Cemtrex Makes Strategic Investment into MasterpieceVR
December 01 2020 - 9:10AM
— Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology
company driving innovation in Internet of Things (IoT), security,
machine vision & artificial intelligence, and augmented &
virtual reality, today announced a strategic investment into
MasterpieceVR, the developer of a professional desktop and VR
application suite that offers 3D content creation tools,
primarily for virtual reality. Due to the competitive nature of the
transaction, financial terms were not disclosed by both
parties.
MasterpieceVR, based in Ottawa, Canada, is a technology company
that is developing the most intuitive and powerful software for
content creation using virtual reality. Currently, creative
professionals worldwide are challenged in creating even basic 3D
visual content because existing software is too complex and slow to
use, creating a significant unmet market. Thanks to advances in
machine learning and virtual reality, MasterpieceVR’s software
platform is the first end to end solution to enable any creative
professional to make 3D content fast and easy. Masterpiece Studio
has partnered with leading technology companies and its software is
used by a host of the world’s major studios.
“Tools to create production level 3D assets are essential for
companies like Cemtrex creating apps, games, VR workplace training
and content experiences in virtual reality,” said Saagar Govil,
Chairman and CEO of Cemtrex. “MasterpieceVR is a leader in the
space with a best in class team, and a truly revolutionary product
that will become the most essential tool for all VR Developers over
the next couple years. Their software is an important tool for
Cemtrex’s Augmented & Virtual Reality growth segment and VR
Gaming and Training product lines, allowing us to create content
end-to-end 10 times faster and 100 times easier than with current
tools. The software integrates seamlessly into existing
professional pipelines and is the only 3D modeling tool using VR
that can complete the entire production pipeline."
“We believe this important investment will help support our
efforts as a leading player in AR/VR and further develop our
portion of the $22 billion AR/VR market. The ability to create 3D
content quickly and more efficiently will be the name of the game
as more companies enter the market and need to create 3D content
for VR consumption. We will continue to pursue strategic
investments and partnerships that align with our core growth
objectives, support shareholder value and drive long-term success,”
concluded Govil.
Cemtrex completed the minority equity investment in Masterpiece
Studio in November using existing cash on hand. MasterpieceVR will
be launching a major update to their software suite in early 2021
and more information can be found at www.masterpiecevr.com.
About MasterpieceVR
Masterpiece Studio is our professional desktop
application that offers a suite of 3D content creation products for
virtual reality. Access tools that allow for rapid ideation, file
sharing, real-time collaboration, and more. MasterpieceVR is a
technology company that is developing the most intuitive and
powerful software for content creation using virtual reality.
MasterpieceVR’s software extends current professional workflows and
opens up new ways for rapid ideation, creation, and collaboration
in virtual space. For more information please
visit www.masterpiecevr.com.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry
technology company that is driving innovation in markets such as
Internet of Things (IoT), Augmented and Virtual Reality (AR &
VR), and Artificial Intelligence and Computer Vision (AI & CV)
in a wide range of sectors, including consumer products, industrial
manufacturing, digital applications, and intelligent security &
surveillance systems.www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the closing of
the offering, gross proceeds from the offering, our new product
offerings, expected use of proceeds, 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.
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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