SAINT-HUBERT, Quebec, June 30, 2021 (GLOBE NEWSWIRE) – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce today hui have completed the acquisition of all the outstanding shares of real estate photography agencies EGP Technovirtuel Inc. (“EGP”) and Graphic ID Solutions Inc. (“Graphic ID”) and all intangible assets of La Clique Mobile senc (“Clique Mobile”) for an aggregate purchase price of $ 3.03 million, of which $ 1.77 million payable in cash immediately, $ 100,000 payable in 100 days and $ 1.16 million payable by immediate issue 6.6 million shares of the Company at a price of $ 0.175 per share. All issued shares are subject to a four-month, one-day hold period until October 31, 2021, with 5.7 million issued shares subject to an 18-month lock-up period until December 31, 2022. L he acquisition of these three real estate photography activities is a first step in the accelerated growth plan announced by the Company on June 22sd.
EGP, La Clique Mobile and Graphic ID are all Urbanimmersive clients with long-standing businesses and a solid reputation in residential and commercial architectural photography services in their respective markets. These photography agencies are profitable, generated aggregate revenues of $ 1.6M for their last fiscal year, during a historic period of low inventory of homes for sale, and together serve more than 5,000 real estate agents across Canada.
With the acquisition of EGP, Urbanimmersive will also add to its portfolio of technology solutions an HDR trigger remote application for digital SLR cameras developed and owned by EGP. This exclusive capture application enables the standardization of shooting processes and image quality among large teams of photographers. The app also connects to enterprise photography solution software for real-time and offline syncs of service orders and photographers’ schedules. The EGP app will be offered under the Urbanimmersive brand and integrated with the company’s commercial SaaS solution and 3D tour capture app, making it one of the most comprehensive real estate photo capture mobile apps in the world. market. For clarity, the mixed EGP and UI capture app would allow photographers to take high-quality photos using a professional DSLR camera, create 3D tours using cameras 360, to upload visual content to the cloud while being able to manage orders and schedules in the field.
In addition to its extensive photography services business, EGP also offers, through monthly subscriptions, personalized agent websites generating recurring revenue for which Urbanimmersive intends to integrate and develop with its Tourbuzz real estate website solution.
Over the years, the graphic identity photography services business has gradually shifted from residential photography services to commercial photography services, which will allow Urbanimmersive to connect directly with commercial brokerage agencies, where the technology of 3D visit of the company stands out with its capacity for the development of large spaces. Graphic ID has been a client of Urbanimmersive since 2009. La Clique Mobile offers high-end photography services to a large network of real estate clients and Urbanimmersive client since 2016.
“These first three real estate photography agency acquisitions demonstrate our ability to implement our new accelerated growth plan and bring businesses that perform well even when the inventory of homes for sale is low. They position us perfectly to achieve profitable growth and accelerate the adoption of our 3D technology SaaS solutions. We are also acquiring talented photography business owners and employees who will immediately strengthen our market expertise, product development and customer experience, ”said Ghislain Lemire, President and CEO of Urbanimmersive.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive is a SaaS business management solution that provides essential solutions to visual content providers serving the residential, commercial, construction and local business real estate markets. Urbanimmersive platform helps clients increase operational productivity and unleash the full potential of visual content creations through cutting-edge website builder, AI-powered image indexing , robust file transfer systems and interactive visual technology solutions. The company’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that provides online and offline alternatives to traditional 3D engines for creating immersive digital environments. Learn more about urbanimmersive.com.
Caution regarding forward-looking statements
Certain statements contained in this press release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relating, among other things, to the prospects for improving the Company’s operating results, are necessarily subject to risks and uncertainties, some of which are material in their scope and nature. These uncertainties may cause actual results to differ from the information contained in this document. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ materially from those anticipated in these statements. These subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates on which they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change.
For more information please contact:
President and CEO
514-394-7820 ext 202
Simon Bédard, CA, CPA, CFA, MBA
514 394-7820 ext. 224