MONTRÉAL, QUÉBEC–(Marketwired – May 25, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Urbanimmersive Inc. (TSX VENTURE:UI) today presented its unaudited consolidated financial results for the first quarter ended March 31, 2016.
HIGHLIGHTS
- Signing of a partnership agreement with Centris®. Centris® is a division of the Greater Montreal Real Estate Board exclusively offering technological resources to 12 real estate boards of Quebec and their more than 13,000 real estate brokers. Centris.ca is the website portal of the Quebec real estate industry for consumers, where all properties for sale by real estate brokers in Quebec are grouped at the same address. ;
- Strategic nomination of a new administrator on the Board of Directors, in the person of M. Éric Charbonneau, president of Centris®;
- Consolidation of technological development efforts linked to the visual content marketplace future launch into Centris® network;
- Launch of the multilingual version (French/English/Spanish) of the marketplace of real estate marketing content;
- Redesigned www.urbanimmersive.com website;
- Signature of two reseller agreements s of the Urbanimmersive’s marketplace;
- Signature of a memorandum of understanding with RESAAS, the real estate social network of 370,000 real estate brokers;
- Announcement of a proposed private placement for a maximum amount of $1,500,000 through an agent.
ACHIEVEMENTS
Business development conducted in the second quarter of the 2016 financial year has laid a solid foundation for growth in the coming quarters. Indeed, on February 1, the Corporation (search and replace) announced the signing of a five-year partnership agreement with Centris® for the local and international commercialization of its online marketplace of real estate content providers. The deployment of the marketplace is planned for the third and fourth quarters of the 2016 fiscal year and should allow the Company to increase the number of the marketplace’s users from hundreds to thousands.
In preparation for deployment, the Company focused on the marketplace’s technological and logistical development with its partner. Several technological developments are in progress to synchronize the marketplace to the Centris® platform to adequately integrate the various users (real estate firms, real estate photography agencies, brokers and various content providers) and adjust some settings based on user behaviour in the platform, since its limited launch in the previous quarter. In parallel, the Company invested in the translation of its real estate content marketplace in English and Spanish, in preparation for the export of the solution outside the province of Quebec.
The Company has also appointed a new director in the person of Mr. Éric Charbonneau, on the Company’s Board of Directors, as provided in the agreement signed with Centris®. Mr. Charbonneau will not receive any compensation from the Company. Mr. Charbonneau serves as CEO of the Real Estate Board of Greater Montreal. He is also the founder and CEO of Centris® division. Centris® develops and integrates B2B technological solutions delivered to over 13,000 real estate brokers and companies, and operates the platform centris.ca for consumers.
It is also during the second quarter that the company overhauled its www.urbanimmersive.com website. This website highlights the business direction taken by the company for several months.
The Corporation issued1.4 million shares at of $0.075 following the exercices of 1.4 million warrants and received $105,000. These warrants are related to the warrants issued in the private placement of the previous quarter.
The Company considers having sufficient short-term liquidity to execute its marketing plan. However, to be able to support a more aggressive growth plan, the Company recently announced a proposed private placement of a maximum amount of $1,500,000 through an agent. The Company expect to finalize this private placement in June 2016.
SELECTED FINANCIAL INFORMATION
| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
|||
| $ | $ | |||
| Revenue | 185,468 | 230,227 | ||
| Cost of sales | 180,883 | 193,898 | ||
| Gross profit | 4,585 | 36,329 | ||
| Operating expenses | 234,082 | 208,144 | ||
| Other expenses | 15,955 | 13,199 | ||
| Net loss and comprehensive loss | (245,452 | ) | (185,014 | ) |
| Basic and diluted net loss per common share | (0.01 | ) | (0.01 | ) |
The data above is a summary. For further information, please consult the Corporation’s interim consolidated financial statement as well as the Management Report for the quarter ended March 31, 2016 at www.sedar.com
ABOUT URBANIMMERSIVE
Based in Laval, Quebec, Canada, Urbanimmersive is a digital media corporation dedicated to the online real estate market. The Corporation provides marketing content production services and innovative technology solutions specifically designed to increase productivity and business revenues of its customers. The Corporation’s customers are primarily home builders, promoters, real estate brokers, brokerage agencies and real estate portal operators.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the Corporation’s MD&A dated December 31th, 2015 and filed with the Canadian securities commissions. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or to any U.S. Persons. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States of America and may not be offered or sold within the United States of America or its territories or possessions unless pursuant to an exception therefrom.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ghislain Lemire, President and CEO
514-394-7820
ghislainlemire@urbanimmersive.com