ImagineAR cancels Niagara design, project installation

Executive Summary

• ImagineAR Inc. received formal written notice from 1000005450 Ontario Inc. terminating both the Design and Project Installation Agreement (DPIA) and the Master Service Agreement (MSA) for the planned Niagara Immersive Center project.
• The termination is effective immediately, with the client citing heightened economic uncertainty, increased financing risk, and tariff-related cross-border cost pressures as the primary reasons for the project's lack of viability.
• No installation or development work had commenced under the agreements, and ImagineAR confirms that no outstanding obligations remain, though any previously paid non-refundable deposits may be credited toward future engagements.

Key Details

• Parties Involved: ImagineAR Inc. (Company) and 1000005450 Ontario Inc. (Owner/Customer).
• Agreements Terminated: Design and Project Installation Agreement (DPIA) and Master Service Agreement (MSA).
• Project Status: The Niagara Immersive Center project is cancelled; no installation or development work had commenced.
• Reason for Termination: The client determined the project was not viable due to:
  • Heightened economic uncertainty within Canada.
  • Increased financing risk.
  • Tariff-related cross-border cost pressures.
• Future Possibility: The client stated they may, at their sole discretion, consider re-engaging in discussions for a future immersive experience project if economic conditions materially improve (stabilization of financing markets and easing of tariff costs), but expressly noted that no expectation or commitment should be inferred from this possibility.
• Financial Implications: Any previously paid non-refundable deposit will be credited toward a potential future engagement, subject to negotiation and execution of a new written agreement.
• Company Confirmation: ImagineAR confirms that no outstanding obligations remain under the terminated agreements.

Notable Quotes

• "The owner/customer determined that current economic and market conditions have rendered the project not viable at this time."
• "The owner/customer emphasized that the termination decision is not reflective of the capabilities, technology or professionalism of ImagineAR."