MONTREAL, QUEBEC–(Marketwired – Aug. 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 quarter ended June 30, 2016.
Highlights
- Closing of a private placement totalling $1,395,240 on July 20, 2016;
- Launching a pilot project with TC Media, a division of Transcontinental Inc., for the integration of Urbanimmersive’s real estate content marketplace and TC Media’s solutions for the market of real estate brokers and builders;
- Signing a memorandum with RESAAS® for the establishment of an integration agreement between Urbanimmersive’s content solution and RESAAS®’s global platform for real estate brokers;
- Signing a service agreement for investors’ relations contact with Financial Corp.;
- RE/MAX Québec Inc. launches its new real estate portal developed with Urbanimmersive. RE/MAX Québec Inc. operates one of the most visited real estate websites in Canada;
Achievements
Early in the quarter, the Corporation announced that it has retained Leede Jones Gable Inc. as agent for a private placement of a maximum amount of $1.5 million. The offering was completed July 20, 2016, for a total of $1,395,240. With this new investment and the reduction of operating expenses in the past two years, the Corporation considers it is in a good financial position to execute its marketing plan and the deployment of its real estate marketplace of visual content in the network of Centris®.
During the same quarter, the Corporation made the announcement of the signing of a pilot project with TC Media, a division of Transcontinental Inc., for the integration of its real estate content marketplace and TC Media’s media solutions to the market of real estate brokers and builders. The Corporation believes that this integration will help increase the productivity of their respective customers. The expected results of this pilot project could lead to a partnership agreement between Urbanimmersive and TC Media. Urbanimmersive’s real estate content solution allows real estate professionals to search, find, compare and book online the services of visual and editorial content providers. The solution provides a full range of tools that help manage the production process to the publication of content.
The Corporation also announced the signing of a memorandum of understanding with RESAAS® for the establishment of an integration agreement between its content solution and RESAAS®’s overall solution platform for realtors. The real estate content solution was developed in order to integrate with established third party solutions in the real estate industry. This memorandum supports the announcement of the development of international business in the first quarter of the fiscal year. The integration of Urbanimmersive’s solution into the RESAAS® platform is not expected in the short term since the Corporation intends to focus its efforts on the deployment of its visual content marketplace in the Centris® network of more than 13,000 realtors in Québec.
The third quarter allowed the Urbanimmersive development team to continue the technological development of the visual content marketplace ahead of this upcoming launch. The Corporation will soon announce when the deployment of the visual content marketplace in the Centris® network will occur.
Also during the quarter, RE/MAX Québec Inc. has officially launched its new property portal developed with Urbanimmersive. This new site integrates Urbanimmersive’s content solution allowing RE/MAX Québec Inc. to provide exclusive and original blog content for their readers. Moreover, the other main feature of the new portal is the unique new and smart search field that interprets long strings of keywords, developed by the Corporation.
The Corporation also announced during the quarter the signing of a service agreement for investors’ relations with Contact Financial Corp. to assist the Corporation in developing and executing a comprehensive strategic communications program. The Corporation believes that with the recent business achievements related to its real estate content solution, the time had come to increase its visibility within the financial community.
The Corporation considers having sufficient liquidity to execute its marketing plan.
SELECTED FINANCIAL INFORMATION
| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
|||
| $ | $ | |||
| Revenue | 165,214 | 171,163 | ||
| Cost of sales | 168,415 | 163,305 | ||
| Gross profit | (3,201 | ) | 7,858 | |
| Operating expenses | 186,727 | 185,623 | ||
| Other expenses | 15,433 | 13,710 | ||
| Net loss and comprehensive loss | (205,361 | ) | (191,475 | ) |
| 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 June 30, 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.
