Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

October 01, 2007 06:00 ET

Immersive Media Corp.: GeoImmersive™ Imagery Content Licensing Agreement Ends on December 27, 2007

CALGARY, ALBERTA--(Marketwire - Oct. 1, 2007) - Immersive Media Corp. (TSX VENTURE:IMC) announces the termination of its content license agreement with Google Inc. effective December 27, 2007.

"We've had our technology validated and it has been exposed to millions of people which was a key objective when we entered into this agreement," said Myles M. McGovern, president & CEO, Immersive Media Corp. "Google will retain exclusive rights to content licensed to date for a period of time. However, the termination of this agreement enables IMC to license all of our other imagery to markets that we were previously unable to service."

IMC will continue its mapping initiative in North America and will scale internationally to meet customer demand. Although IMC may experience some modest decreases in revenues in the short term as a result of the termination of the agreement, in the medium and long term, management of IMC does not anticipate that the termination of the agreement will have a material adverse effect on revenues.

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", "will", "opportunity" and similar expressions, and include statements regarding: IMC's expectations regarding the effect that the termination of IMC's agreement with Google will have on IMC's revenues in the future; and IMC's intention to continue its mapping initiative in North America and to scale internationally to meet customer demand. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with IMC's ability to capitalize on its 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 financial 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. GeoImmersive is a trademark 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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