LAVAL, Quebec, Feb. 13, 2020 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF) is pleased to announce the acquisition of all of the outstanding shares of 8239991 Canada Inc. (“Immersolution”) for a total purchase price of $291,142, including $80,000 payable cash immediately, $130,000 payable through the immediate issuance of 2,000,000 shares of the Company at a price of $0.065 per share, $41,142 as assumed debts and $40,000 payable in 180 days, subject to a minimum revenue target over that period.
Immersolution is a Canadian reseller of 3D and 360-lens cameras offering advanced technologies and services in the process of producing 3D immersive environments for the real estate, retail and industrial photography markets. Immersolution has an exclusive distribution agreement for the Canadian market with Matterport, the worldwide leading 3D camera provider in the real estate market and is a fully authorized distributor and service partner of Leica 360 and Ricoh Theta Z1 360 lens cameras. Immersolution is also in discussion with other 3D camera manufacturers. Immersolution also provides custom built cases for the protection and transportation of photography equipment with clients around the world. Immersolution gross revenues for the 12 months ended December 31, 2019 totalled $807,000.
For Urbanimmersive, this acquisition will provide access to new business opportunities into the industrial market where clients look for immersive environments for off-site training, inspection and asset building management. Immersolution will offer Urbanimmersive 3D emulator licences for the creation of large-scale immersive environments using 360 cameras distributed by Immersolution. The 3D emulator of Urbanimmersive, that powered the recently announced 3D Pocket WebsiteTM, will be added as a new online or offline layers of visual content data to Immersolution camera manufacturer existing solutions. The acquisition will also enable Urbanimmersive to work closer with 3D and 360-lens camera manufacturers for larger spread of compatibly for its 3D emulator. Furthermore, Urbanimmersive will benefit from the acquisition of the internationally recognized expertise of his founder Mr. François Hughes-Liberge. Mr. Liberge brings more than 10 years of experience in this field of immersive solutions and has created an international network of partners sharing best products and practices.
“We are excited having closed this strategic acquisition of Immersolution which will allow us to benefit from the enhanced use of our immersive technology through the diversification of our activities in other markets, to bonify our product offering, to add technical and commercial expertise to our team with the arrival of Mr. Liberge, as General Manager of Immersolution, as well as to be able to benefit from its international contact network,” said Ghislain Lemire, President and CEO of Urbanimmersive.
“I am delighted to join the experienced and dynamic team of Urbanimmersive, considered in our industry as a pioneer in the field of immersive solutions. The 3D emulator of Urbanimmersive will be a great addition to our products and services as it clearly answers needs that are unfulfilled by actual 3D technologies such as the ability to be produced and run offline for highly confidential environments, the affordability of the solution and the lightweight of the viewer. For me, the 3D emulator should be a default layer of visual content information of all solutions offered by Immersolution within the industrial market. The combination of Immersolution and Urbanimmersive should therefore create significant product synergies and allow us to develop business in the promising markets for immersive digital environments,” said François-Hughes Liberge, President of Immersolution.
Closing of the refinancing of the US term loan
The Company closed its previously announced refinancing with a Canadian financial institution to fully repay its US term loan ($1.10M CAD) and to finance its ongoing operations. Terms of this 2-year loan include a 5-year amortization period, a variable interest rate of prime rate + 4.50% or 6.96% (while compared to 11.75% for the previous loan) and similar guarantees. This financing also includes a $900k term loan with a 20-year amortization period to acquire a commercial condominium on the South Shore of Montreal in order to relocate Company’s head office and to be disbursed when taking possession of the property in May 2020.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive is a leading SaaS business management solution providing mission critical solutions to visual content providers serving the real estate residential, commercial, construction and local businesses markets. The Urbanimmersive platform helps customers increase their operational productivity while helping in delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems and interactive visual technology solutions. Urbanimmersive’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline cost-effective alternatives to traditional 3D engines for the creation of immersive digital environments. The 3D emulator enables to quickly create immersive environments of small existing and future spaces like houses to extremely large environments like stadiums, to which clients can interpolate multiple layers of interactive and contextualized set of data for many purposes such as for online marketing, building asset management and offsite training and inspection. The Company offers its advance features on a pay-per-use transactional business model and licenses its immersive technology in other market segments.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
President and CEO
514 394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224