Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

November 28, 2007 23:39 ET

Immersive Media Announces First Quarter Results and Annual & Special Shareholders Meeting

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Immersive Media Corp. (TSX VENTURE:IMC), today announced its unaudited financial results for the first quarter, which ended September 30, 2007.

Total revenues for the first quarter were $1,934,495 representing a 39% increase from $1,388,406 in the fourth quarter of 2007, and a 1,414% increase over first quarter 2007 revenues of $127,733.

Net loss for the first quarter decreased to $1,114,382 or $(0.03) per share from $2,372,548 or $(0.07) per share in the fourth quarter of 2007, and increased slightly from the loss in the comparable quarter of 2007 of $1,062,653 or $(0.07) per common share. Loss before non-cash items and other income (expense) decreased to $806,260 in the most recent quarter compared to $1,877,214 in the fourth quarter of 2007. The reduced losses and use of cash in operations are reflective of increased revenue and focus on business fundamentals.

We continue to identify new and expanded uses for our technology in the Security/Situational Awareness and Geospatial/Mapping markets and we are establishing the business model for the Advertising and Entertainment market.

The first four months of fiscal 2008 saw the following activities, including new and follow on sales for the applications noted below:

Situational Awareness/Security Market

- A military account recently selected IMC's technology. They plan to use IMC's unique imagery characteristics to better understand the implications of certain battlefield scenarios and for mapping and terrain analysis. This visual intelligence has not been possible until the advent and implementation of our technology to address the complexities of the scenarios involved.

- Southern Imaging Inc., a distributor owned by Costar Video Systems, LLC placed an initial order for over 450 mobile digital video recorder systems for law their enforcement clients.

Geospatial/Mapping Market

- Applications in the Geospatial/Mapping market continue to expand with follow on equipment sales to a major North American railway, which enables this customer to use GeoImmersive™ Imagery to examine track conditions, and for licensing to third parties who access the customer's rights of way. By using GeoImmersive imagery the railway and third parties can better manage how access to rights of way can be most effective for all.

- In Q1 we announced the termination of our content license agreement with Google Inc. effective December 27, 2007.

Advertising and Entertainment Market

- In the Advertising and Entertainment sector, IMC is solidifying the business model for branded entertainment and experiential marketing campaigns.

- In collaboration with adidas and TAOW Productions, IMC captured the premiere sports event of this summer - David Beckham's first game with the Los Angeles Galaxy. This exclusive immersive video was launched by adidas on their website, utilizing IMC's new rich media platform for an interactive and unique viewer experience.

- Subsequent to this initiative IMC produced 360 degree spherical imagery to support adidas' Basketball is a Brotherhood campaign that was launched on their website at the start of the NBA Season.

Research and Development

- At the 2007 American Society for Industrial Security (ASIS) International Annual Seminar and Exhibits, the world's largest show dedicated solely to security, in Las Vegas, IMC demonstrated live streaming of 360-degree video which enables authorities to improve safety and operational efficiency in essential public services.

The Company's quarterly financial statements and related information can be found on SEDAR at www.sedar.com.

Annual & Special Shareholders Meeting

IMC's Annual & Special Shareholders Meeting will be held at 3:00 p.m. Mountain Time, on Tuesday, December 18, 2007, at the Telus Convention Centre, Room Telus 101/102, in Calgary, Alberta. Shareholders of record at the close of business on November 13, 2007 should have received their proxy statement and related materials by mail at this time. All shareholders are encouraged to vote their shares by proxy card or to attend in person to vote their shares.

About Immersive Media Corp.

IMC is the leading provider of full motion, interactive, high-resolution 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, and for the distribution of interactive streaming spherical video.

IMC's offerings include hardware, software, production and multi-platform distribution services, and immersive imagery licensing. Applications include: urban planning, oil and gas resource management, emergency response and first responder operations, and advertising and entertainment. 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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