Date Online: 2021-09-23

SAINT-HUBERT, Quebec, Sept. 23, 2021 -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce its intention to consolidate all of its issued and outstanding common shares on the basis of one new common share for every 5 existing common shares. The Consolidation was previously approved by the Company's shareholders at the annual and special meeting held on March 30, 2021.

The intended Consolidation would result in the number of issued and outstanding common shares being reduced from 152,378,455 existing shares to approximately 30,475,691 new shares. The exercise or conversion price of warrants and options, and the number of common shares issuable under, will also be proportionately adjusted upon the completion of the Consolidation. No fractional shares will be issued as a result of the Consolidation. All fractions of new shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares.

This Consolidation should provide larger access to Canadian and US trading platforms as well as greater access to investors, brokers, and financial media outlets which should increase the Company’s visibility and awareness.

The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The Company will be obtaining a new set of CUSIP and ISIN numbers for the Consolidation. The effective date for the Consolidation and the new CUSIP and ISIN numbers will be September 28, 2021. The Company anticipates that its current name and trading symbol will remain unchanged.


TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.


Acquisition line of credit

In order to provide additional financial flexibility to execute its growth plan, the Company has secured with its senior lender a $2.0M acquisition line of credit to be used at any time for further acquisitions, when and if needed, based on market conditions. The acquisition line of credit can be used to finance up to 50% of any acquisition with a maximum of 3.0x the target EBITDA. Any acquisition line of credit drawing will be converted immediately into a term loan amortized over 5 years and bearing interest at the financial institution base variable rate + 4.50%.

Additional disclosure
With regards to the March 9, 2021 press release on the conversion of convertible debentures, the Company has issued a total of 298,211 common shares at a price of $0.22 per common share in settlement of a debt totaling $65,606 in favour of convertible debenture holders.


About Urbanimmersive

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), 3D photography equipment and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. Learn more at urbanimmersive.com .


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:

Urbanimmersive Inc.
Ghislain Lemire
President & CEO
514-394-7820 X 202


Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224



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