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SAINT-HUBERT, Quebec, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce having completed the acquisition of all the limited partnership interests of the real estate photography agency Virtual Access Tours LP ('VAT') for a purchase price of $CAD 961k ($449k paid in cash and $513k paid through the immediate issuance of 585,829 shares of the Company at a price of $0.875 per share) plus contingent share payments (earn-outs) totaling up to $US 450k, with up to $US 225k payable in 12 months and up to $US 225k payable in 24 months, both share payments being conditional on VAT minimum revenue growth milestones to be met over the next two years. All shares issued today are subject to a 12-month lock-up period until December 3rd, 2022.
This new acquisition reaches a new milestone in the Company’s growth plan with its first real estate photography full-service business acquired in the United States. VAT, a client of Urbanimmersive, founded in 2004 and based in Jackson, New Jersey, is a well-established and well-known full-service real estate marketing firm offering state-of-the-art photography and virtual tours, automated marketing systems, web site designs, floor plans and myriad of other marketing services to help realtors market themselves and their listings better. VAT is strategically located in between high-density regions of New York City and Philadelphia. VAT revenues for its last fiscal year were totaling $US 559k.
"We are proud of having acquired Virtual Access Tours, a long-standing client of Urbanimmersive which is a strong promotor of our 3D marketing solutions, including UiMeet3D, and to welcome Michael and Cathy Basch, former owners of VAT to our team. This strategic acquisition also opens up new growth and cross-selling opportunities in the North-Eastern US territory”, said Ghislain Lemire, President and CEO of Urbanimmersive.
"We are delighted to join the Urbanimmersive Group, a leader in real estate 3D marketing solutions which shall enhance our marketing product offering with their innovative 3D solutions and assist us in growing our business further”, said Michael Basch, President of Virtual Access Tours.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the adequacy or accuracy of this release.
About Virtual Access Tours
Virtual Access Tours, founded in 2004, is a full-service real estate photography service based in the state of New Jersey, having completed over 2,000 photo shoots in the past year. To learn more, visit https://www.virtualaccesstours.com/.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation.
Caution of Forward-Looking Statements
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.
For more information, please contact:
President & CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224