SAINT-HUBERT, Quebec, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce having closed the acquisition of all the outstanding shares of the real estate photography agency Agence Immophoto Inc. ('Immophoto') for a total purchase price of $500k, of which $300k payable immediately, $100k payable by the immediate issuance of 103,093 shares of the Company at a price of $0.97 per share and $100k payable in shares 12 months following closing, conditional on Immophoto's meeting revenue growth milestones. All issued shares are subject to a four-month and one-day holding period until March 24, 2022.
This new acquisition allows the Company to pursue its accelerated growth plan announced in June 2021 and follows the recent integration successes of the real estate photography service businesses EGP Technovirtuel, La Clique Mobile and Graphique ID acquired in June 2021.
Immophoto, a client of Urbanimmersive, is one of the top players in the Quebec market for high-end real estate photography services, which complements the Company's real estate photography service offer in Quebec and consolidates its position of strength in that market. Immophoto is a growing and profitable business which generated revenues of $518k for its last fiscal year, has a diversified clientele mainly in the greater Montreal area, a vast experience and a solid reputation in the market. Caroline Gaudreault, president of Immophoto, former president of the Professional Association of Real Estate Photographers of Quebec ('APPIQ'), has strong influence in the Quebec market and brings with her a vast network of contacts.
"Over the past few months, we are proud to have been able to successfully integrate our first acquisitions of real estate photography agencies. This success can be measured first of all by the rapid adoption of our monthly subscription packages offered at a competitive price and which include photography services, property websites, 3D tours with floor plans and a basic version of UiMeet3D. We also benefited from the onboarding of large new customers interested in our packages and all this while maintaining our operating margins and increasing our recurring revenues. As a result, the timing couldn’t be better to add Immophoto and its experienced team to our Group, which represents a strategic and complementary addition to the Group and which was able to brilliantly meet the challenge of growing the business in an unfavorable real estate market,” said Ghislain Lemire, President and CEO of Urbanimmersive.
"We are delighted to join the Urbanimmersive Group, a leader in technological solutions for real estate marketing. This will allow us to greatly enhance our product offering to our clients and to benefit from additional resources to better serve our customers and continue to grow,” said Caroline Gaudreault, President and CEO of Immophoto.
The Company also completed the acquisition of all intangible assets of the Mexican photography service business Tours Virtuales (https://toursvirtualesmexico.com/) for a total purchase price of $22,000, including $7,000 payable in cash immediately and $15,000 payable by the immediate issuance of 15,464 shares of the Company at a price of $0.97 per share. All the shares issued are subject to a holding period of four months and one day until March 24, 2022. This acquisition should allow the Company to increase its activities in Mexico and promote, through its experienced reseller already established in Mexico, its 3D marketing solutions, in particular its monthly packages, as well as its 3D photography equipment, in this vast and promising market (population of 126 million).
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the adequacy or accuracy of this release.
Immophoto, founded in 2011, is a business that offers high-end real estate photography services, having completed over 2,000 photo shoots in the past year. To learn more, visit https://immophoto.ca/.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. Learn more at urbanimmersive.com.
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 & CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224