Date Online: 2023-05-24
Saint-Hubert, Quebec, May 24, 2023 - Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) announced today that Darryl Glade, individually and on behalf of Daryl L. Glade, LLC, along with Bjarne Haug and Bagmanden, LLC ("Plaintiffs"), have initiated legal proceedings against Urbanimmersive as former owners of Imoto, LLC. The plaintiffs allege various contractual breaches and related claims under the Purchase Agreement between UI and Imoto, as well as under a separate employment contract with Mr. Glade (Louisiana, Orleans CDC, Civil Suit No. 2023-0723).
In response to these allegations, Urbanimmersive maintains that all the plaintiffs' claims are unfounded and result from Mr. Glade's frustration of not having reached his first-year earn-out milestone. Urbanimmersive firmly intends to defend itself against the lawsuit and has referred the case to its insurer, which has confirmed coverage for legal fees. Additionally, Urbanimmersive is actively considering all its legal options and defenses, including counterclaims and third-party actions. Such counterclaims and third-party actions may include, but are not limited to, violations of employees' and management's duty of loyalty to Imoto before and during Urbanimmersive's integration of its business solution software, as well as the solicitation of Imoto's contractor photographers, employees, and clients to work with a competitive vendor. These actions have resulted in rapid and significant client losses for Urbanimmersive. The Company is determined to protect its interests and ensure a comprehensive examination of all relevant facts during the legal proceedings.
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 Ghislain Lemire President & CEO
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer