Atlanta 4/7/2016 8:00:00 PM
News / Stocks

MissionIR News - eXp Realty International Corporation (EXPI) Attains Exclusive Rights to VirBELA Platform within Real Estate Industry

MissionIR would like to highlight eXp Realty International Corp. (OTCQB: EXPI), the holding company for a number of businesses, most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™. eXp Realty is a full-service real estate brokerage offering 24/7 access to a suite of collaborative tools, training features and socialization channels designed to meet the unique needs of real estate brokers and agents. By creating a fully-immersive, cloud office environment for real estate professionals, eXp effectively reduces agents' overhead, increases their profits and provides greater service value to consumers.

In the company’s news,

eXp Realty International Corporation (OTCQB: EXPI) announced that it has entered into an agreement with VirBELA, LLC, one of the leading developers of 3-D, avatar-based, immersive online worlds. As part of this agreement, EXPI gains exclusive rights to the VirBELA platform within the real estate industry, as well as an option to exclusive rights within a number of related industry verticals, such as 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,” Glenn Sanford, founder and chief executive officer of EXPI, stated in this morning’s news release. “VirBELA represents the next generation of these environments and recognizes their potential impact on business, collaboration, and community.”

VirBELA was originally developed at the University of California San Diego’s Rady School of Management using a $1.7 million grant from the Graduate Management Admission Council. With this capital, VirBELA, LLC successfully developed and demonstrated an immersive, 3D virtual-reality campus environment that hosted a global business-simulation competition for management students at top universities across three continents. Using the same tools, VirBELA is able to create custom 3D simulations in order to support the training and development needs of its partner organizations, which will allow EXPI to offer a more collaborative platform to its growing base of agents and brokers.

“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,” Dr. Alex Howland, chief executive officer of VirBELA, stated in the news release. “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.”

Leveraging VirBELA’s innovative technology, EXPI, through eXp Realty LLC, is able to provide 24/7 access to collaborative tools, training and socialization features for real estate brokers and agents in a fully-immersive, cloud office environment. To date, this platform has shown effective in reducing agents’ overhead costs, increasing their profits and improving the service value they are able to provide to clients. With these benefits in mind, it’s little wonder that EXPI’s network of agents has experienced such strong growth since its launch in October 2009. In early March, the company welcomed the 1,000th real estate professional into its family of agent-owners, positioning itself among the top 50 real estate brokerages in the United States based on agent count.

EXPI offers an aggressive revenue sharing program that pays agents a percentage of gross commission earned by fellow real estate professionals whom they attract to the company. In 2014, EXPI launched its initiative of sharing equity with its agents and brokers, effectively catapulting the company into a period of accelerated growth and improved retention that’s still underway.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.