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Imagination Park Acquires Key Patents for the Augmented Reality Industry

16-May-2019
Imagination Park Acquires Key Patents for the Augmented Reality Industry
Imagination Park Technologies Inc. (CSE: IP) (OTC: IPNFF), (“Imagination Park” or the “Company”) has acquired a patent portfolio from XMG Studio Inc., which was a pioneer in augmented reality (“AR”) gaming and Location Based Games in the 2009-2011 timeframe, including the developer of the successful Ghostbusters™ Paranormal Blast game in partnership with Sony. Patents US 8,668,592 and US 8,777,746, included the portfolio, are the valued IP assets Imagination Park plans to leverage for its XenoHolographic AR Platform and license to its clients as well as AR gaming companies from a soon to be formed wholly-owned subsidiary. Imagination Park will pay XMG Studio CAN$50,000 in cash and 5 million shares for the portfolio and the transaction is anticipated to close on May 21, 2019.

According to Alen Paul Silverrstieen, CEO of Imagination Park, “We have been interested in this specific patent portfolio since last summer and are thrilled to secure this intellectual property as the Augmented Reality industry is expected to significantly grow in the coming years. These patents can protect our client AR location-based implementations as well as can generate new license revenue from other companies, which are leveraging AR to deliver immersive gameplay by location.”

We believe Imagination Park has one of the most advanced AR platforms in the market today and their target market is in complete alignment with this valuable patent portfolio,” said Ray Sharma, former founder of XMG Studio Inc. and presently founding partner and CEO of Extreme Venture Partners. “We have full confidence in Imagination Park’s management team to execute on their strategic business plan and successfully deliver AR to the global marketplace.”

The core portfolio of five issued patents covers multiple new and growing uses for augmented reality gaming where geolocation is a key part of the gameplay. In popular use cases, mobile game players activate their cameras to engage gameplay where their characters can see and interact with the world around them. The player’s location is detected -- and this is key -- the gameplay and storyline options will change depending on the player’s actual locations. As players interact with the game and other players, both at their current locations, and as they move to other locations over time, the patented systems and methods change the storyline.

Imagination Park acquired five properties including U.S. Patent 8,668,592 for “Systems and Methods of Changing Storyline based on Player Location”, No. 8,777,746 for “Gestures to Encapsulate Intent”, No. 8,759,710 for “Systems and Methods of Virtual Goods Trading Using Ratings to Ascribe Value to Virtual Goods”, No. 8,882,595 for “Systems and Methods of Importing Virtual Objects using Barcodes” and No. 8,903,132 for “Efficient System and Method for Body Part Detection and Tracking”. Former XMG Studio Founder Ray Sharma is credited as one of the inventors on each patent and application.