09:20 AM EDT, 07/18/2024 (MT Newswires) -- Victory Square Technologies ( VSQTF ) said Thursday that its that its portfolio company, XR Immersive Tech ( FNTTF ) , agreed to license its location-based virtual reality platform to European company Deploy Reality.

Under the terms, Immersive Tech grants Deploy Reality the rights to use the platform for a five-year period from July 1 for $4.5 million, as well as the ability to purchase a license to the SVR brand within this timeframe from Immersive Tech.

Deploy Reality also agreed to invest $102,147 every month for research and development. Once Deploy Reality has fully paid $4.5 million, full ownership to license SVR brand will be transferred to Deploy Reality.

"This collaboration not only accelerates our growth but also reinforces our commitment to providing our innovative VR, AR and AI experiences to a broader audience," said Alexandros Tzillios, director of XR Immersive Tech. ( FNTTF )

Victory Square's ( VSQTF ) share price fell 4.4% yesterday to $0.11 on the CSE.