21:27:10 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



ARway Corp
Symbol ARWY
Shares Issued 26,629,554
Close 2023-01-24 C$ 1.10
Market Cap C$ 29,292,509
Recent Sedar Documents

ARway releases image access point technology

2023-01-25 10:12 ET - News Release

Mr. Evan Gappelberg reports

ARWAY CORP. LAUNCHES BREAKTHROUGH COMPUTER VISION ENHANCED WAYFINDING TECHNOLOGY

ARway Corp. is pushing the envelope of what is possible by launching the company's new image access point technology. Image recognition and tracking for localization and wayfinding is newly developed technology that uses computer vision to trigger from a brand image or logo. Developers can now preselect which images will serve as AR (augmented reality) triggers, also known as image access points. The company plans to file an application to have this technology patented in Q1 2023.

ARway believes that this breakthrough technology has significant revenue implications in advertising and adds to ARway's value proposition, transcending from a wayfinding tool into an advertising platform which activates off of brand logos.

Image access point technology allows smart phones to utilize advanced computer vision to recognize 2-D images, activating an augmented reality map and experiences linked to that specific location. By using advanced computer vision technology, it can detect and augment images, providing a seamless and engaging experience for users.

The global image recognition market size reached $30-billion (U.S.) in 2021 and is projected to reach $76.5-billion (U.S.) by 2027, exhibiting a compound annual growth rate of 16.88 per cent during 2021 to 2027.

Evan Gappelberg, chief executive officer of ARway, commented: "This technology offers a new and substantial revenue driver for ARway by providing interactive experiences and advertising opportunities, increasing foot traffic to specific areas or products. As a company, we are committed to staying at the bleeding edge of AR technology and bringing innovative solutions to our customers. We believe that image access point technology is game changing and expect that it will only accelerate the adoption of our tech with new customers." He continued, "By 2027, the market for image recognition technology will be worth $76-billion, and so once again we are positioning our company at the forefront of yet another multibillion-dollar, decade-long megatrend."

Previously, ARway experiences could only be accessed by scanning QR codes, but with this new technology, any 2-D image such as posters, logos, ad banners etc. can now serve as a trigger. This is particularly powerful for brands with a strong presence as it enables them to use their own brand logos and ads as entry points into the real-world metaverse, positioning their brand as a leader in innovation.

Industries and markets that can benefit from this technology include retail and shopping malls, sports stadiums, airports, hospitals, advertising, events and trade shows, art galleries and museums, entertainment, hospitality, and more. One example of how it can be used is by implementing a store promotion ad banner as an image access point. When scanned, it triggers an AR wayfinding path that guides shoppers directly to the store with the promotion. This not only helps shoppers navigate the store but also increases the chances of them visiting the promoted store, thus increasing the likelihood of sales.

Image access point technology can also meet a variety of needs for customers. It can increase brand recognition, engagement and interaction by using existing 2-D visual content as image access points. It can increase the rate of engagement with the ad or product displayed in the image access point. It can also utilize existing 2-D visual content to expand map access, resulting in more foot traffic to points of interest in the map. Reusing existing 2-D visual content as image access points can save money, time and resources otherwise spent on creating new QR codes. Additionally, it can scale map success by inviting more serendipitous visitors who discover the 2-D image is a portal to an AR map.

Software development kit

ARway recently announced a significant upgrade to its spatial computing software developer kit (SDK) with the release of version 2.0. Launching the SDK and its latest updates contributes to the expansion of ARway as a major player in the spatial computing and wayfinding market.

The launch of version 2.0 SDK marks the completion of the last major component of the AR wayfinding and spatial computing platform. The full ARway platform offering consists of the ARway app for spatial mapping, the creator portal for content management and analytics, and the ARwayKit SDK for custom apps and integrations. The ARway SDK is being offered as a software-as-a-service platform or can be used in limited ways for free with the ARway watermark.

Shares for services

The company also announces today that in order to manage its cash flow and reduce or possibly eliminate its dependency of raising capital for payroll it has established a new share purchase warrant program pursuant to which it will issue an aggregate of 1,559,556 share purchase warrants to its service providers in connection with their employment and/or consulting arrangements with the company. Each warrant will be exercisable to acquire one common share of the company at an exercise price of $1.13 for a period of one year. The warrants will be automatically exercised in equal monthly tranches on a pro rata basis over the term of the warrants, and the exercise price will be satisfied by the monthly salaries otherwise payable by the company to the recipients of the warrants. Upon exercise, the recipients of the warrants may opt to either receive the underlying shares, or participate in a managed sale program to sell the underlying shares on the open market and receive the cash proceeds. Any shortfall as a result of participation in such a managed sale program will be financed by the company.

About ARway Corp.

ARway is a no-code spatial computing platform for the real-world metaverse. It enables AR-enhanced indoor navigation and wayfinding solutions for large, multipurpose venues enabled by marker-based tracking using QR codes. Visitors can access a venue map by scanning a QR code with their smart phone upon entering the venue to navigate to any point of interest (POI) with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way.

The ARway offering has an unlimited number of use cases for augmenting physical spaces in the metaverse, consisting of indoor navigation with AR activations to improve the visitor experience in large and complex spaces. With value propositions spanning multiple industries and use cases, ARway leverages Nextech's 3-D/AR technology solutions to new substantial markets, for use by creators, brands and companies.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.