Cemtrex Signs Letter of Intent to Acquire Virtual Reality Software Studio
November 06 2017 - 8:32AM
Cemtrex Inc., (NASDAQ: CETX, CETXP, CETXW) has signed a
letter of intent to acquire a virtual reality software development
studio headquartered in New York City. This virtual reality and
software development studio has been in business since 2010, has a
talented pool of over 30 programmers with experience in prototype
development & interaction design with annual sales of over $1.5
million. The studio’s Augmented Reality (AR) and Virtual Reality
(VR) software and solutions help its clients develop software for
training simulations, building product prototypes, creating virtual
customer experiences and gaming apps. The software studio also has
widespread web, iOS, Android, and Windows software development
capabilities.
Mark Zuckerberg, CEO of Facebook, which acquired Oculus, a
leading VR headset manufacturer, in a recent statement, has made an
ambitious goal of obtaining a billion users in virtual reality.
With a new $199 Oculus Go headset expected to be released in
February and a price reduction in Oculus Rift this goal may occur
much sooner than most expect. Facebook also announced future plans
to target headsets towards corporations in order to achieve its
goals.
Virtual Reality is one of the fastest growing business areas
which is expected to reach over $500 billion by 2025 and the
industries that will generate VR opportunities include: industrial
design, medical diagnostics, entertainment, sports, training
simulations, productivity tools, social experiences, manufacturing
optimization, app development, tourism, & advertising. All
industries whether retail, education, social media, healthcare or
manufacturing, will experience widespread disruption and innovation
in their products and services by utilizing VR & AR solutions
to increase their profitability in the coming decade.
“With the establishment of our Cemtrex Advanced technologies
subsidiary in July of this year, the Company had entered into the
development of advanced electronic products, but as we continue to
grow we believe it is important for us to have comprehensive
software development capabilities. This software studio’s
experienced workforce has extensive expertise over VR & AR
software development for wide applications of products and
solutions, including custom AR effects, 3D Augmented reality,
artistic content creation and third party software integration to
building a solution that creates real world environments.
Additionally, many of our existing customers who rely on us for
hardware expertise look to us to provide software solutions and
through this acquisition we will be able to meet this growing
demand in the future,” said Mr. Saagar Govil, Chairman & CEO of
Cemtrex, “We have focused on positioning Cemtrex into cutting
edge technologies that will be at the fore-front of our daily
lives in the coming decade and the acquisition of this software
studio shall provide tremendous global opportunities for our
company in this newly emerging market,” added Mr. Govil.
Due to the confidentiality agreement in place, the Company will
provide details about the acquired company after closing the
transaction. The Company expects to close this transaction by end
of the year and the terms of the deal have not been announced.
About CemtrexCemtrex, Inc. (NASDAQ:CETX) is an
international diversified industrial and manufacturing company that
provides a wide array of solutions to meet today’s technology
challenges. Cemtrex provides manufacturing services of advanced
custom engineered electronics design and manufacturing services,
comprehensive industrial services, monitoring instruments for
industrial processes and environmental compliance, and systems for
controlling particulates, hazardous gases, emissions of Greenhouse
gases, and other regulated pollutants. The Company is also in the
process of developing its own proprietary IoT and wearable devices.
For more information about Cemtrex, please visit
www.cemtrex.com.
Safe Harbor StatementThis press release
contains forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Statements made
herein are as of the date of this press release and should not be
relied upon as of any subsequent date.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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