Date Online: 2020-11-12
SAINT-HUBERT, Quebec, NOVEMBER 12, 2020 - Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF) today announced that it has issued 11,700,000 common shares following the conversion of convertible debentures held by the former owners of Tourbuzz totaling $1,462,500 and converted at a price of $0.125 per share as stipulated in the terms and conditions of the convertible debenture. This transaction will allow the Company to immediately reduce its long-term debt by $1.46 million and its interest expense by $146k per year.
In addition, more than 5.3 million of the issued shares were subsequently acquired by employees of the Company while 3.9 million shares were acquired by an US-based investment fund which also acquired a convertible debenture with a par value of $488k. The US-based investment fund has also committed to convert an additional $195k in the short term under certain conditions.
"We are very pleased to have completed this transaction which provide us more financial flexibility to execute our business plan, reduce our debt and increase control over our shareholder base. This transaction represents an important initial step that will help us in the future with our objective of optimizing our capital structure. In addition, the meaningful participation of our employees demonstrates their high level of confidence in the Company and its business plan, "said Simon Bedard, CFO of Urbanimmersive.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm's core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. 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