Virtual Reality: It`s Real All Right

Transcription

V IRTUAL R EALITY :
I T ’ S R EAL A LL
R IGHT
Immersing Ourselves at the 2015 Game
Developers Conference
March 9, 2015
We attended GDC 2014 and 2015. While virtual reality was
present last year, this year we are convinced it is here to stay and
will have wide spreading impact across several industries. The
number of head-mounted devices has increased significantly
along with numerous sensors and input systems to support the
ecosystem. Content is beyond belief; it really is real. You
experience fear, joy, anxiety; your heart can race; this stuff is
amazing. Science fiction has become real, and we believe that
wide-spread adoption could occur within a year and a half –
quicker if open source virtual reality gains traction, which we
saw evidence of already taking place.
Sean Peasgood, President & CEO
Marcel Valentin, Vice President
www.SophicCapital.com
Virtual Reality: It’s Real All Right
Introduction
Last week, we returned to the Game Developers Conference (GDC) in San Francisco and,
once again, were blown away by another year of technological advancement in both hardware
and software. Last year, Oculus’ DK2 release was the show’s highlight. Virtual reality (VR)
enthusiasts jammed Oculus’ booth, and DK2 stole the show, especially with Facebook stepping in
and buying the Company for $2 billion a week later. Sony also introduced and demoed Project
Morpheus, and there were a few peripheral sensor technologies to enhance the experience using
motion control.
While VR was just getting going last year, now it looks like a sure bet, with several new head
mounted displays (HMDs), a bigger catalogue of content, and many new periphery products
to enhance the immersive experience. We would say that about 35%-40% of the booths at the
show had some VR content on display, and the crowds were definitely gathering around VR and
AR demos. Another key difference this year was that VR has moved from sitting down to standing
up.
Over the course of the three days, our goal was to try to demo as many new HMDs and games
as possible and talk to industry enthusiasts about where they think VR and AR are headed.
This year, we were able to get
hands-on demos (in some
cases multiple demos) with
four head-mounted displays
including Oculus’ Crescent
Bay, Samsung’s Gear VR
(Powered by Oculus), Razer’s
OSVR, and Vuzix. HTC, and
Valve entered the scene at the
beginning of the week with
the Vive, a dual screen HMD
that has been getting positive
reviews from those lucky
enough to get a demo. Not
only are the number of HMDs
increasing, but this year there
were many more peripheral
Game enthusiasts on their way to San Francisco's Moscone Center for GDC 2015
products to complement and
enhance the VR experience.
At GDC 2015, we uncovered new themes including:
1.
2.
3.
4.
VR is real, and the industry is expanding,
Oculus is no longer alone, although we believe it is still in the lead,
Input devices including motion detection/control are more prominent for VR gaming,
There is room for both tethered and wireless HMDs, but today wired enjoys much higher
quality of experience (we believe wireless solutions could one day have the same quality),
5. VR/AR will penetrate many more markets than just gaming,
6. Open-source virtual reality (OSVR) could drive hardware and content innovation.
Sean Peasgood: www.SophicCapital.com
March 9, 2015 - 2
We Have No Doubt that VR is Real
Everyone at GDC was talking about VR. Game engine developers, game producers, quality
control programmers were all talking about immersing themselves in VR demos. Any booth that
had a HMD had a lineup. Any booth that had a HMD had spectators. Any booth with a HMD had
a wait time (Oculus’ line had a 2 hour wait). Any VR system input devices had a wait. What
surprised us was how motion detectors and controllers have evolved into the VR ecosystem. VR
gaming content is here we flew an amazing spaceship (and battled enemies approaching in 360
degrees in three axes), we explored new worlds, we came face-to-face with T-Rex, and
unsuccessfully tried to hide from Smaug before he destroyed us with his fire breathing breath. We
witnessed tons of people sliding off VR goggles whose faces were frozen with awe. People in the
Moscone Center were hyped about VR, how far it has come, and how much further it will go.
Although we anticipate HMDs to hit the market this year, we don’t know when developers
will release commercial VR games and applications en masse. Studios continue to develop
content, and input systems keep appearing to support the ecosystem. What’s holding back the mass
adoption in gaming and commercial VR applications is the lack of consumer VR HMDs. We’ve
seen the HMDs; we’ve tried them; there’s no doubt that they are real and that they work. But only
Samsung’s Gear VR and Google Cardboard are available for purchase today. Most of the other
manufacturers remain tight-lipped about when commercial versions will be available. It was
encouraging last week when HTC announced that they will release a developer edition of its Vive
HMD in the spring with a full consumer release slated before the end of the yeari.
We also believe OSVR could hasten a commercial HMD release. More on OSVR later, but in
summary, our conversations with industry professionals suggested that many HMD and input
system manufacturers are about to adopt OSVR. One of our sources, who claimed to know C-level
Oculus executives, stated that Oculus is also looking at OSVR. Obviously HTC’s news could light
a fire under some of the other manufacturers to come to market sooner. It seems like by the end of
the year we’ll see at least one HMD launch and possibly more. So 2016 will be interesting.
Long Live the King, Maybe
Oculus had the most popular booth. And Oculus’ HMDs were the HMDs used for
demonstrations at most VR booths. Our theory is that Oculus provided the industry’s first software
developer kit, which included the Oculus Rift HMD. So eager developers naturally selected Oculus
to begin programming VR applications and games. Given the number of HMD developers that we
saw and OSVR enthusiasts whom we met, we anticipate that Oculus won’t be as dominant at GDC
2016.
VR enthusiasts couldn’t get
enough of Oculus. Oculus
anticipated their demand to try
the Rift Crescent Bay (Oculus’
newest
prototype).
The
Company
required
preregistration via an application
to book a demo appointment.
We downloaded the app and
Two hour wait to try Oculus
March 9, 2015 - 3
found a two day wait, which meant that we had to line up to wait for a turn. Even though we weren’t
in Vegas, Lady Luck shined on us as we were amongst the first to try Crescent Bay in the opening
ten minutes of the expo (strategically our first stop). Thank goodness we were lucky because a
lineup that wrapped around three sides of the Oculus compound greeted us as we exited the booth.
Our experience with Oculus. In a large open concept area there were about 20 swivel chairs set
up with Samsung’s Gear VR surrounded by private rooms for the Crescent Bay demo. Following
a satisfying Gear VR demo (more on that in the next section), we were escorted into one of the
private rooms to experience Crescent Bay. Crescent Bay was brilliant. Absolutely spectacular.
Don’t get us wrong; both experiences were impressive, and if either was your first with a VR HMD
you would have been impressed. But between the two, Crescent Bay was far more stupefying.
We have to say that the Crescent Bay demo was so sensational that we went back the second
day to do it all over again. Unlike the Gear VR demo, where we were seated, we stood for the
Crescent Bay demo. We immediately found ourselves standing on the edge of a building, then
dodging laser beams zipping past our heads as we were caught in the middle of two robots having
a shootout. Once our hearts stopped pounding, we stared at a gentle, ET-like alien, and as its face
approached ours, it suddenly soured and blasted a terrifying roar. A ferocious tyrannosaurus rex
stomped toward me, stopped and flashed its slobbering jaws. Before we could turtle, the rex
continued onward, and we watched with awe as it walked over us and left. We were jaw struck at
how real virtual reality could be.
Exhibit 1: Some Companies that Used Oculus for Their Demonstrations at GDC 201
Source: Sophic Capital
March 9, 2015 - 4
VR is not only about visuals
- 3D sound is equally
important.
The
new
Crescent Bay has integrated
headphones.
“My
ears
tingled when bullets whizzed
past my head,” I said as we
compared our experiences.
We raved about how deeply
immersive the experience
was – we felt isolated in these
virtual worlds even though
Oculus attendants were
present1. In some demos we
Oculus Crescent Bay. Note the integrated headphones
Source: TechMagnifier.com
turned the audio down so that
the Oculus attendant could
direct us to look at the demo’s finer details, including a cutesy village that exploded with detail the
closer we inched our faces toward it. Hearing the faint slaps of a fish jumping out of a stream to
the left felt natural; as did the rustling bushes behind us (we spun around to find the noisy culprits
staring at us). Small, audio details like these completed the VR experience and highlight the
importance of audio to an immersive, VR experience.
We asked gaming professionals what they thought about Oculus – one word…AWESOME!
We spoke with close to twenty gaming enthusiasts who had tried Crescent Bay, including a few
VR company executives. “Mind blowing!” said a lead programmer. Another lead designer said,
“The ‘immersiveness’ is awesome.” “Vivid!” noted a game developer from China. “It’s improved
over last year,” stated a game software quality control engineer. “Worth the wait,” said a game
developer Vice President who didn’t look old enough to have a drivers’ license. “Everyone has to
try it!” exclaimed a game software CEO.
Although the majority of people were impressed, some were muted. “I saw the screen pixels,”
said a programmer describing the Gear VR. We noted this as well at times. “They didn’t know how
to treat certain particles,” said a game producer. Googling “game particles” returned a matrix of
unrelated images that confused us more. So if any of you know what he was talking about, please
let us know.
Although most of the excitement at GDC 2015 centered on Crescent Bay, the Oculus’ HMDs
have an Achilles’ heel – the screen. As revealed in an iFixitii teardown, Oculus uses a Samsung
Galaxy screen as the display. Putting on our engineering caps, swapping a screen wouldn’t be easy.
There’s form factors to consider, possibly different resolutions and refresh rates. It occurred to us
during GDC that this is perhaps why Oculus and Samsung co-developed the Gear VR: Samsung
provides its display expertise while Oculus offers its VR secrets. We believe that this exchange
gave Samsung first mover advantage into the consumer market with Gear VR.
1
On one occasion when our demo was over, we removed our headset and were startled by camera flashes.
Oculus had a crew of people who had snuck in to photograph us during the demo. They asked if we had heard
the camera or seen the flashes; we had no idea that they were there.
March 9, 2015 - 5
HMDs in the Kingdom
This year there were several new HMDs on the scene. Samsung Gear VR was used in several
booths including Oculus’ (Samsung developed Gear VR in conjunction with Oculus). This wireless
HMD is essentially a shell that slips over a Samsung Galaxy 4 mobile phone. Gear VR is the second
major HMD available for consumers (Google2 Cardboard was the first), and is available on
Samsung’s website for $199.99 (not including the phone). Enthusiasts also queued for their turn
with Gear VR, and although the wait was not as long as that for Crescent Bay, their enthusiasm
was as intense. Whenever we strolled by Oculus’ booth, all Gear VR seats were filled. Our take is
that Gear VR is one of the slickest-looking HMDs around. It was light, comfy, and had a pleasing
“iLook” to it. But…
…we had some issues with Gear VR.
While the Gear VR still gave you a sense
of movement and rendered seamlessly
when you moved your head, the lenses
fogged up after five minutes, which
limited the experience3. I actually took
the Gear VR off before demoing all of
the games and content because my left
eye blurred. On other occasions our Gear
VR experience was not nearly as
problematic, but we agreed that the
games and content didn’t have the
“WOW!” factor when compared to the
Crescent Bay demo.
Gear VR demonstrations at Oculus' booth
Perhaps the issues we had with Gear VR were due to the fact that it isn’t tethered to an
external video card via a cable like Oculus, HTC, OSVR, and Sony’s Morpheus. Gear VR uses
a processor resident on the HMD to drive content to a Galaxy screen, and the resolution of the
content was visibly less than that provided by Crescent Bay. For now, “cableless” HMD processors
are slower than a computer video card, but we believe that several years down the road they will
likely provide an equal experience.
But we thought we’d give Gear VR another shot. We had tried Oculus twice, so in the interest
of fairness, we decided to extend the same courtesy to Gear VR. For some reason, we enjoyed the
Gear VR substantially more. Perhaps it was because we had time to anticipate what we needed to
do before immersing ourselves: get a tight fit, focus the lenses, and stop thinking about the
technology. We relaxed and both had a great Gear VR experience, but the graphics were still not
close to as impressive as what we saw with Crescent Bay.
Look Out Oculus, Others Have Come to the Party
The OSVR platform seeks to unify input devices, games, and output in order to take VR to
the next frontier. With contribution from VR leaders, including Unity, Unreal, Intel, Bosch, Razer,
2
Speculation in The Wall Street Journal suggests that Google may be getting serious about VR. Sources
say that Google has tens of engineers working on an Android operating system to run VR applications.
3
Last week at Mobile World Congress, Samsung did announce a new, smaller Gear VR for the Galaxy S6
and S6 Edge that has incorporated mechanical vents to eliminate this issue
March 9, 2015 - 6
Sixense, and Leap Motion, this open-source platform provides hardware schematics, software
APIs, and software plugins to drive game development. One prominent game developer told us that
OSVR is VR’s future, and that close to 25 HDM manufactures are set to adopt it. Our source
claimed to know senior Oculus executives and said even they may switch to OSVR.
Razer’s OSRV HMD was a hit.
Last year, Razer announced its
development kit, which you can preorder for $199.99 here. This year,
developers seemed eager to try
OSVR, and so were we. The demo
was okay (a futuristic racing track),
and the look was pretty cool. The
hardware fit our heads nicely, but
our concern was much like Gear
VR, the lenses were tuned with a
couple of knobs, and neither of us
could quite get them into focus. But
since we had given Crescent Bay
and Gear VR two chances, we
returned the second day to give
OSVR second try. That’s when we
saw the Leap Motion booth.
Leap Motion has controllers that
sense hand movement and can be
used with any HMD. For their
demo (inside the OSVR booth), they
had attached their controller sensor
to the front of a Razer OSVR HMD
(one team member agreed with our
theory that the sensor could
eventually be integrated into
HMDs). We played a game where
we extinguished fire demons by
throwing balls of water at them and
evaporated water demons with balls
of fire. Two things surprised us.
First, the HMD required little to no
tuning for a great visual experience,
and second, the game was fun and
completely immersive since the
demons attacked from every Leap Motion sensor on the front of a Razer OSVR HMD. You can see
demon fighter Sean Peasgood’s virtual fingers wiggling at the bottom of
possible direction4.
the screen.
As a side note, if you’re ever near a VR demo, pay attention because the person wearing the HMD can’t
see you. A Leap Motion attendant and a curious gamer engaged in a technical discussion stood a little too
close to Sean. They barely dodged Peasgood’s mitts when he whipped around to deliver a one-two punch
that killed a couple of attacking demons.
4
March 9, 2015 - 7
Perhaps the biggest contender to Oculus’
crown (many reviews indicate that it may
already have taken it) is Valve, creators of
the classic Half Life action game. Valve
brought its SteamVR headset to the show, but
only those with appointments were allowed to
see it - unfortunately, we weren’t one of the
lucky few. Using the Vive HMD developed by
HTC, a Taiwanese manufacturer of
smartphones, SteamVR evolved without the
benefit of development kits (although one
should come this spring). HTC also announced
that a consumer version will be available
sometime this year.
HTC Vive used for SteamVR
Source: Steampowered.com
An interesting component of SteamVR’s
product that is getting a lot of attention was
its motion tracking base stations and
innovative controllers. The base stations
allow for full motion control of the hands and
body. We heard that roaming around a large
open space felt great, but we wonder how
problematic it may be in the home (do users
have to have an empty space to prevent
themselves from tripping over furniture?) That
said, all the reviews we read were ones of users SteamVR virtual reality hardware. Note the controllers at
the bottom, right.
being blown away.
Source: UploadVR.com
Those lucky enough to try SteamVR noted that one major advantage it has over Oculus is its
controllers. Reviewers appear to like the tethered hand controllers, but it appears as though Valve
may eventually make these wireless iii. Not only are the controllers equipped with index triggers and
clickable thumb pads, but like the HMD, they also have tracking sensors for the base stations to
follow. It was interesting that similar to Oculus, Valve and HTC will likely keep the HMD tethered
to a computer to minimize latency issues iv.
Vuzix unveiled its IWear 720 video
headphones at the conference. The platform
leverages OSVR, and its 57 degree field of
vision makes the VR experience amazingly
immersive for not being a full 90+. Vuzix, is
making gains by focusing on the optics rather
than the processing of video. In a nutshell,
Vuzix starts with a tiny compressed display that
it then projects into the HMD’s “pupil” optics –
the easy part. The projector then shines light
onto nano structures built into the HMD’s pupil
lenses, which then disperses the light without
distortion across the very large field of view – Vuzix's Smart Glasses - Left is the model used for the DHL
the hard part. Vuzix has also made significant pilot; right is the future model with integrated display
March 9, 2015 - 8
inroads with its commercial Smart Glasses solutions - DHL completed a pilot that resulted in a 25%
efficiency increasev. We were told that the next Smart Glass iteration will have integrated cameras,
and the prototype looked like a regular pair of sunglasses. Cool!
As an OSVR side note, Vuzix’s VR content was eerily similar to that we experienced at the
Razer booth. When we probed an OSVR executive about this, he stated that this was the power of
OSVR. He claimed that Vuzix took their OSVR content, spent two days tweaking it, and were able
to stream the same demo on IWear 720.
Some HMDs Were Missing
Sony’s latest version of Project Morpheus appeared at GDC 2014 but was not available for a
demonstration this year. No reason was given, and we won’t speculate, but we would have liked
to see how Sony’s development and content are coming along.
Magic Leap, the company bequeathed with a $542 million investment last October (led by
Google and including KPCB, Andreessen Horowitz, Obvious Ventures, Qualcomm and
Legendary Entertainment), was an augmented reality HMD that people were talking about.
We were not expecting to see anything as the Company remains in “stealth mode”. Magic Leap
had a recruiting booth but remained tight lipped about any commercial or technical aspects of the
product. Perusing Magic Leap’s careers website, we noticed optical metrology, optical diffraction,
laser and fiber engineering, and processing positions. Putting on our engineering caps, this suggests
that Magic Leap may not implement a Gear VR-style, smartphone solution, but rather an optical
lens system that directs light onto the user’s eyes.
Plenty of New Input Devices to Enhance the Virtual Experience
An input device is an accessory used to enhance VR beyond just video and audio. Last year,
we found several companies showcasing their offerings. This year, they were everywhere. Guns
with haptics (feedback through the sense of touch), controllers that slide over a finger, sensory
rings, light sabers – all were there to support VR games. A few input devices stole the show.
Omni VR treadmill could
be the ultimate immersive
experience. One of the
most popular booths at the
show, Omni showcased an
input system that allows for
complete
freedom
of
movement within a small
space. While public demos
were not available and we
were unable to try the
product, the booth was
mobbed by onlookers all
day long. They watched
one of the Company’s
gamers work up a sweat as
One of the most popular booths at GDC 2015
March 9, 2015 - 9
he walked, ran, and sprinted his way through a shoot ‘em up game. His motion (all 360º of it) was
streamed to a display that allowed spectators to see what each of his eyes saw through his Oculus.
Omni’s treadmill first gained widespread attention when it appeared on Shark Tank (ABC’s
investment reality show). The Sharks turned down the Company’s proposal, but weeks later, Mark
Cuban joined venture capitalists in raising $3 million for Omni.
Speaking with Omni’s management onsite, they mentioned that they already had preorders
for units on their website. And although Omni plans to tweak the model slightly for the consumer
launch, the treadmill is close to completion. The consumer version is expected to be released this
summer with a price tag of $699 for a package that includes:
1.
2.
3.
4.
5.
6.
Virtuix Omni gaming platform,
one pair of Omni Shoes for comfortable, extended gameplay (you have to use these shoes),
one pair of Omni Tracking Pods and tracking software,
one Omni Harness for support, safety, and rapid, untethered action,
one year limited warranty (voided if purchasing from an un-authorized re-seller), and
TRAVR and other demo games demonstrating novel VR game dynamics with analog, decoupled player direction and speed.
While we do not see everyone gaming on a treadmill, it may make
more sense to be in a secure treadmill environment when immersed
in VR rather than stumbling around a room with furniture and
obstacles. Omni is clearly a peripheral to watch, and with one killer
game/application we think it could be a major consumer product to
complement VR in the future. A few people we chatted with
commented that this was the future of gaming. We agree and also see
the future of home exercise and injury rehabilitation to include the
Omni.
Privately-held Nod is a new company developing wearable gesture
rings; rings that allow people to engage objects via movement.
Based in Mountain View, California, many on the design team are
alumni of Apple, Google, Facebook, Amazon, HP Labs, Samsung, and
NASA. The ring on display at GDC 2015, which is also called the Nod,
is a universal controller that allows for communications with all smart
devices within a 30 foot range. No commercial Nod is available,
although it is slated for release sometime this year vi. No word at the
booth on when Nod will unleash its game controller unto the public.
Nod gesture ring
Are you ready for some Star Wars? Sixense demonstrated their
virtual lightsaber with their STEM (Sixense Tracking Embedded
Module). The system comes with two hand controllers with built-in
sensors, another sensor that’s installed on the HMD, and a base station
that transmits an electromagnetic field to read the sensors. Although the
system cannot detect finger motion, it can detect where the controllers
are even if they aren’t in the line of sight. This allows future Jedi
masters to twirl, parry, dodge, and thrust to their hearts’ content without
the letdown of being removed from an immersive experience.
May the force be with you,
courtesy of Sixense
March 9, 2015 - 10
Our last day at GDC 2015 revealed an unbelievable surprise. At the end of one isle was a
Japanese haptics company named Miraisens. We had walked by their booth several times on our
way to see the “big VR names”. Few people milled around Miraisens booth but had we been more
observant, we would have caught on that something special was happening there.
“3D Haptics Technology” was what Miraisens banner read. Haptics involves bringing the sense
of touch to VR and has been around for a while. But “3D haptics?” We never heard of it before.
BIG mistake. What Miraisens does is recreate
the sense of touch in several dimensions by
means of vibration. Some way, somehow, they
had a tiny, mouse-shaped black box that could
simulate water running down our fingers,
electricity shocks, the bumpiness of running
your fingers over bumpy rocks and smooth
pebbles. It was magical. Even better, it felt real.
We were then treated to a driving simulation (not
VR) where we held a secret sensor in each hand.
While driving, we could feel the bumps in the
road, the slippery grass when we drove off the
shoulder, acceleration – we felt the car
accelerate. We’re positive Miraisens technology
will also have a major role in the future of
Baby you can drive my virtual car.
Powered by Miraisens
gaming – 3D touch.
Best Friends Forever
“What’s Pong?” a young coder asked after I joked that Pong was my favorite game. The
young man was serious. He shook his head, and my smile collapsed. Dejected that the young fellow
would never know the fear of burning a tennis court into his dad’s black and white TV, we
wandered over to the North Hall of the Moscone Center to check out the software companies.
And that’s when we saw it – a museum of arcade games. We froze, bit our bottom lips, and
stared. Glancing at each other and cracking smiles was all it took to read each others’ minds. We
dove onto the machines taking turns playing Asteroids, Galaxia, Frogger, and Star Wars. The games
were fun, interactive, and just as intense as any VR experience that we had. These games were
immersive but without headsets, 4K video screens, or 3D audio. They drew us into their world
using only knobs, joysticks, and crappy television monitors. Yet, in spite of the ancient technology,
these boxy dinosaurs opened trunks of childhood memories from the days of hanging out in noisy
arcades, watching girls play Ms. Pac Man while we self-debated whether to spend that last quarter
on another game of Qbert or bus fare to get home. Arcades were places to escape the real world,
which is exactly what virtual reality aims to achieve. But in spite of the complex interlacing
requirements of current HDMs, it doesn’t take much to get away; it really doesn’t.
March 9, 2015 - 11
After 20 minutes, it was time to go. And as we
rounded the last machine, there it was: Pong,
standing proudly albeit with neglect. We were
drawn to the ol’ boy, and stood silently in its
glory. No longer functioning, we gave Pong’s
simulated wood-grained finish a stroke and its
dials a gentle spin.
After paying our respects, we left. But as we
turned to give it a last glance, Pong’s huge
screen looked like it was watching us. A couple
of teens took our places before the machine. We
watched them inspect the weathered carcass
and engage in a discussion with full smiles.
Maybe they knew they had just had an ancient
VR experience; maybe they didn’t. All we
know is that Pong didn’t care; it wanted their
quarters.
Acronyms Used in this Report
AR
augmented reality
GDS
Game Developers Conference
HDMI
high-definition multimedia interface
HMD
head-mounted display
OSVR
open-source virtual reality
STEM
Sixense Tracking Embedded Module
VR
virtual reality
References
i
Brad Chacos, Move over, Oculus: HTC announces SteamVR-powered Vive VR headset, PCWorld, March
1, 2015
ii
iFixit, Oculus Rift Development Kit 2 Teardown, March 19, 2014
iii
Nicole Lee, HTC's Vive made me believe in VR, engadget, March 4, 2015
iv
Nicole Lee, HTC's Vive made me believe in VR, engadget, March 4, 2015
v
Vuzix Delivers Working Enterprise Smart Glasses Solution to DHL for Warehouse Picking, Vuzix,
January 28, 2015
vi
FAQs, Nod, Inc., 2015
March 9, 2015 - 12
Disclaimers
The particulars contained herein were obtained from sources that we believe to be reliable, but are
not guaranteed by us and may be incomplete or inaccurate. The opinions expressed are based upon
our analysis and interpretation of these particulars and are not to be construed as a solicitation of
offer to buy or sell the securities mentioned herein. Sophic Capital Inc. (“Sophic Capital”) may act
as financial advisor, for certain of the companies mentioned herein, and may receive remuneration
for its services. Sophic Capital and/or its principals, officers, directors, representatives, and
associates may have a position in the securities mentioned herein and may make purchases and/or
sales of these securities from time to time in the open market or otherwise.
March 9, 2015 - 13

Virtual Reality: It`s Real All Right

Transcription

Similar documents

The DJ Gear Production Bagoffers purposeful, organized and

XGames.ESPN.go.com

2016 Code Blue Challenge Gear List Prohibited Items

Conquer the clutter with Alliance`s Gear Wrapz™. These products

2015 Code Blue Challenge Gear List Prohibited Items

Rider Magazine, February 2011 - Table of Contents

F-Fatboys SIVB 2016-17 SYD

LE 750A

Blackfoot Motosports invites you to take 20%

Brie Larson Wins the Oscars for `Best Actress` - Al