Infinite Reality, Inc. announced a partnership and equity swap with Greenidge Generation Holdings Inc. ("Greenidge"), a vertically-integrated cryptocurrency data center and power generation company that will launch a new service-offering known as GreenidgeAI. Pursuant to the partnership between iR and Greenidge: Greenidge will provide infrastructure and graphics-processing unit ("GPU") needs for iR clients, while iR will receive a profit share on Greenidge data centers and preferred pricing for its own internal data center needs. iR and Greenidge will evaluate developing a new data center.

iR has the ability to leverage Greenidge's access to additional sources of low-cost power as needed. iR's brands are empowered and enabled to take control of their data and improve performance, while reducing iR's costs and improving profit margins. By owning its own data centers and locking in long-term energy contracts, iR will save at least $0.70 on every dollar it would spend with third-party providers while increasing control over product delivery.

Equity Swap Agreement: Provides for iR obtaining shares of Greenidge valued at $8.33 per share in exchange for an equivalent amount of iR stock reflecting a $2.5 billion valuation. Grants iR a one-year warrant to purchase shares of Greenidge stock at $7.00 per share, the proceeds of which will be used by Greenidge in connection with the development of a new datacenter. Grants Greenidge a one-year warrant to purchased an equivalent value of iR shares as provided in the iR warrant, reflecting a $2.5 million valuation of iR, the proceeds of which will been used for general working capital purposes.

GreenidgeAI will be iR's exclusive provider in the United States and Canada of specialized infrastructure, including data centers utilizing GPUs to support generative Artificial Intelligence ("AI") workstreams, including immersive experiences and other applications requiring high performance computing. Additionally, iR and Greenidge will explore jointly designing and building a new data center to enhance iR's offerings, spearhead its growth and provide clients with lower-cost GPU access. This effort will be powered by Greenidge's access to low-cost power and leading engineers with experience designing and building data centers.

As a result of this partnership, iR will be better able to serve its clients in a fast-growing industry and continue to accelerate audience engagement through cinematic-quality virtual environments, while being the only player in the space to provide brands with direct access to their audiences and customer data.