Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

October 29, 2007 17:01 ET

Immersive Media Corp. Announces Record Year End Results

CALGARY, ALBERTA--(Marketwire - Oct. 29, 2007) - Immersive Media Corp. (TSX VENTURE:IMC) announces that its audited financial results for the year ended June 30, 2007 are available on SEDAR at www.sedar.com.

Revenue for the 2007 fiscal year was $3,305,543 and fourth quarter revenue was $1,388,406, both records for the Company. The 2007 revenue performance represents an increase of 120% over 2006 revenue of $1,503,674. IMC's fourth quarter results were very positive representing a 142% increase over the fourth quarter 2006 revenue of $573,903 and 41% over 2007 third quarter revenue of $983,085.

Net loss increased to $4,981,617 from $2,844,671, this includes the net loss before non-cash items which increased to $3,812,540 in 2007 from $2,382,438 in 2006. The total net loss per share was $(0.18) per common share compared to $(0.13) in 2006, and the non-cash loss per share was $(0.14) compared to $(0.11) in 2006. These results reflect added spending related to achieving the revenue growth, the commercialization of IMC's GeoImmersive™ imagery, and the introduction of spherical video to the entertainment, broadcasting and advertising market.

During the past year, IMC completed the acquisition of Freestone Systems Inc. which strengthened IMC's engineering expertise, accelerated product development and expanded product offerings. IMC also expanded R & D initiatives and its GeoImmersive Imagery debuted in the geospatial market which subsequently opened up significant opportunities for all of IMC's products and services. In November 2006, March 2007 and July 2007 IMC closed financing rounds totaling over $30,000,000. As a result, IMC management believes the Company is well positioned, as we enter 2008, to continue expanding the applications and customer base for IMC's patented 360 degree spherical video technology.

About Immersive Media Corp.

IMC is the leading provider of full motion, high resolution, and spherical video. Using eleven video streams arranged according to geodesic geometry, Immersive video captures an almost complete spherical image; a high-resolution 360 degree view of surroundings that is seamlessly stitched together. IMC's immersive movies can integrate GPS coordinates and other metadata producing our GeoImmersive™ video. IMC's open platform design easily interfaces with industry standard applications and databases providing viewers with greater visual detail for timely, fact-based decision-making.

IMC's offerings include hardware, software, camera and post-production services, and immersive imagery available for licensing. Applications include: urban planning, oil and gas resource management, emergency response and first responder operations, and commercial media. IMC is a publicly traded company that is listed under the symbol "IMC" on the TSX Venture Exchange. For more information please visit www.immersivemedia.com.

ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "plan", "may", "should", "anticipate", "expects", "opportunity" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with IMC's ability to capitalize on the opportunities, IMC's ability to execute its business plan, and the inability of IMC to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect IMC's operations or financials results are included in IMC's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), IMC's website (www.immersivemedia.com) or by contacting IMC. Furthermore, the forward-looking statements contained in this new release are made as of the date of this news release, and IMC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities laws.

(C) 2007 Immersive Media Corp. All rights reserved. Dodeca and GeoImmersive are trademarks of Immersive Media Corp. All other trademarks are the property of their respective owners.



The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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