Immersive Media Corp.
TSX VENTURE : IMC

Immersive Media Corp.

May 30, 2005 18:24 ET

Immersive Media Corp. Announces Third Quarter Results

CALGARY, ALBERTA--(CCNMatthews - May 30, 2005) - Immersive Media Corp. (TSX VENTURE:IMC) ("IMC") announced financial results for the period ending March 31, 2005.

IMC has predominantly been in a research and development phase, generating minimal revenues. Total expenses for the three month and nine month period ending March 31, 2005, were $879,000 and $2,546,000 respectively.

As expected, 40% of the expenses were allocated to research and development. In December 2004 we entered into a Master Development Agreement for the development of further products with the agreement based on the calendar year of 2005 for a total commitment of US$845,000. As at March 31, 2005, US$195,000 had already been paid. IMC is anticipating delivery of products under this agreement to begin shipping in June 2005.

The sales and marketing has accounted for approximately 30% of our expenses as we ramp up our sales team and further penetrate our target markets of Situational Awareness, Geospatial Asset Management and Commercial Media.

The balance of expenses related to general and administrative costs. IMC experienced an increase in non-reoccurring expenses relating to our initial public offering March 14, 2005.

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 terrestrial 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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