Metasphere Labs Enters a Definitive Agreement with ARCannabis to Develop VR Virtual Store

VANCOUVER, British Columbia, June 21, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is pleased to announce the signing of a definitive Software Development Agreement dated June 21, 2024 (the "Agreement”) with ARCannabis BC Ltd ("ARCannabis”), a prominent cannabis retailer based in British Columbia. This partnership aims to enhance the online cannabis shopping experience with the use of advanced virtual reality (VR) technology.

Pursuant to the Agreement, Metasphere Labs will design, develop, and deliver a state-of-the-art VR virtual store for AR Cannabis, leveraging either ThreeJS or Unreal Engine to create an immersive 3D user interface. The virtual store will be accessible on Google Chrome, Safari, and Microsoft Edge browsers, providing a seamless and engaging shopping experience for customers.

The new VR virtual store will integrate with ARCannabis' existing backend shopping cart system, powered by the Cova software service platform, ensuring a smooth transition and enhanced functionality. Customers will enjoy the same features as the current online store, with the added benefit of a fully immersive virtual shopping environment. Additionally, the store is being designed to be embeddable in open metaverse environments and gaming platforms like Fortnite, subject to their terms of service, broadening its accessibility and appeal.

"We are thrilled to partner with ARCannabis to bring their vision of a VR virtual store to life," said Natasha Ingram, CEO of Metasphere Labs. "Our expertise in developing immersive metaverse environments aligns perfectly with AR Cannabis' innovative approach to retail. This collaboration will set a new standard for the online shopping experience in the cannabis industry."

The development of the VR virtual store is set to be completed by September 1, 2024, followed by a 30-day testing period to ensure it meets all agreed specifications and functionalities. The project is valued at $8,000, reflecting Metasphere Labs' commitment to delivering high-quality, innovative solutions within a competitive budget.

"We are excited to work with Metasphere Labs to enhance our customers' shopping experience," said Joe Le, Co-Founder of ARCannabis. "This VR virtual store will not only showcase our products in a unique and engaging way but also reinforce our commitment to leveraging technology to improve customer satisfaction."

This Agreement further solidifies Metasphere Labs' position as a leader in the development of immersive and interactive virtual environments. The Company's dedication to innovation and excellence continues to drive its success in the rapidly evolving Web3 and metaverse industries.

For more information about ARCannabis and their products, please visit https://arcannabis.ca/about-us/

About Metasphere Labs:

Based in Vancouver, British Columbia, Metasphere Labs develops solutions for the metaverse, DAOs, gamification, and Web3, addressing social challenges related to climate change and aiming for a positive planetary impact.

For more information, contact Natasha Ingram, CEO, at info@metasphere.earth.

About ARCannabis.

ARCannabis is a Vancouver legal cannabis store chain, providing British Columbians with the highest quality recreational cannabis on the market.

Forward-Looking Information

This news release contains "forward-looking statements." Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development of the AR store, other open metaverse projects and the development of virtual world projects.

The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT, metaverse and blockchain markets; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; and the market acceptance for its products.

Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT, metaverse and blockchain offerings; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's digital offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.

Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.

Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedarplus.ca.

Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.