21.06.2024 23:11:43 - dpa-AFX: GNW-Adhoc: Metasphere Labs Enters a Definitive Agreement with ARCannabis to Develop VR Virtual Store
VANCOUVER, British Columbia, June 21, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs
Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company")
(Cboe Canada: LABZ (https://www.cboe.ca/en/live/security-
activity/LABZ%23!/market-depth)) (OTC: LABZF
(https://www.otcmarkets.com/stock/LABZF/overview)) (FRA: H1N
(https://www.boerse-frankfurt.de/equity/metasphere-labs-inc)) is pleased to
announce the signing of a definitive Software Development Agreement dated June
21, 2024 (the "Agreement") with ARCannabis BC Ltd ("ARCannabis"), a prominent
cannabis retailer based in British Columbia. This partnership aims to enhance
the online cannabis shopping experience with the use of advanced virtual reality
(VR) technology.
Pursuant to the Agreement, Metasphere Labs will design, develop, and deliver a
state-of-the-art VR virtual store for AR Cannabis, leveraging either ThreeJS or
Unreal Engine to create an immersive 3D user interface. The virtual store will
be accessible on Google Chrome, Safari, and Microsoft Edge browsers, providing a
seamless and engaging shopping experience for customers.
The new VR virtual store will integrate with ARCannabis' existing backend
shopping cart system, powered by the Cova software service platform, ensuring a
smooth transition and enhanced functionality. Customers will enjoy the same
features as the current online store, with the added benefit of a fully
immersive virtual shopping environment. Additionally, the store is being
designed to be embeddable in open metaverse environments and gaming platforms
like Fortnite, subject to their terms of service, broadening its accessibility
and appeal.
"We are thrilled to partner with ARCannabis to bring their vision of a VR
virtual store to life," said Natasha Ingram, CEO of Metasphere Labs. "Our
expertise in developing immersive metaverse environments aligns perfectly with
AR Cannabis' innovative approach to retail. This collaboration will set a new
standard for the online shopping experience in the cannabis industry."
The development of the VR virtual store is set to be completed by September
1, 2024, followed by a 30-day testing period to ensure it meets all agreed
specifications and functionalities. The project is valued at $8,000, reflecting
Metasphere Labs' commitment to delivering high-quality, innovative solutions
within a competitive budget.
"We are excited to work with Metasphere Labs to enhance our customers' shopping
experience," said Joe Le, Co-Founder of ARCannabis. "This VR virtual store will
not only showcase our products in a unique and engaging way but also reinforce
our commitment to leveraging technology to improve customer satisfaction."
This Agreement further solidifies Metasphere Labs' position as a leader in the
development of immersive and interactive virtual environments. The Company's
dedication to innovation and excellence continues to drive its success in the
rapidly evolving Web3 and metaverse industries.
For more information about ARCannabis and their products, please visit
https://arcannabis.ca/about-us/
About Metasphere Labs:
Based in Vancouver, British Columbia, Metasphere Labs develops solutions for the
metaverse, DAOs, gamification, and Web3, addressing social challenges related to
climate change and aiming for a positive planetary impact.
For more information, contact Natasha Ingram, CEO, at info@metasphere.earth
(mailto:info@metasphere.earth).
About ARCannabis.
ARCannabis is a Vancouver legal cannabis store chain, providing British
Columbians with the highest quality recreational cannabis on the market.
Forward-Looking Information
This news release contains "forward-looking statements." Statements in this news
release that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or intentions
regarding the future. Such forward-looking statements include, among other
things, the development of the AR store, other open metaverse projects and the
development of virtual world projects.
The material assumptions supporting these forward-looking statements include,
among others, that: the Company could mitigate the risks associated with the
blockchain and NFT industry; the ability to compete with other businesses in the
NFT, metaverse and blockchain markets; the availability of sufficient funding to
carry out the Company's business development plans; favourable market
conditions; and the market acceptance for its products.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the continued growth and
adoption of NFT, metaverse and blockchain offerings; the cost of developing and
designing NFTs and metaverses is economically viable; the Company being able to
attract and retain a sufficient workforce with desired skillsets to develop the
Company's digital offerings; the availability of offerings provided by third-
parties in the NFT, metaverse development and online gaming market to identify
potential transactions; the increasing adoption of NFTs as a solution for
various online gaming, entertainment and collectible uses; the Company having
the ability to mitigate the risks associated with the blockchain and NFT
industry; and the ability to compete with other businesses in the NFT, metaverse
development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the risk that the Company's
offerings are not accepted by the consumer, the risk that other competitors may
offer similar digital offerings; the risk that there may be negative changes in
general economic and business conditions; the risk that the Company may have
negative operating cash flow and not enough capital to complete the development
of any of its technologies; the risk that the Company may not be able to obtain
additional financing as necessary; the risk that there may be increases in
capital and operating costs; the risk that the NFT technology may be subject to
fraud and other failures; the risk that there may be technological changes and
developments in the blockchain that make the NFT solutions obsolete; risks
relating to regulatory changes or actions which may impede the development or
operation of the blockchain solutions; the risk that other competitors may
release similar blockchain offerings; the potential future unviability of the
NFT market in general; the volatile cost of the amount of computational effort
required to execute specific operations on the blockchain, and other general
risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed in
the Company's disclosure materials, including its reports filed with the
Canadian securities regulators and which can be obtained from www.sedarplus.ca
(http://www.sedarplus.ca/).
Any of these risks may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. Further, although the Company has attempted to
identify factors that could cause actual results, levels of activity,
performance or achievements to differ materially from those described in
forward-looking statements, there may be other factors that cause results,
levels of activity, performance or achievements not to be as anticipated,
estimated or intended. These forward- looking statements are made as of the date
of this news release, and the Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements, except as
required by applicable law, including the securities laws of the United States
and Canada. Although the Company believes that any beliefs, plans, expectations
and intentions contained in this news release are reasonable, there can be no
assurance that any such beliefs, plans, expectations or intentions will prove to
be accurate. The Company does not assume any liability for disclosure relating
to any other company mentioned herein.
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