Scales Glimpse's Combined Annual Revenue Run Rate to Approximately $15 million, over 200 Immersive Technology Professionals, Top Tier Customer Base, 10 Patents and Global Operations
Company to Host Corporate Update Webinar on Tuesday, August 16, at 4:30 PM ET
NEW YORK, NY / ACCESSWIRE / August 2, 2022 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR), (FSE:9DR), a diversified Virtual Reality ("VR") and Augmented Reality ("AR") platform company providing enterprise-focused VR and AR software and services solutions, today announced the closing of its merger of Brightline Interactive ("BLI"), a global leader in the Immersive Technology industry, into a new dedicated Glimpse subsidiary. The 8K/A and related proforma are expected to be filed with the SEC by mid October 2022.
BLI (https://brightlineinteractive.com/) is a global provider of VR, AR, 5G integration, spatial computing, and deep tech software and service solutions. It designs, builds, integrates, and supports immersive and interactive experiences, training scenarios, and simulations for both government and commercial customers. Key commercial customers include companies such as AT&T and Coca-Cola. BLI has a significant presence in the government sector as a direct contractor, including projects with Federal Emergency Management Agency (FEMA), the Federal Aviation Administration (FAA), the United States Air Force, and the National Institutes for Health (NIH), to name a few. BLI has approximately 25 employees, was founded in 2004 and is based in Ashburn, VA. In addition, BLI has been issued two US patents: "System and Method for Generating an Augmented Reality Experience" and "The Immersive Ecosystem".
Lyron Bentovim, President & CEO of Glimpse commented, "The successful addition of Brightline Interactive is yet another strong example of Glimpse's steady execution against our long-term strategy to become a leader in the immersive technology and metaverse infrastructure space. This well-structured, accretive transaction adds approximately $5 million in annual revenue and places us on a $15 million annual run rate for Glimpse combined, strengthens our operating foundation, adds new Tier 1 customers, 2 potentially wide-reaching patents (10 issued in total) and deepens our executive team. We believe that our unique platform model offers scale and unmatched diverse exposure across a wide range of industries, technologies, customers, and talent which strengthen our position as a premier Enterprise-focused Immersive Technology software and services company."
Glimpse's management, including CEO Lyron Bentovim, CFO/COO Maydan Rothblum, Jeff Meisner (General Manager Sector 5 Digital and Glimpse's CRO) and Tyler Gates (General Manager Brightline Interactive and Glimpse's Chief Futurist) will host a webinar on Tuesday August 16 at 4:30pm ET to discuss the implications of these two transformative acquisitions, as well as provide a corporate update before concluding with a Q&A session.