MONTRÉAL, QUÉBEC–(Marketwired – Feb. 21, 2017) – Leading real estate content exchange platform Urbanimmersive Inc. (“Urbanimmersive” or the “Company”) (TSX VENTURE:UI)(OTC PINK:UBMRF) today provides highlights for the first quarter of the financial year that ended on December 31, 2016.
During the first fiscal quarter of 2017, Urbanimmersive and its valued partner Centris®, the organization that operates the centris.ca real estate portals and offers technological tools to more than 13,000 real estate agents in Québec, focused mainly on what will become the foundation of the Company’s sustainable future growth: launching the Centris®‘ Marketplace in the Province of Québec in a prelaunch phase.
The revenue for the first quarter of 2017 has been impacted as expected by the decision to shutdown access to the previous version of Urbanimmersive’s visual content marketplace in August 2016; this decision was explained in the Company’s previous MD&A. Company management believes that a short-term downturn in revenue caused by closing access to the previous visual content Marketplace was justified in order to ensure a successful large-scale provincial deployment with Centris®.
The attainment of the prelaunch strategic phase has called for a complete revamp of the user interface software, licences and a number of new advanced features enhancing the user experience and enabling the scaleability of the Company’s solution. Centris®‘ Marketplace prelaunch version ramped into production in late November 2016, just before a real estate industry seasonably low level of activity and with a group of restricted users. This has allowed the appropriate time to process and analyze pilot transactions and validate each of the steps of the proposed workflow, which includes the user registration process, content provider initial set up steps, booking features, online payment, new service integration and visual content transferred to Centris®‘ servers.
“Centris®‘ 5-year partnership agreement to deploy and promote our visual content marketplace solution has put Urbanimmersive in the spotlight and attracted interest from international real estate organizations and solution providers in Canada and the U.S. While being sensitive to the market window opportunity, we have first-mover advantage to the market and it is crucial that we take the time to do things correctly to ensure Québec’s broad-scale province-wide deployment is a success and that this success can be replicated in other international markets” stated Ghislain Lemire, CEO of Urbanimmersive. “We believe that succeeding here in our local market will accelerate market adoption from U.S. real estate organizations.
One of the Company’s key strategic objectives is commercializing its platform in the United States. To provide greater visibility and ease of access for Urbanimmersive’s shares in the large U.S. market, the Company applied for listing on the OTC Pink Markets. In January 2017, the application was approved by the Financial Industry Regulatory Authority (FINRA) and, as such, the common shares of Urbanimmersive now trade under the new U.S. symbol “UBMRF”.
SELECTED FINANCIAL INFORMATION
| December 31, 2016 | September 30, 2016 | September 30, 2015 | |
| $ | $ | $ | |
| Assets | 1,178,155 | 1,512,891 | 697,596 |
| Liabilities | 507,373 | 481,218 | 652,628 |
| Equity | 670,782 | 1,031,673 | 44,968 |
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 December 31, 2016 at www.sedar.com
About Urbanimmersive
Urbanimmersive is a content provider marketplace for real estate professionals. The Company connects real estate professionals, photographers and writers in order to simplify and optimize original content production workflow. Urbanimmersive enables its customers to leverage their marketing investment while increasing productivity, competitiveness, their web visibility, consumer engagement with their brand and ultimately, their revenue.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Caution Concerning 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.
Ghislain Lemire
President & CEO
514-394-7820 X 202
ghislainlemire@urbanimmersive.com
www.urbanimmersive.com
For investor relations:
Contact Financial Corp.
Frederick Chabot
438-863-7071
frederick@contactfinancial.com