XR Immersive Tech Inc. a leading location-based virtual reality (“LBVR”) content distribution and facility management platform, is pleased to announce that it has appointed VR Industry leader A Shabeer Sinnalebbe as the Company’s new CEO effective September 1, 2022.
Mr. Sinnalebbe currently serves as the Company’s Head of XR Networks. Prior to this role Mr. Sinnalebbe served as the CEO of SynthesisVR which XR Immersive Tech acquired at the beginning of 2022. Mr. Sinnalebbe has extensive global leadership experience in scaling a highly successful Virtual Reality entertainment platform business from start-up to exit. Mr. Sinnalebbe has made a profound impact in the VR Industry achieving many important industry firsts along the way, including establishing one of the world’s first VR arcade centers in Los Angeles in 2016 with his co-founder Kamen Petrov. The pair continued to pioneer the next generation of room-scale, free roam, racing simulators, coin-op, online widgets and payments, education, online business VR environments, and enterprise experiences. Mr. Sinnalebbe and Mr. Petrov have since built SynthesisVR into one of the largest VR out of home entertainment marketplace for games, educational and training experiences worldwide. Synthesis has over 400 VR arcades globally and a market of over 375 VR games and content with over 20M player minutes. Mr. Sinnalebbe has shown he has vision, drive and understanding of the intricacies of the VR industry are driving factors in the growth of not only SynthesisVR and its own technological development, but also to XR Immersive and its products and services as well.
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The company is also pleased to announce that Shafin Diamond Tejani will be joining the Company’s board of directors effective September 1, 2022. Mr. Diamond is a serial entrepreneur and investor, with a knack for spotting tech trends early and bringing the right talent together to solve real problems. As the CEO of Victory Square Technologies (VST), he pioneered a unique venture-build model to support startup growth — offering expertise and leadership, not just funding, to unlock value and generate revenue.
XRi would like to thank outgoing CEO Tim Bieber for his contributions at the company and wish him well in his future endeavors. Mr. Bieber will also be stepping off the XRi board effective September 1st, 2022.
The company has also successfully amended its $3,000,000 loan (the “Loan”) agreement with Westdale extending the maturity date to August 31, 2024, deferring interest payments until August 31, 2023 and adjusting the exercise price for the 2,000,000 common share purchase warrants (the “Warrants”). Each Warrant will entitle Westdale to acquire one common share of the Company at an exercise price of $0.08 for a period of 4 years. The Loan will carry an interest rate of 15% per annum. Interest will be payable as follows: (i) from the Advance Date up to and including May 31, 2022, monthly, on the first Business Day of each month; (ii) from June 1, 2022 up to and including August 31, 2023, Interest shall accrue and shall be due and payable on August 31, 2023; and (iii) from September 1, 2023 until the Maturity Date, monthly, on the first Business Day of each month.
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