BELLINGHAM, WA – April 6, 2016 – eXp Realty International Corporation (OTCQB: EXPI), announced today that it has entered into an agreement with VirBELA, LLC, one of the leading developers of 3-D, avatar-based, immersive online worlds, which environments EXPI has utilized since inception in 2009 to house, build and run its real estate brokerage operations. As part of the agreement, EXPI has exclusive rights to the VirBELA platform within the real estate industry and an option to exclusive rights within a number of vertical industries including mortgage origination, mortgage lending, title and escrow and title insurance.
“Since our inception, we have built a family of more than 1,100 professionals across 35 states and parts of Canada whose office, workplace, and world is and has been 3-D, avatar-based online environments,” said Founder and CEO, Glenn Sanford. “VirBELA represents the next generation of these environments and recognizes their potential impact on business, collaboration, and community. We’re excited to share with our agent-owners and shareholders news of exclusive worldwide rights for real estate and related verticals,” said Sanford.
VirBELA was incubated at the University of California San Diego’s Rady School of Management with a $1.7 million grant from the Graduate Management Admission Council. VirBELA used that grant to develop and demonstrate an immersive, 3D virtual-reality campus environment that hosted a global business-simulation competition for management students at top universities on three continents. The company has several clients using its immersive platform.
“We’re excited about our partnership with eXp,” said VirBELA CEO, Dr. Alex Howland. “No company has come close to leveraging immersive online environments to the degree or in the ways that eXp has for the benefit of its agents, brokers and shareholders. We believe firmly in the company’s mission, management and growth and look forward to being an integral part of its continued success going forward.”
About eXp Realty International Corporation
eXp Realty International Corporation is the holding company for a number of companies most notably eXp Realty LLC, the Agent-Owned Cloud BrokerageTM as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. This effectively reduces agents’ overhead, increases their profits, and provides greater service value to consumers.
As a publicly-traded company, eXp Realty International Corporation uniquely offers agents and brokers the opportunity to earn equity awards for production and contributions to overall company growth. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.