22^nd at the newly-opened Parq Vancouver, a casino, entertainment and hospitality complex situated adjacent to BC Place Stadium in Vancouver.

As the premier marketplace and conference for industry leaders in immersive technology content, knowledge and creation, the Global Summit will feature dynamic keynote speakers, collaborative forums, workshops, creative hubs, demonstrations, exhibits, breakout meetings and a variety of exclusive VIP events. It will showcase the best and most interesting projects that the industry has to offer.

"Having the support from Victory Square Technologies as a Presenting Sponsor of the VR/AR Global Summit is truly an honour," said Nathan Pettyjohn, President of the VR/AR Association. "Victory Square is helping to bring together a global community of some of the brightest minds in the VR and AR industry, as well as some of the leading brands utilizing VR and AR technologies. We're excited to have them on board in a leadership position with our Global Summit."

The VR/AR Global Summit boasts an impressive list of speakers from companies such as Amazon, NASA, IBM Watson, The Vatican, HTC Vive and Adobe Systems. Each marquee company will be offering their insight of how immersive technology is being used as a vital tool in the world's most progressive companies today and how applications will only grow over the next few years.

"The VR/AR Global Summit is an impressive forum in which we can and will bolster our deepening pool of high tech incubation prospects while extending our reach and influence in the network of elite industry giants," said Victory Square CEO Shafin Diamond Tejani. "Our immersive technologies and gaming division has already generated over 300% year-over-year growth in revenues derived from building customized games, AR/VR and immersive experiences for large global brands such as Chrysler, Intel, SONY, Paramount and TED. The VR/AR Global Summit is simply another stepping stone in building our presence and engagement at the highest levels of our industry."

Victory Square will host the first-ever 'Pitchfest' at the VR/AR Global Summit on Friday, September 21^st, with eight startup finalists presenting their innovative technology and/or products to an audience of accredited global VR/AR investors dedicated to investing in game-changing entrepreneurs. After each finalist gives a three-minute presentation, one startup will be selected to receive a prize of USD 15,000.

It is another example of how Victory Square has used leadership in incubation and acceleration to create an immersive technology portfolio that includes companies such as Shape Immersive, Fantasy 360 Technologies Inc. (dba Immersive Tech), V2 Games & Flo Digital Inc.

"Strong growth from this segment comes from the ingenuity behind products such as Flo Digital's Virtual Reality Test Drive Simulator for Chrysler Canada, Immersive Tech's customized immersive pop-up experiences built for Intel and the world's first and most spatially accurate multi-player MR experience, created by Shape Immersive and presented at TED 2018," noted Tejani.

Tejani added that Victory Square is very pleased with the progress of its companies in their respective immersive technology portfolios as they continue to reach milestones and leverage significant market opportunities in North America and around the world."

Sony Corporation (NYSE: SNE) Sony Pictures Entertainment (SPE) is a subsidiary of Sony Entertainment Inc. SPE recently announced the establishment of Innovation Studios, Sony Entertainment & Technology, a state-of-the-art facility housed in a 7,000 sq. ft. soundstage on the Sony Pictures Studios lot. The space, which will be overseen by Glenn Gainor, President, Innovation Studios, and President, Physical Production, Screen Gems, will feature the latest in research and development from Sony Corporation and others in areas including volumetric video and customizable set scanning to help storytellers around the world create content for the future. Innovation Studios will work with engineers from throughout Sony Corporation and pursue business development opportunities for its proprietary technology in motion pictures, television, music and gaming. Dell, Deloitte Digital and Intel Corporation are collaborating with SPE and will play an integral role in helping to expand the applications of Innovation Studios beyond entertainment to other verticals including, but not limited to, medicine, retail and education. Through Innovation Studios, enterprises will be able to leverage emerging technology such as augmented, virtual and mixed reality to visualize real business solutions and solve problems within their industries.

HP Inc. (NYSE: HPQ) and a global community of creators recently unveiled a groundbreaking virtual reality (VR) simulation of what life on Mars could look like for a human population of one million people. The HP Mars Home Planet program, led by HP and NVIDIA, ® is the culmination of a year-long engagement with the creative community to simulate life on the Red Planet. The HP Mars Home Planet VR experience takes users through a Martian Community Onboarding Center, showing innovations in areas such as architecture, engineering and transportation that enable humans to make the leap to Mars. Technicolor developed the stunning visuals for the experience in Epic's Unreal Engine, resulting in the first ever six-degrees-of-freedom VR piece built for motion-enabled chairs, using HP Windows Mixed Reality headsets. The environments and key assets from the VR experience will be released back to the creative community through an Unreal Engine download this fall. Additionally, HP recently announced enhancements to its game-changing commercial VR products and end-to-end VR solutions for workflow transformation. The expanded HP solutions are part of the Company's continued momentum in the commercial VR category. Recent examples include location-based entertainment activations with Dave & Buster's Jurassic World VR experience and Noitom's Alice Space Lunar Mission; an alliance with DiSTI to provide VR training solutions; and collaboration on a clinical trial with Firsthand Technology to help patients manage pain.

Himax Technologies Inc. (NASDAQ: HIMX) is a fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company recently announced its financial results for the second quarter ended June 30th, 2018. The second quarter revenues of USD 181.4 Million represented an increase of 11.4% sequentially and an increase of 19.5% year-over-year. Gross margin was 23.0%, up 0.5% sequentially. IFRS earnings per diluted ADS were 1.2 cents, better than the guidance range of 0.0 to 1.0 cent per diluted ADS. Comparing to the second quarter revenues, Himax expects single-digit growth for large driver ICs; mid-single-digit decline for small and medium-sized driver IC and around 15% growth for its non-driver IC business. The Company is in partnership with leading smartphone names to enable their 3D sensing by providing optics, projector or total solution, depending on their needs and in-house capabilities; projects cover all types of 3D sensing technologies including structured light, ASC and ToF. "The Company's second quarter 2018 revenues and gross margin met our guidance while IFRS earnings per diluted ADS exceeded guidance. The anticipated sequential growth in revenue was mainly driven by accelerating TDDI shipment in the smartphone sector and further growth in the automotive sector in the small and medium-sized display driver business. Furthermore, our WLO business in the non-driver IC business rebounded as anticipated. Shipment volume increased and WLO capacity utilization improved subsequently," said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

Vuzix Corporation (NASDAQ: VUZI) is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix recently announced that the Company has completed, passed, and filed with the US Federal Communication Commission (FCC) all of the (FCC) emission's requirements for its next-generation Vuzix Blade Smart Glasses. In addition to the FCC emission's certification process completion, Vuzix has also completed the European Union CE emission's certification process related to the Vuzix Blade Smart Glasses. "Volume manufacturing of the Vuzix Blade Smart Glasses from our West Henrietta, NY facility has commenced. With FCC and EU certifications processes now complete we can commence broad shipping of our Vuzix Blade Smart Glasses to the application and enterprise Vuzix Blade Edge developer communities located within the USA, Canada and Europe," said Paul Travers, President and Chief Executive Officer at Vuzix.

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