SCOTTSDALE, AZ--(Marketwired - Nov 14, 2016) - EnergyTek Corp. (OTCQB: ENTK) (the "Company"), the parent of TimefireVR ("TimefireVR"), a software company with virtual reality platform for unique and interactive experiential learning, today announced entering into an agreement with State Bicycle Co. ('State Bicycle') to build its first virtual store within Hypatia. TimefireVR recently announced the preview of its social virtual reality city, Hypatia, and is anticipating alpha launch in February 2017.
"Our agreement with State Bicycle falls in line with our strategy to monetize our virtual reality world, Hypatia, through placement advertising, commerce, retail, sale of real estate, and use of our tools to develop content. We are creating a virtual environment to entertain the user and surround them with endless possibilities from cultural immersion to virtual and real world commerce," stated Jeffrey Rassas, Chief Strategy Officer of TimefireVR. "We have strong interest and ongoing discussions with major retailers and consumer product companies that are anxious to participate in TimeFireVR's immersive and socially interactive virtual world."
This is the first of several hundred identified commercial partnerships, allowing companies to place advertisements, have virtual stores, and sell virtual and real products. State Bicycle will have branded bicycles "for rent" by residents and visitors in the virtual city of Hypatia. The agreement anticipates revenues being driven by downloads, views, rentals, advertising and repeat visitors.
State Bicycle is one of the fastest growing brands in the sport and leisure bicycle industry. It has developed, since its founding in 2009, into a truly global brand with s strong and loyal following in cruisers, fixed gear, urban and racers. State Bicycle's CO-Founder, Mehdi Farsi, stated, "We are excited to be associated with TimefireVR, and participate in the amazing world of Virtual Reality, which we strongly believe is a unique way to reach our target markets of early adopters."
About TimefireVR, Inc.:
TimeFireVR, Inc. is an Arizona based software company established in early 2014 with virtual reality platform to a new world of entertainment, social media, commerce, cultural immersion, and entertainment for unique and interactive experiential learning. Hypatia, the Company's first virtual reality global city in development for over two years, combines entertainment, social media, cultural immersion, and gaming acting as a framework for cultural exploration. TimefireVR is targeting the launch of its deeply immersive virtual city/world Hypatia during the first quarter of 2017. A trailer for Hypatia can be seen at www.timefirevr.com
Following approval by its shareholders, EnergyTEK Inc. is filing an Amendment to its Articles of Incorporation today, November 14, 2016, to change its name to "TimefireVR Inc." which will be effective November 21, 2016. Timefire has applied to FINRA to effect a symbol change to "TFVR" which is expected to be effective in December 2016 following 20 days trading as "ENTKD".
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding development of Timefire's products and future monetization. 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.