OTC: ILUS, ILUS International (Ilustrato Pictures International Inc) Provides a Progress and Contract Update on Its Profitable Virtual and Augmented Reality Training Company, KurveXR
NEW YORK, NY, April 25, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. The company acquired KurveXR from TakeLeap in January 2022 and has since been expanding the business. Following several requests from Shareholders and Interested Parties for an update on the progress of KurveXR, ILUS has opted to highlight some of the advancements made to the business and provide an update on contract discussions and contract awards which are underway.
Based out of Dubai, United Arab Emirates (UAE), KurveXR develops and delivers public safety Virtual Reality and Augmented Reality solutions for fire safety, emergency response, community safety, security, defense, and corporate onboarding. The key driver behind ILUS’ acquisition of a virtual and augmented reality software development company operating in the $500 billion metaverse market, was its focus on acquiring technology which can operate within and service all sectors of the Emergency Response Management cycle. These include mitigation, preparedness, response, and recovery. Virtual and augmented reality health, safety, emergency response, and even military training is a more efficient and effective method of conducting high volume training in many scenarios, and when performed successfully using the best available technology, it protects and saves lives.
When ILUS acquired KurveXR, it took ownership of a substantial wealth of software code and intellectual property, including over 6,000 custom digital assets for the training software. At the time of the acquisition, KurveXR was already servicing contracts in several countries through its two modules (first aid and fire safety) and their 31 built-in tutorials. Based on demand from potential customers that include international organizations, global hospitality brands and senior government officials, the acquisition is now developing additional modules for several military training scenarios, disaster management, wildland firefighting training, structural firefighting training, and rescue training (particularly for vehicle extrication). To deliver the increased requirements, KurveXR is expanding its software development team with hiring taking place in Dubai, UAE, and South-eastern Europe.
The potential of KurveXR is already surpassing ILUS’ revenue expectations for its first 24 months. Initial expectations were primarily based on revenue increasing sharply in the second 12 months, allowing sufficient time for KurveXR to expand its operations and negotiate lengthy sales cycles for new projects. KurveXR is now showing that it can exceed revenue expectations during this period, based on contracts in discussion and contracts awarded. The company is expected to be awarded a health and safety training contract for the staff and students of more than 30 independent schools in the UAE. This contract will be delivered over a period of 36 months and invoiced based on implementation phases. KurveXR has already been awarded several smaller contracts which have allowed it to improve the efficiency of its software implementation and support. The company is now also bidding for several large hotel contracts in the UAE and for contracts linked to Saudi Arabia’s $500 billion NEOM development. In a further exciting development for KurveXR, the company has been asked to develop specific military training modules as part of a large multi-million-dollar project opportunity.
ILUS Managing Director, John-Paul Backwell, commented: “We had high expectations for KurveXR, but it is certainly exceeding them. The amount of interest the technology is gaining for so many vital applications is beyond exciting for the future of the business. More important than its growing potential is the fact that we are starting to realize some of that potential, both in terms of 2022 revenue and in terms of large international and military organizations seeing special applications for the technology that are resulting in the most extraordinary sales opportunities. The business is challenging to scale-up, but we are making good progress on the software development side of it and will soon be increasing our focus on the marketing aspects of the business. As a disruptive technology company, KurveXR is playing an important role in our progress towards planned participation on a major stock exchange.”
For further information on the companies, please see their communication channels:
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Contact:
Email: IR@Ilus-Group.com
Source: ILUS
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