Los Angeles, CA and New York, NY – June 4, 2024 – Infinite Reality (iR), an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies, today announced the acquisition of Action Face, Inc., an AI-powered avatar creation platform. Through this deal, iR acquires proprietary technology that allows people to create lifelike, custom 3-D avatars from a simple selfie. Action Face’s innovative capabilities align with iR’s aim to power deeper, more immersive fan and customer engagement with brands while improving business outcomes for its clients.

Infinite Reality plans to leverage this acquisition to enhance its platform offerings, providing users with more dynamic and personalized interactions. In addition to integrating Action Face’s technology, iR will also continue to nurture the company's impressive relationship with partners, which includes NBALAB, the National Basketball Association’s research and development incubator focused on innovative design, imaginative concepts, and strategic partnerships. The all-stock transaction, which values Infinite Reality’s shares at $3.5 billion, showcases strong market confidence in iR’s vision and capabilities, and underscores the company’s unwavering commitment to strategic growth and innovation. With immersive experiences expected to generate up to $5 trillion in value by 2030, iR is well positioned to scale and lead in the category.

With the snap of a selfie, Action Face’s 3-D face scanning technology creates a photorealistic, animated avatar that reflects a person’s unique facial features. Anyone can create an avatar on Action Face’s iOS app, then choose from hundreds of aspirational customization options, including hairstyles, poses, and outfits. The avatar comes to life through videos, known as Action Clips, where the avatar appears in augmented reality or cartoon environments, which can be shared with friends or on social media. Action Face also developed proprietary technology to transform a user’s on-screen avatar into a 3D-printed figurine, in partnership with HP. When activated for sports events, any user could make a purchase through the app and a high-quality action figure would be shipped to their doorstep.

Action Face was created by former Hasbro and Activision employees who wanted to democratize the joy that A-list celebrities experience from seeing their likenesses in action figures. Drawing upon their expertise in physical action figures and online gaming, they decided to bring this opportunity to the masses in both digital and physical forms. Photorealistic avatars fuel greater self-expression and authenticity, making virtual interactions feel more natural and appealing within immersive experiences.

“We see immense potential for applying Action Face’s technology within our platform, and in service of our clients across sports, entertainment, retail, and other business verticals,” said John Acunto, Co- Founder and CEO of Infinite Reality. “Digital identities are evolving beyond flat profile photos. Now, customized, hyper-realistic avatars can empower brands and their customers to express themselves and engage with each other in new and more dynamic ways, which, until recently, have largely only existed inside video games.”

“Joining Infinite Reality’s trailblazing portfolio empowers us to scale our technology and reach a much wider audience of brands and consumers,” said Kenny Davis, CEO of Action Face. “As the world becomes increasingly hybrid due to the merging of the digital and physical realms, we are excited to leverage our combined expertise to continue to shape the future of interactive entertainment and commerce.”

To learn more and create your own digital avatar, visit actionface.ai. To explore the world of Infinite Reality, visit theinfinitereality.com.

About Infinite Reality

Infinite Reality (iR) is an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies. iR’s virtual worlds enable brands and creators to fully control how they distribute content, engage audiences, and monetize their creations while maintaining ownership of their data. With deep expertise in Hollywood production and extended reality (XR), iR is redefining the infinite possibilities of connected digital environments in the modern age. iR’s portfolio of brands includes the Drone Racing League, XR production facility Thunder Studios, creator talent management firm TalentX, and digital marketing agency Fearless Media. The company is backed by an impressive roster of investors including RSE Ventures, Liberty Media, Lux Capital, Lerer Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC, Exor, Terracap, IAC, Live Nation, DJ and producer Steve Aoki, rock band Imagine Dragons, NBA player Rudy Gobert, Interscope Records, and more. For more information, go to theinfinitereality.com.

About Action Face, Inc.

Action Face, Inc. is a technology leader in 3-D scanning and printing, offering users the ability to create instantly recognizable avatars and action figures, and the power to make that character into whomever they want it to be. With a commitment to innovation and quality, Action Face has redefined the possibilities of personalization in gaming, entertainment, and beyond. For more information, visit actionface.ai.

Media Contact:

press@theinfinitereality.com

Investor Contact:

Brett Milotte, ICR  Brett.Milotte@icrinc.com