SOURCE: Infinity Augmented Reality

April 29, 2013 07:00 ET

Infinity Augmented Reality Director Teams With Former Israeli Leader Ehud Olmert in High Tech Venture Firm

Moshe Hogeg, Director With Infinity Augmented Reality, Inc., Is Part of a Three-Person Leadership Team Making Up Genesis Angels, a Venture Capital Firm Focusing on Early Stage Investment in Startup Companies

NEW YORK, NY--(Marketwired - Apr 29, 2013) - Infinity Augmented Reality, Inc. ("Infinity Augmented Reality" or "Infinity AR") (OTCQB: ALSO) -- Infinity AR, the pioneers and developers of proprietary augmented reality software, is pleased to announce that our Director, Moshe Hogeg, has co-founded a new venture capital fund, Genesis Angels. Headed by former Israeli Prime Minister Ehud Olmert, leading Kazakh industrialist Kenges Rakishev, the other co-founder behind Genesis Angels, and Israeli entrepreneur, CEO of Mobli, and Director of Infinity AR, Moshe Hogeg, this new venture capital firm will be focusing on early stage investment in startup companies. The main focal point for the firm will be investing in augmented reality, artificial intelligence, robotic innovations and similar cutting edge technologies.

Israel has always been considered a hotbed for technology startups including computer firewall technology, Wi-Fi, and instant-messaging. In a recent interview, Hogeg said that, "It is clear to everyone that the next layer of technology will be augmented reality, artificial intelligence, and robotics. So we see a huge opportunity to invest in upcoming technologies in a very early stage right now." According to the Associated Press, Rakishev stated that Genesis Angels has already raised "tens of millions" of dollars and that if a project is already strongly developed that the venture capital fund would act quickly toward funding it. "An investment in augmented reality technologies will only benefit the future of Infinity AR," says Hogeg. "As a Director with Infinity AR, I know the incredible possibilities that exist with this technology."

"This is incredibly exciting news," says Avrohom Oratz, CEO of Infinity AR. "For this diverse group to put together a fund with the sole purpose of funding such dynamic new technologies speaks volumes for their foresight and business acumen. It only hastens the development of augmented reality products such as Infinity AR's Augmented Reality Eyewear, online gambling, and image and facial recognition platforms, just to name a few. We know that a boost in any of the new augmented products under way will only benefit Infinity AR because of our focus on developing augmented reality platforms."

About Augmented Reality
Augmented reality is a medium in which real sensory inputs are enhanced, or augmented, with relevant digital information from the Internet. Using specially equipped eyewear, virtual images, video, and sound are superimposed for the user over what is actually seen and heard, heightening the real-life experience with additional information that is pertinent, informative, practical, and/or entertaining. The individual user may also be fully immersed in a virtual world, temporarily blocking out real surroundings. With augmented reality, sensory inputs are no longer limited to what is within eyeshot or earshot, but may incorporate, in real-time, all that the network has to offer.

Augmented reality requires an interface, such as digitally-enhanced eyewear, that can instantaneously overlay virtual images and video on top of what is actually experienced. Companies like Google and Lumus are in the process of developing augmented reality glasses that will change the way users see and interact with the world. Infinity AR will utilize its augmented reality applications through these glasses and/or through other mobile devices such as smart phones. As the individual turns his or her head in various directions and looks at different people or objects through the eyewear, the sights that are overlaid change accordingly. The eyewear incorporates speakers that add virtual sounds to the overall experience, as well as microphones that capture and interpret the user's spoken commands through speech recognition technology in order to summon desired information and actions. Further information on the Company is available at its website.www.infinityar.com.

Safe Harbor Forward-Looking Statements
Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in our public filings with the Securities and Exchange Commission. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. We undertake no obligation to update these forward looking statements.
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Contact Information

  • Infinity Augmented Reality, Inc.
    Avrohom Oratz
    President and Chief Executive Officer
    (212) 201-4070
    Email Contact