Ann and Murray
Media release

Snobal Signs Deal with Altaverse Technologies to Complete Canadian Public Listing


Australian technology company Snobal is an established VR enterprise Metaverse SaaS cloud provider. Snobal will use funds raised to accelerate product development and market growth, with a focus on North America, Europe and APAC regions.


VANCOUVER, BC – JULY 8, 2022 – With the increase in remote and hybrid working and the challenge of remote collaboration and workplace training across a dispersed workforce, the last two years has seen growth in adoption by organisations of digital worktools including Virtual Reality (VR) based collaboration. Today, Altaverse Technologies Corp. announces that it has entered into a share exchange agreement with Snobal, an enterprise metaverse company, with a goal to complete a Canadian public listing on the NEO Exchange, Canada’s tier 1 stock exchange for the innovation economy.

Founded in 2014, Snobal’s VR workplace platform makes it easy for organisations to manage and scale their virtual workplaces from anywhere. The software enables organizations to provide their employees, customers or students with virtual workplaces where they can meet, discuss, present and collaborate in VR regardless of their physical locations.

The Company’s customers include global companies across a diverse range of industries spanning education, maritime, manufacturing, engineering, telcos, professional services and firms, workplace training, energy and resources.

Snobal Co-founders Murray James and Ann Nolan will continue to serve as the core leadership team following the transaction, with a focus on accelerating the growth and global expansion of the Company, growing and strengthening the leadership team and furthering R&D and product development.

Snobal believes that its history as a self funded business working in enterprise VR has given it heightened commercial focus and adaptability. Through the transaction, the Company will be taking its first significant investment in nearly eight years to help continue to accelerate its growth globally.

“We set out to build a platform to make it easy for organisations to manage and scale VR experiences. This has naturally evolved over the years but our mission remains the same. Being nearly entirely self funded up until this year has meant that from the beginning we had to think and operate differently from venture-backed companies. We had to be efficient and tenacious. Our growth has been all about a focus on commercial acumen and efficiency of execution, which is something we are really proud of,” said Murray James, Co-founder & CEO of Snobal.

“We’ve grown Snobal with our customers. They are our most important collaborators. But now, with a solid market validated product under our belts, and the heightened market appetite given the rapid adoption of remote and hybrid working, we felt it was time to take the reins off Snobal. The team behind Altaverse has the vision and opportunity, and we are excited to partner with them on this next stage of Snobal’s journey,” he said.

Altaverse director and partner of Altus Capital Partners, Zayn Kalyan, said “it is uncommon to find a best-in-class enterprise software company working in VR that has achieved the success Snobal has to date with almost no external investment. Snobal has flown under the radar and impressed us in how it has consistently punched above its weight on the global stage since founding. We are excited to partner with the Company for this next phase of its growth.”

The public listing is also expected to position the Company as one of the leading global technology companies working in the enterprise metaverse.

About Snobal
Snobal was founded in 2014 with a vision to make it easy for organisations to meet, collaborate and work together using VR/AR. Now, Snobal is the virtual workplace platform of choice for global organisations powering their virtual workplace from anywhere.
Snobal’s enterprise platform enables organisations to easily create content, manage users and collaborate in virtual remote experiences. A key to Snobal’s enterprise adoption is the company’s philosophy of interoperability which is reflected through its stance on remaining device and software agnostic, available SDK and APIs.
For more information on Snobal, visit snobal.io

Contact
Josh Thillagaratnam
+ 61 3 6145 0103
media@snobal.io

About Altus Capital Partners
Altus Capital Partners is a venture finance and corporate advisory firm based in Vancouver, Canada, that partners with hyper-growth businesses. Altus has a track record of helping companies access both public and private venture capital in Canada, in a variety of market sectors, from blockchain and security software/hardware, mining to energy metals.

Contact
Zayn Kalyan
+1 778 938 3367
zayn@altuscapital.ca

Forward-Looking Statements Disclaimer
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the Transaction; the Company’s public listing; the use of proceeds from the concurrent financing to be conducted; the functionality of the Company’s platform; the Company’s next phase of growth; the Company taking its first significant investment in nearly eight years; and the Company continuing to accelerate its growth globally. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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Snobal Weekly

Lessons in Metaverse standards and why we’ve been here before (sort of)

It’s no surprise that the metaverse would look to have its own standards but the biggest thing we can learn from the history of internet standards? We’ve been here before.

Standards are like technical specifications or criteria and have been around for over 7000yrs since the time of ancient Egypt and Babylon reports Standards Australia.

But let’s take the internet.

Imagine if there were no fixed rules on how web content should be created or how browsers should present that information to people.

Image: NextWeb, 2015

Imagine if web developers had to make a website for every single browser. 

Or that browsers, to separate themselves from the competition, added features and functionality which made serving up the content a constant nightmare for web developers.

Sounds far-fetched right? 

Not really.

This is how the internet worked up to the development of web standards in the 1990s as outlined in this article in Smashing Magazine from 2019.

“When standards were introduced, browser makers were encouraged to adhere to a standardized way of doing things — resulting in cross-compatibility becoming easier for content makers and there no longer being the need to build multiple versions of the same website.”

Back to the future?

Right now we are in what we will say are pre-metaverse standards time.

Where VR/AR content has to be developed for specific devices, where backward compatibility is a pain, and where cross-compatibility and interoperability are a goal on the horizon.

The newly formed Metaverse Standards Forum spearheaded by The Khronos Group with members such as Meta, Microsoft, Nvidia EpicGames, Adobe, and countless other technology companies pioneers in the development of VR/AR (including we aim Snobal 🙂 ) are seeking to address this.

Through prototyping, hackathons, and the development of open-source tools the aim is to make it easier for developers to build across platforms as well as help develop shared terminology thereby building an open and inclusive experience for all.

Shared language

Shared language and terminology is slightly ironic given that it appears that the word ‘metaverse’ is itself causing confusion about what the term means.

Once again we will need to go back to the 1990s and the internet to realize we have been here before.

In the 1990s people often did not know how to explain what the internet was like this 2015 NextWeb article outlines.

Remember the term “surfing the internet”? (ahem…you will if you are a certain vintage). This was how Scholastic a US publishing and media company, used the term to help kids understand the internet (image below).

And TIME magazine looked to another analogy – the information highway.

Image: NextWeb, 2015

Still, others used terms like ‘world wide web’ or ‘the web’.

It can be easy to forget now that the internet was not pervasive when it was launched to the public in 1991. It took time for shared understanding, language, and standards to develop.

In fact it was not until October 24, 1995, that the Federal Networking Council (FNC), a U.S.organization, unanimously agreed on a definition for the ‘Internet’:

“Internet” refers to the global information system that — (i) is logically linked together by a globally unique address space based on the Internet Protocol (IP) or its subsequent extensions/follow-ons; (ii) is able to support communications using the Transmission Control Protocol/Internet Protocol (TCP/IP) suite or its subsequent extensions/follow-ons, and/or other IP-compatible protocols; and (iii) provides, uses or makes accessible, either publicly or privately, high level services layered on the communications and related infrastructure described herein.

Source: www.internetsociety.org

And it was this shared terminology and standards that really enabled the internet to take off. That and the decrease in the price of computers enabling more consumers to purchase one.

Metaverse or metaverse? Maybe it depends on if you think its important

Also, have you noticed the capital ‘I’ in the definition above?

Because even whether the word ‘internet’ was capitalized (Internet) or non-capitalized (internet) was up for debate in the 1990s / early 2000s as this Wired article outlines and it was also construed as a ‘political choice’.

(de)capitalization is a political choice. Capitalizing the word Internet connotes that the technology is important, something few people would dispute. But rote capitalization also treats the complex, dynamic internet like a static object, contributing “to the types of simplistic dialogues about our technological future that are most problematic…

Source: Wired.com

So there you have it. Metaverse standards are in some sense a logical next step. Our task now is to learn from the lessons of the past.

This post originally appeared on Snobal Weekly. Signup to receive your copy delivered directly to your inbox each week.

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