ImagineAR wins $250,000 licensing deal to provide its augmented reality platform to WaV Sports & Entertainment

ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) revealed on Wednesday that it has inked a five-year US$250,000 licensing agreement to provide its augmented reality platform to WaV Sports & Entertainment for launching their new line of global sports engagement products. In addition to the five-year licensing fee, the Vancouver-based company said the deal also provides for joint revenue-sharing fees over the term, which can “significantly” boost ImagineAR’s annual revenue. In a statement, WaV Sports & Entertainment co-founder and managing partner Brian Klaasmeyer said: "Our partnership with ImagineAR is going to address the new paradigm required today in professional sports for fan engagement and activation.” READ: ImagineAR teams up with University of Pittsburgh to virtually teach augmented reality course He added: “The ImagineAR augmented reality platform is truly a gamechanger for sports organizations and athletes to deliver in-home mobile phone engagement and drive consistent recurring monthly revenue for them. We are extremely optimistic." WaV Sports is a global sports marketing firm specializing in sports property representation and the production of sports and entertainment events. It exclusively represents the NFL Alumni Academy and other NFL Alumni projects. Meanwhile, former NFL Minnesota Vikings coach Dean Dalton, who is a co-founder and managing partner at WaV Sports, said WaV has been looking for “new technologies” for “revolutionizing” sports and fan engagement. “Augmented Reality has been one of our keystone requirements and the ImagineAR platform is years ahead of every other company today," noted Dalton. ImagineAR Inc creates augmented reality (AR) technology that blends together the real with the digital. The company’s augmented reality-as-a service platform enables businesses and individuals to launch their own AR campaigns without any prior experience. Every organization, from professional sports franchises to small retailers can develop interactive AR campaigns that inform, entertain and reward consumers with any type of content - including 3D holograms, videos and images as well as advertisements and coupons. “Our new advisor, Gus Frerotte, introduced the founders of WaV Sports and Entertainment to ImagineAR as he realized the potential of a partnership for both organizations,” said ImagineAR CEO Alen Paul Silverrstieen. “We believe the WaV Sports fan engagement business model and current relationships are going to be a catalyst for driving significant revenue for ImagineAR in 2020 and for the duration of the five-year agreement." Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive