SCOTTSDALE, AZ--(Marketwired - Oct 26, 2016) - EnergyTek Corp. (OTCQB: ENTK) (the "Company"), the parent of TimefireVR, Inc. ("TimefireVR), today announced that it has released a preview of Hypatia, the first fully immersive and social Virtual Reality ("VR") city. This can be viewed at the Company website www.timefireVR.com and at http://bit.ly/2e8Cqx2.
The Company has filed a definitive Information Statement with the SEC after its principal shareholders approved a name change from EnergyTek Corp. to TimefireVR, Inc. reflecting the Company's commitment to its virtual reality software business. As part of the name change, the Company expects its trading symbol will change upon approval from FINRA. These changes including approval for a future reverse stock split are expected to be implemented by mid-November.
As previously announced, the Company recently closed on a financing in September of 2016 with a group of institutional investors. "This injection of working capital allows us to accelerate our product launch. We see the Hypatia social platform as a big step forward in the world of Virtual Reality. We have remained in relative stealth mode for the past two years and unaffiliated to date. This has allowed us to fund and develop independently. With the completion of the pending name and symbol change in November, we are ready to start creating a brand within the VR industry," stated Jonathan Read, TimefireVR CEO.
The creation of Hypatia, a new social VR offering is designed to bring users a unique world in VR with an emphasis on the arts, culture, exploration, commerce, experiential learning, and entertainment. Hypatia, named after the ancient female Greek mathematician and philosopher, will include a full range of geographic and cultural locales based on real world settings. The Company expects to release a public alpha version in the first quarter of 2017.
"We have an amazing team of over 30 developers working on Hypatia, a VR world that has a positive, curated depth of experience that is unmatched in other products," stated John Wise, Founder and President, of TimefireVR. "It is not a game, but social platform with an ever expanding world that will bring people together to participate in the arts, culture and education. Not to mention the sheer fun of living, playing and exploring other parts of our world."
Further information concerning the merger and financing, as well as name change and reverse stock split is contained in the form 8-K filed with the SEC on September 13, 2016, and our DEF 14C filed with the SEC on October 21, 2016.
About TimefireVR, Inc.:
TimeFireVR, Inc. is an Arizona based VR software company formed in early 2014.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding development of Timefire's products and receipt of future funds from the exercise of warrants. 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 future condition of the capital markets in general and the market for microcap securities, the public's and future investors' reaction to and acceptance of virtual reality, and software bugs that could delay Timefire'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, 2015. 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.