Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

October 04, 2005 08:02 ET

Immersive Media Corp. And Roadware Group Inc. Sign Memorandum Of Understanding

CALGARY, ALBERTA--(CCNMatthews - Oct. 4, 2005) - Immersive Media Corp. (TSX VENTURE:IMC)("IMC"), an advanced digital video imaging company, announces the signing of a Memorandum of Understanding ("MOU") with Roadware Group Inc. ("Roadware"), a global industry leader in automated pavement distress data collection, to begin working on the acquisition, production and distribution of geo-referenced spherical video.

The MOU will be the framework for working together to leverage each company's strengths and pursue a growing market. Roadware has significant expertise in the acquisition of data for a broad customer base and will begin to offer geo-referenced spherical video as part of a solution to their customers. IMC's patented Telemmersion® System will be marketed directly to Roadware's existing clients as well as a service to new customers.

The two companies are prepared to explore opportunities, which go beyond sales and delivery of services; these may include Roadware providing additional services to assist in IMC's previously announced "20-city mapping initiative" as well as the integration of IMC's spherical video with Roadware's Surveyor product. Surveyor is a video based inventory tool that provides accurate measurements of the roadway and surrounding features such as shoulder width, sign height or offset.

The geo-reference spherical video will be made available via IMC's database; in addition selective partners will be able to license the data to planners, developers, engineers, utility companies, first responders as well as travel and tourism. The geo-referenced videos can be integrated into mapping environments such as ESRI (Environmental Systems Research Institute, Inc.)'s ArcGIS™, and Red Hen Systems Inc.'s MediaMapper™.

"This agreement is a natural extension of our mapping initiative, we see partners such as Roadware having the expertise in data acquisition, as well as a strong relationships with their customers who are starting to demand geo-referenced spherical video. The more we create awareness of the capabilities of Immersive video the more the demand will increase." said Myles M. McGovern, President & CEO of Immersive Media Corp.

"Roadware is constantly looking for new ways to acquire accurate data for our customers. We see the Immersive System as a means of letting customers truly see all the pertinent data while keeping it in perspective with the whole environment - it really is quite spectacular." said George Schrijver, COO of Roadware Group Inc.

About Roadware Group Inc.

Spanning four decades, with a Customer base across four continents, Roadware is the pre-eminent global provider of equipment and services in the automated roadway infrastructure data collection field. Through its flagship system, the Automatic Road Analyzer (ARAN) Roadware offers the most comprehensive and highest quality source of information for roadway infrastructure managers worldwide, providing data collection, data analysis and the manufacture of equipment to monitor roadway condition and collect asset inventory. Visit Roadware Group Inc. at www.roadware.com

About Immersive Media Corp.

IMC is an advanced digital video imaging company. IMC's Telemmersion System captures a global image using multiple video streams arranged according to geodesic geometry. The dodecahedron design captures omni directional video that is seamlessly stitched together and can be viewed live or from a recording. IMC's immersive video provides a view of the entire environment for timely, fact-based decision-making.

The compact size, lightweight and rugged design of the Telemmersion System makes it completely portable and it can be easily mounted on land and airborne vehicles. Applications include: persistent surveillance, integration, commanded control of interactive intelligent databases, scenario modeling, and specialized training.

IMC is a publicly traded Company that is listed under the symbol "IMC" on the TSX Venture Exchange. For more information on IMC and the Telemmersion System, go to: www.immersivemedia.com

Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Immersive Media Corp. at the time of preparation, may be proved to be incorrect. Actual results achieved during the forecast period will vary from the information provided and the variations may be material. There is no representation by Immersive Media Corp. that actual results achieved during the forecast period will be the same in whole or in part as those forecast.

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
    Chief Financial Officer, and Corporate Secretary
    (403) 264-8817
    Web Site: www.immersivemedia.com
    or
    Roadware Group Inc.
    Paul Harbin
    Vice-President, Engineering
    (519) 442-2264