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ARway Corp
Symbol	ARWY
Shares Issued	26,786,867
Close 2023-06-27	C$ 0.66
Market Cap	C$ 17,679,332
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ARway boasts of $2.5M in potential enterprise deals

2023-06-27 12:40 ET - News Release

Mr. Evan Gappelberg reports

ARWAY.AI SPATIAL COMPUTING SOLUTION GAINING MOMENTUM AS 2023 SALES PIPELINE REACHES OVER $2.5M IN REVENUE POTENTIAL

ARway Corp.'s sales pipeline has jumped over 70 per cent in just six weeks to over $2.5-million in potential enterprise contracts. These enterprise deals represent a significant revenue opportunity for ARway as it expands its reach across the globe in the indoor navigation industry. The company is in late-stage negotiations with a number of enterprise accounts and expects to continue building its pipeline of sales opportunities throughout the year.

On May 11, ARway announced it had reached a pipeline total of $1.4-million. Today's announcement of the increased pipeline to $2.5-million highlights a momentous achievement that serves as a testament to the surging interest from enterprises across diverse industries in ARway's groundbreaking technology. The pipeline has experienced exponential growth, expanding by an astonishing $1-million (or 70 per cent) in a mere six weeks. The remarkable growth in customer interest and the ever-expanding pipeline have galvanized the company to establish an objective of concluding the year 2023 with a robust pipeline valued at $10-million, primed to drive further success into 2024. ARway remains committed to pushing the boundaries of AR innovation and delivering exceptional value to its clients through cutting-edge solutions. The remarkable increase in enterprise interest underscores the recognition of ARway's technological prowess and the immense potential it holds in revolutionizing AR experiences and indoor navigation.

Evan Gappelberg, the chief executive officer of ARway, provided his insights, saying: "We acknowledge that the $2.5-million currently in our pipeline does not offer an assurance of sales. However, we maintain a high level of confidence in our team's ability to achieve a considerable conversion rate and successfully close these deals. It is important to note that enterprise contracts, such as the ones we are presently pursuing, typically involve an extended sales cycle and necessitate a greater investment of time. We have diligently engaged in piloting, developing and negotiating with these esteemed enterprise customers over an extended duration, thereby establishing a foundation of trust and progress."

He continued: "While we cannot guarantee outcomes, we are very optimistic about our ability to obtain a noteworthy closing ratio on this thriving and expanding pipeline. Additionally, our upcoming collaborations with Magic Leap, Microsoft HoloLens and the recently announced Apple Vision Pro, hold the potential to propel our business and further expedite our pipeline's growth. We eagerly anticipate unveiling significant deals in the second half of 2023."

There have been a number of notable catalysts which has increased pipeline growth significantly, with $1-million in growth in the last six weeks alone:

13 corporations identified as pilot project prospects;
Opportunities across major vertical markets such as retail, health care, education, manufacturing, telecom and digital marketing firms;
Medium-sized and large enterprise customers;
Newly released referral partner and service provider partner programs, with 12 partner program prospects currently evaluating the platform;
New pricing and go-to-market strategies, including integration and app development for various AR (augmented reality) glasses manufacturers.

This announcement comes after a number of exciting updates for the company. As recently announced, the release of the integration with Magic Leap and Microsoft HoloLens AR glasses is a game changer for ARway. With the integration, ARway will provide a software package for agencies, brands and corporations to create and publish large-scale location-persistent AR experiences to these AR glasses from the ARway platform, leveraging ARway's computer vision and extended tracking technologies.

In addition, the recent announcement of the Apple Vision Pro will have a significant impact for ARway. It is anticipated that adoption of Apple Vision Pro will be a massive boost for the augmented reality industry, opening up a large new market opportunity for ARway's technology. ARway is a provider of the software solution for the Apple Vision Pro. Apple's VisionOS operating system natively supports the Unity 3-D engine and RealityKit (formally ARkit), enabling ARway to seamlessly distribute its technology through existing and new applications in iOS.

ARway has also had a number of technology enhancements, including the update to SDK (software development kit) 2.3, and another update (SDK 2.5) is expected to be announced in the coming months. The overall V2.5 platform update is expected to be announced shortly. The company has also recently filed a provisional patent for its groundbreaking technology: "Device Localization based on Computer Vision and Visual Inertial Odometry." This latest provisional patent is the second in a series of patents planned to secure ARway's groundbreaking technology. This pioneering system tackles one of AR's most notable challenges, ensuring large-scale location persistence in indoor spaces without the need for expensive retrofitting. Instead, ARway's patent-pending technology harmoniously integrates visual markers, such as QR (quick response) codes or other identifiable 2-D objects in the physical environment, with an on-line map database.

The company believes that its technological advances and new market opportunities, as well as the integration with prominent AR glasses providers and recent uplift to the OTCQB, has solidified consumer confidence in its products and anticipates the pipeline will increase over the coming months.