Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

November 17, 2008 19:20 ET

Immersive Media Completes Strategic Investment With Future Fuels LLC

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2008) - Immersive Media Corp. (TSX VENTURE:IMC) ("IMC") is pleased to announce that it has completed its previously announced strategic investment with Future Fuels LLC ("Future Fuels") in Future Power PA Inc. ("Future Power"), a wholly-owned subsidiary of Future Fuels. IMC's U.S.$5 million investment, which is structured as a secured convertible senior debt instrument, will provide start-up capital for Future Power, a Pennsylvania based joint venture focused on generating electricity using IGCC (Integrated Gasification Combined Cycle) clean coal technology for the PJM electricity grid, which serves over 51 million customers in the Northeastern portion of the United States.

Future Power's initial objective is to complete certain preliminary development work that is necessary in order to construct and operate a 150MW electricity generation plant near Good Spring, Pennsylvania using IGCC technology. IMC's investment will fund the completion of this objective and will provide Future Power with working capital for general purposes. For additional information relating to IMC's investment in Future Power, including the structure and terms of IMC's investment, see IMC's press release issued on November 3, 2008.

About Future Fuels LLC

Future Fuels integrates its gasification technologies, coal and land assets to develop clean coal projects. Projects produce power, liquid fuels, methane and other clean coal-derived energy. Future Fuels specializes in smaller mine mouth projects utilizing refurbished equipment and unique partnership structures to lower transportation and transmission costs so that ecologically friendly technologies, which cost more to implement than traditional means, can bring energy to markets at competitive prices. The management and directors of Future Fuels have considerable experience in the development of energy projects based on many years of industry experience at various firms around the world. To learn more, visit Future Fuels' website at www.futurefuelsllc.com.

About Immersive Media Corporation

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.

The Future Power joint venture is a departure from the core business of IMC, but represents an opportunity for IMC to make the optimal use of its cash resources that are not immediately required for its core business. IMC believes that the merits of this project could include an increase in shareholder value in light of the market's valuation of IMC's shares over the past several quarters.

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.

About Future Power PA Inc.

Future Power is the designated privately held entity formed by Future Fuels and chartered with the goal of completing all preliminary development work and operating a clean coal electricity generation facility in Pennsylvania. The current market condition of increasing demand for electricity combined with factors such as rising energy costs and a cultural desire for cleaner energy systems appear favorable for such a joint venture. According to the public statements made by the United States presidential candidates running for election, clean coal and energy independence will play a greater role in the infrastructure of the country than in the past. Future Fuels has contributed to Future Power all relevant front-end evaluation and planning achievements and studies achieved thus far for this type of a project in the Commonwealth of Pennsylvania, including preliminary approval to connect the project to the PJM electricity grid. Furthermore, the rights to over 50 million tons of anthracite coal have also been contributed by Future Fuels to Future Power. If the short term objective to complete certain preliminary development work that is necessary in order to build and operate an electricity generation plant in the 150 MW category is achieved (which Future Power anticipates will take approximately 12 months), Future Power will then focus on longer-term plans such as the financing, construction, and operation of the project.

Forward-Looking Statements

Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: the ability of Future Power to complete all preliminary development work necessary for the project to proceed and the estimated cost and time to complete such work; and the potential benefits that IMC and its shareholders may realize as a result of the investment.

With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, the following: the ability of Future Power to repay the principal amount of the loan and interest thereon if the loan is not converted into equity securities of Future Power; the value of the assets of Future Power and its subsidiaries that will secure IMC's loan to Future Power and, if Future Power were to default on the loan, IMC's ability to realize on such security and obtain proceeds therefrom that is equivalent to the amounts owing to IMC under the loan; if the loan is converted into equity securities of Future Power, the ability of Future Power to complete all preliminary development work necessary for the project to proceed and the estimated cost and time to complete such work and the economic viability of the project.

Although IMC believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause IMC's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: currency exchange risks that may arise as a result of IMC making and holding an investment in U.S. dollars; Future Power's inability to repay the principal amount of the loan and any interest payable thereon and the inability of IMC to realize on its security in such circumstances, or if realized, the insufficiency of the secured assets to satisfy all amounts owing to IMC under the loan; if the loan is converted, Future Power's inability to complete all preliminary development work necessary for the project to proceed, or if obtained, Future Power's inability to finance, construct and operate the project at all or on terms that will ensure that IMC receives a satisfactory return on its investment; and the possibility that the potential benefits that IMC anticipates could accrue to IMC and its shareholders as a result of the investment may not be realized. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, IMC does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

The TSX Venture Exchange 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