SCOTTSDALE, AZ--(Marketwired - Mar 7, 2017) - TimefireVR Inc. (OTCQB: TFVR) (the "Company"), a software development company focused on virtual reality content, today announced alpha launch of its virtual reality platform, Hypatia. Alpha launch will be a controlled testing environment of approximately 200 users from all over the United States. The launch will promote the platforms social capabilities and represent the first time virtual interaction between users sitting in multiple locations occurs on this scale.
Mr. John Wise, Founder and President of TimefireVR, added, "In the earliest days of VR I had a vision to create a social space where people could interact and explore a world of art and culture. The alpha launch of Hypatia is a giant leap forward in the culmination of this multi-year effort. We will be evaluating the results of this test phase, as we get ready for a wider release shortly after completion of this stage. Our team of 30 have invested thousands of hours to build a truly magical environment where social interaction and creativity will elevate VR to being a learning opportunity that engages the user through an experience never seen before."
Mr. Jeffrey Rassás, Co-Founder and CEO, stated, "Here at the dawn of VR the industry heavyweights such as Oculus/Facebook, Samsung, HTC/Valve, and soon Microsoft are looking for the compelling content that can launch VR into the homes of millions. We believe our efforts with Hypatia may be exactly what the market is looking for. Our alpha will feature approximately 15 hours of content followed by over 40 hours of social interaction, entertainment, commerce, and educational content launching later this year. Hypatia is a unique product that has years of development already behind it standing ready as the growth trajectory of VR headsets become more affordable and move into mainstream adoption."
Effective March 6, 2017, the Company closed on a private placement offering with institutional investors and a Board member in the aggregate principal amount of $750,000. For full details pertaining to the financing, please refer to the Form 8-K filing with the Securities and Exchange Commission.
About TimefireVR Inc.
TimefireVR Inc. is an Arizona based Technology Company established mid-2014 to develop virtual reality content, tools, and services. The Company's first product is a massive and collaborative open world titled Hypatia, a truly social online destination featuring commerce, entertainment, and a safe and welcoming environment to explore educational opportunities. Based on architectural influences ranging from Amsterdam and Barcelona to Wuzhen, China, Sana, Yemen and the remote village of Tiebele in Burkino Faso, TimefireVR's platform will provide a rich, multi-cultural, creative and participative world where the reward is immersed in experiential learning and global friendships. Hypatia will have a limited alpha release in early 2017 with expectations of becoming a VR destination leader. A trailer can be seen at www.timefirevr.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding development of TimefireVR's products and our anticipated launch timing for Hypatia. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the Company's need for capital, the future condition of the capital markets in general and the market for microcap securities, and software bugs that could delay TimefireVR's successful development of its Virtual Reality platform. Further information on our risk factors is contained in our filings with the SEC, including the Annual Report on form 10-K for the year ended December 31, 2016. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.