Today we announced that Jaunt will be focusing efforts on further developing technologies that allow for the scaled creation of AR content. This decision is driven by the exciting initial customer response to our recent advancements in volumetric XR technology and the experience and capabilities of our world-class team.
We believe these changes will allow us to concentrate on driving innovation and value in products that will continue to be at the forefront of the immersive industry and drive the highest long-term company value. Jaunt will continue to build innovative software utilizing our strong engineering team in San Mateo and our new Chicago-based engineering colleagues who joined us as part of our recent acquisition of the Personify Teleporter technology.
This focus means though that we have had to make some tough decisions on our lines of business. We will be winding down a number of VR products and content services in the coming weeks. We will work with our current clients to deliver our existing commitments and manage this transition smoothly and professionally. In addition, this unfortunately means that some of our valued and highly talented colleagues will be moving on. These changes will have no impact on Jaunt China which is a joint venture based in Shanghai.
Since we first opened our doors, Jaunt has created new techniques and technologies that bring awe-inspiring immersive experiences to the world. This has only been possible through the creativity, hard work and dedication of the amazing team that we have assembled over
the years. These highly skilled individuals have contributed to our position as a leader in the immersive industry, and the decision to let them go was incredibly difficult. We are eternally grateful for all of their groundbreaking hard work.
We are excited about the future of immersive content and technology and look forward to ensuring the newly focused Jaunt continues to build on our legacy of XR innovation and
leadership.