Thursday May 26, 2022

104. Urbanimmersive Announces Its 2022 Second Quarter Financial Results

Urbanimmersive Announces Its 2022 Second Quarter Financial Results

SAINT-HUBERT, Quebec, Thursday May 26, 2022 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today announced select financial results and presents business highlights for its second quarter ended March 31, 2022. The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR.

HIGHLIGHTS

1. For its second quarter of 2022 (Q2-22), the Company generated total revenues of $2,182k compared to $982k for Q2-21, an increase of $1,200k or 122%;

2. For Q2-22, the Company sold 3,806 immersive 3D tours compared to 1,122 tours in Q2-21, an increase of 2,684 tours or 239%;

3. In an unfavorable real estate market, in particular with historical-low inventories and number of transactions down 20% over last year combined with high sales turnover, the Company managed to maintain its transactional photography service revenues at last year's level while continuing to migrate its customers to a monthly subscription model;

4. Following the end of the low season as of March 31, 2022, the Company had liquidities totaling $1.2m, a similar level to December 31, 2021 ($1.3m);

5. During Q2-22, the Company has integrated the newly acquired real estate photography agencies into its business solution platform for photographers while developing and launching an innovative online ordering system along with a route optimization tool, an in-house photo editing service based in France and a centralized and automated payroll system for all its pay-per-job employees/freelancers.

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Urbanimmersive media release continues in the We Get Around Network Forum (www.WGANForum.com):

https://www.wegetaroundnetwork.com/topic/16894/page/1/urbanimmersive-announces-its-2022-second-quarter-financial-results/#1

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