Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

February 25, 2008 23:32 ET

Immersive Media Announces Second Quarter Results

CALGARY, ALBERTA--(Marketwire - Feb. 25, 2008) - Immersive Media Corp. (TSX VENTURE:IMC) ("IMC") today announced its unaudited financial results for the second quarter, which ended December 31, 2007.

Total revenues for the second quarter were $2,110,907 representing a 162% increase over second quarter 2007 revenues of $806,319 and a 9% increase from $1,934,495 in the first quarter of 2008. IMC achieved its revenue results without any Google revenue recognized in this quarter.

Net loss for the second quarter increased 4% to $1,160,717 or $(0.03) per share from $1,114,382 or $(0.03) per share in the first quarter of 2008, and increased from the loss in the comparable quarter of 2007 of $539,492 or $(0.02) per common share. Loss before non-cash items and other income (expense) increased to $958,259 in the most recent quarter compared to $806,260 in the first quarter of 2008.

During the second quarter of fiscal 2008, IMC made a strategic investment in T3 Motion, Inc. (T3). Management believes the investment and venture loan will result in increased sales in the Situational Awareness market, and the T3 vehicle will be an ideal device to support IMC's various mapping productions.

IMC continues to identify new and expanded uses for its technology in the Security/Situational Awareness and Geopspatial/Mapping markets and it's establishing the business model for the Advertising and Entertainment market.

The first seven 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 its technology to address the complexities of the scenarios involved.

- IMC announced its intent to launch the hemisphere camera, IMC Surrounder™, aimed at the fixed video surveillance market. The release is schedule for April 2008 at the ISC West show.

- IMC released a new rugged, compact, and feature rich four channel Mobile DVR (Digital Video Recording) solution engineered to be dependable in the harshest mobile environments. The simultaneous recording of four video channels and four audio channels ensures high quality, unbiased recordings of incidents. The complete nature of the video recording supports witness testimony, builds public trust with an unbiased account of events, and documents suspect's actions as evidence. IMC's fall sale redundancy ensures all data is retained even in the event of a power loss or crash.

Geospatial/Mapping Market

- Applications in the Geospatial/Mapping market continue to expand both in North America and Internationally. IMC's new partners are capturing GeoImmersive™ imagery in South Africa, Australia, and Bahrain. The GeoImmersive imagery is being used for property assessors, engineers and planners to enhance their existing visual intelligence databases.

Advertising and Entertainment Market

- For the NBA pre-season, IMC produced a series of 360 degree Immersive vide of the New Jersey Nets training camp. NBA fans were given the opportunity to experience the pre-season drills and locker room banter.

- In collaboration with adidas and NBCSports.com, IMC produced the Notre Dame Game Day 360 series of spherical videos. The Immersive videos provided a unique, fan-based football experience as a companion to NBCSports.com's coverage of the University of Notre Dame's college football team. IMC full-motion video episodes captured pre-game traditions and half-time festivities to the post-game finale. IMC's 360 degree spherical video engages the audience and encourages fans to interact with the immersive movie, offering an innovative storytelling medium.

Research & Development

- IMC continued its web streaming viewer development efforts. To coincide with the NBA production, IMC launched the IM Flash® Cylindrical Viewer enabling cross-platform viewing of IMC's Immersive Videos.

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

About Immersive Media Corp.

IMC is the leading provider of full motion, high-resolution, interactive spherical video technology and production services. 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 cross platform advertising and entertainment 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.

Safe Harbor for Forward-Looking Statements

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) 2008 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.

Contact Information

  • Immersive Media Corp.
    David G. Anderson
    Investor Relations
    (866) 333-8817 Ext 629
    or
    Immersive Media Corp.
    Karen Tanaka
    Media Relations
    (866) 333-8817 Ext 632
    Website: www.immersivemedia.com