70. Urbanimmersive Announces its 2022 First Quarter Financial Results

Urbanimmersive Announces its 2022 First Quarter Financial Results

SAINT-HUBERT, Quebec, Thursday, February 24, 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 first quarter ended December 31, 2021. The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at SEDAR.

HIGHLIGHTS

- For Q1-22, the Company generated total revenues of $995k compared to $897k for Q1-21, an increase of $98k or 10.9%;

- In Q1-22, the Company sold 1,823 immersive 3D tours ($73k) compared to 552 tours ($22k) in Q1-21, an increase of 1,271 tours (+$51k);

- In Q1-22, the Company launched its premium monthly subscription program UiMeet3D with more than 25% of its customers having already adopted it after 3 months;

- During the quarter, the Company completed the acquisition of 7 businesses in North America, including 6 businesses offering real estate photography services (Immophoto, Tours Virtuales, Virtual Access Tours, Imoto and Agento Marketing) as well as a marketplace platform (RocketPhoto). Those acquisitions represent a total purchase price of $10.3m and were financed by a combination of a term loan of $2.0m, the issuance of 5.7m shares at an average price of $0.84 ($4.8m), Company's liquidities ($0.6m), a balance of purchase of $0.2m as well as growth driven earn-outs of a total value of $2.7m. Total sales of those acquired businesses totalled $6.3 million for their last fiscal year which add up to the 3 businesses acquired in June 2021, namely EGP, La Clique Mobile and Graphique ID, with last fiscal year total sales of $1.6m;

- The Company announced several new partnerships during the quarter that should fuel growth in sales of immersive 3D tours, notably with Offerpad (NYSE: OPAD), Alimentation Couche-Tard (TSE: ATD), NAI Terramont, Via Rail, Tuango and Maisons Bonneville;

- The Company was selected into the 2021 REACH Canada Accelerator Program (developed by Second Century Ventures, the strategic investment arm of the National Association of REALTORS®) which completed a $127k private placement.

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