Brooklyn, NY, May 13, 2020 (GLOBE NEWSWIRE) -- - Cemtrex (Nasdaq: CETX, CETXP, CETXW) announced today that it has received an order from VF Corporation (NYSE: VFC) to build a virtual reality (VR) application. The VR application is aimed for corporate and third party use around creating better retail experiences for customers. The application also provides training solutions for VF Corp’s employees and its retail partners.
In the wake of COVID-19, many companies are turning to virtual reality to deliver on the needs of customers while getting around social distancing protocols. Virtual reality provides new avenues for collaboration, training, and engagement around employees that are now working from home. Additionally, VR offers companies the opportunity to reach customers at a time when almost all retail stores are shuttered with no end in sight. Many companies like VF Corp are getting out in front of the challenges stay-at-home orders have presented by investing in the latest VR technology to adapt in this rapidly changing environment. Cemtrex already has a head start in developing VR applications and has developed numerous VR applications and products for a diversified group of clients over the past two years.
CemtrexLabs, a division of Cemtrex, will be delivering the application within this quarter and it will be built on Oculus Quest. The Company sees this order as a long-term opportunity to work with VF Corp to roll out cutting-edge, VR applications, that can scale across their many brands and retail touch points.
CemtrexLabs is an award winning, full-stack creative agency made up of artists, designers and engineers who have worked with some of the world’s leading brands, such as Richemont, AARP, Live Nation, Essence and WMagazine, to create engaging experiences and elevate their digital presence in their industries. CemtrexLabs has expertise in AR/VR development, machine learning (ML) and Artificial Intelligence (AI), user experience and interface design, data migrations/ re-platforming, web, and mobile. They offer help from developing brand’s strategy to engineering concepts into a reality.
Chairman and CEO of Cemtrex, Saagar Govil, commented, “We are continuing to see increased demand for virtual reality development services, and we believe this market is going to explode over the next 24 months. More and more companies and organizations are converging on virtual reality as the long-term solution to foster engagement, collaboration, and innovation in this new environment. As one of the leading developers in the space, we believe we are well positioned to capitalize on this market as it continues to expand.”
Augmented and Virtual Realities are among the fastest growing business areas, which are expected to reach over $500 billion by 2025. The industries that will generate VR and AR opportunities include industrial design, medical diagnostics, entertainment, sports, training simulations, productivity tools, social experiences, manufacturing optimization, app development, tourism, & advertising. All industries whether retail, education, social media, healthcare or manufacturing, will experience widespread disruption and innovation in their products and services by utilizing VR & AR solutions to increase their profitability in the coming decade.
Cemtrex, Inc. (NASDAQ; CETX) is a diversified technology company that is driving innovation in a wide range of sectors, including Internet of Things (IoT) devices, virtual and augmented realities (VR & AR) applications and development, intelligent security systems leveraging Artificial Intelligence (AI), and industrial solutions. www.cemtrex.com
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