Cemtrex Receives Virtual Reality (VR) Application Order from VF Corp
May 13 2020 - 9:15AM
- Cemtrex (Nasdaq: CETX, CETXP, CETXW) announced today that it has
received an order from VF Corporation (NYSE: VFC) to build a
virtual reality (VR) application. The VR application is aimed for
corporate and third party use around creating better retail
experiences for customers. The application also provides training
solutions for VF Corp’s employees and its retail partners.
In the wake of COVID-19, many companies are turning to virtual
reality to deliver on the needs of customers while getting around
social distancing protocols. Virtual reality provides new avenues
for collaboration, training, and engagement around employees that
are now working from home. Additionally, VR offers companies the
opportunity to reach customers at a time when almost all retail
stores are shuttered with no end in sight. Many companies like VF
Corp are getting out in front of the challenges stay-at-home orders
have presented by investing in the latest VR technology to adapt in
this rapidly changing environment. Cemtrex already has a head start
in developing VR applications and has developed numerous VR
applications and products for a diversified group of clients over
the past two years.
CemtrexLabs, a division of Cemtrex, will be delivering the
application within this quarter and it will be built on Oculus
Quest. The Company sees this order as a long-term opportunity to
work with VF Corp to roll out cutting-edge, VR applications, that
can scale across their many brands and retail touch points.
CemtrexLabs is an award winning, full-stack creative agency made
up of artists, designers and engineers who have worked with some of
the world’s leading brands, such as Richemont, AARP, Live Nation,
Essence and WMagazine, to create engaging experiences and elevate
their digital presence in their industries. CemtrexLabs has
expertise in AR/VR development, machine learning (ML) and
Artificial Intelligence (AI), user experience and interface design,
data migrations/ re-platforming, web, and mobile. They offer help
from developing brand’s strategy to engineering concepts into a
reality.
Chairman and CEO of Cemtrex, Saagar Govil, commented, “We are
continuing to see increased demand for virtual reality development
services, and we believe this market is going to explode over the
next 24 months. More and more companies and organizations are
converging on virtual reality as the long-term solution to foster
engagement, collaboration, and innovation in this new environment.
As one of the leading developers in the space, we believe we are
well positioned to capitalize on this market as it continues to
expand.”
Augmented and Virtual Realities are among the fastest growing
business areas, which are expected to reach over $500 billion by
2025. The industries that will generate VR and AR 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.
About Cemtrex
Cemtrex, Inc. (NASDAQ; CETX) is a diversified technology company
that is driving innovation in a wide range of sectors, including
Internet of Things (IoT) devices, virtual and augmented realities
(VR & AR) applications and development, intelligent security
systems leveraging Artificial Intelligence (AI), and industrial
solutions. www.cemtrex.com
About Cemtrex
Safe Harbor Statement This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to our new product offerings or any proposed
fundraising activities. These forward-looking statements are
based on management's current expectations and are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those set forth in or implied by such
forward looking statements. Statements made herein are as of
the date of this press release and should not be relied upon as of
any subsequent date. These risks and uncertainties are discussed
under the heading "Risk Factors" contained in our Form 10-K filed
with the Securities and Exchange Commission. All information
in this press release is as of the date of the release and we
undertake no duty to update this information unless required by
law.
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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