MONTRÉAL, QUÉBEC--(Marketwired - Jan. 24, 2017) - Leading real estate content exchange platform Urbanimmersive Inc. ("Urbanimmersive" or the "Company") (TSX VENTURE:UI)(OTC PINK:UBMRF) today announced select audited financial results and business highlights for the fourth quarter and year ended September 30, 2016. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
2016 Fiscal Highlights:
- Completion of two private placements for gross proceeds of $1,759,240;
- Signature of a 5-year agreement with Centris® to commercialize Urbanimmersive's real estate visual content marketplace;
- Integration of Urbanimmersive's content management system ("CMS") platform into RE/MAX Québec's real estate portal, one of the most visited real estate brokerage websites in Canada and on the website of ProprioDirect, one of Québec's leading real estate brands.
- Signed a memorandum of understanding with RESAAS® for the establishment of an agreement for the integration of the Company's content management system ("CMS") to the RESAAS®' global platform for real estate brokers;
- Launched a pilot project with TC Media, a division of Transcontinental Inc., for the integration of Urbanimmersive's real estate content marketplace and TC Media's solutions for the market of real estate brokers and builders;
- Listing on the US OTC Markets;
- In March 2016, the Company appointed Éric Charbonneau to its Board of Directors. Mr. Charbonneau, currently President of Centris®, has decades of experience and an extensive network of contacts in the real estate industry;
- Engaged Contact Financial Corp. for investor relations, in order to better publicize the developments and vision of Urbanimmersive to the capital markets.
"The Company accomplished much in 2016 and we are well positioned for growth in 2017. We made investments in our business, entered key strategic partnerships and stayed focused on integrating our technology successfully with Centris® in order to show the industry the important benefits of our platform" commented Ghislain Lemire, CEO of Urbanimmersive. "Quite frankly our platform is an efficient, quick and economical solution for real estate professionals to optimize the marketing of their listings and we believe it will soon become an essential technology tool for the real estate industry. We look forward to another successful year where we will continue striving to build shareholder value by delivering quality products and services" added Mr. Lemire.
Customer and Market Developments
During fiscal 2016, the Company solidified its market and financial position. Early in 2016, the Company signed a 5-year partnership agreement with Centris®, the organization that operates the centris.ca® real estate portals and offers technological tools to more than 13,000 real estate agents in Québec. This agreement confirms the interest from leading real estate organizations towards Urbanimmersive's visual content marketplace. The agreement will enable the Company to rapidly deploy its visual content solution throughout Québec's network of real estate agents. Urbanimmersive's visual content marketplace enables real estate agents and home builders to work with trusted content providers and third-party certified technologies. The official launch of the platform with Centris® is scheduled for early 2017.
During fiscal 2016, the Company established business relationships with relevant industry organizations and agencies, such as TC Media and RESAAS®, for its content platform. These strategic partnerships are expected to expand its content marketplace platform and accelerate market penetration. The Company also signed reseller agreements with marketing and web development firms such as Voyou Communication and NIVII. The Company hopes to provide further updates on all fronts in the near future.
During fiscal 2016 the Company improved its balance sheet and is an excellent position to support growth of its content platform in Québec and begin expanding its commercialization outside the Province. In November 2015, the Company completed a private placement in the amount of $364,000 and in July 2016 closed a private placement for $1.4 million. During the fiscal year, the Company issued shares following the exercise of warrants for a total amount of $280,500. Unlike prior years, demand for the private placement equity financing came from across Canada and from a number of participants involved in the real estate sector. The Company has improved its assets by 116%, placing it in an excellent position to support the growth of its place in the business in Québec and the beginning of its marketing outside Québec.
Subsequent to the Fourth Quarter and Fiscal Year 2016
One of the Company's key strategic objectives for fiscal 2017 is commercializing its platform in the United States. To provide greater visibility and easy access for Urbanimmersive's shares in the large U.S. market, the Company applied for listing on the OTC Pink Markets. In January 2017, the application was approved by the Financial Industry Regulatory Authority (FINRA) and, as such, the common shares of Urbanimmersive now trade under the new U.S. symbol "UBMRF".
Urbanimmersive is a content provider marketplace for real estate professionals. The Company connects real estate professionals, photographers and writers in order to simplify and optimize original content production workflow. Urbanimmersive enables its customers to leverage their marketing investment while increasing productivity, competitiveness, their web visibility, consumer engagement with their brand and ultimately, their revenue.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.