Date Online: 2022-02-24
SAINT-HUBERT, Quebec, Feb. 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.
- 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.
SELECTED FINANCIAL INFORMATION
* Fo r Q1-22, EBITDA has been adjusted for acquisition and restructuring costs ($93k). For Q1-21, EBITDA has been adjusted for costs of setting up a subsidiary ($17k) and legal fees incurred for listing on the OTCQB market ($17k)
"During the last quarter, we continued to execute our accelerated growth plan and succeeded in completing, with the support of our financial institution, as much as seven business acquisitions, in addition to the three acquisitions completed in June 2021. Those strategic acquisitions should allow us both to offer a complete and unique set of 100% 'in house' products and services, to benefit from revenue synergies and efficiency gains, to significantly increase our revenues, improve our profitability, increase our visibility on the market and consolidate further our leadership position", said Simon Bédard, Chief Financial Officer of Urbanimmersive.
"During the most recent quarter, we were able to show to the market the unique appeal of our innovative 3D solutions and all of its competitive advantages, whether through our selection for the REACH Canada program or through the new partnerships announced with industry leaders. In addition, the success related to the integration of our recent acquisitions solidifies the pursuit of our strategic plan and even though we are still navigating in a particularly challenging real estate market with historically low inventories and number of transactions, we could not be better positioned to reap benefits of an eventual come back to more favorable market conditions and increase our market share”, said Ghislain Lemire, President and CEO of Urbanimmersive.
The Company has also issued 36,528 shares at a price of $0.53 to some Officers and employees as variable compensation covering the most recent quarter.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Investor Video Conference Call
UI will be hosting a video conference to discuss those first quarter financial results and answer questions at 1p.m. (ET) on Thursday, February 24, 2022. To participate to the video conference, please use this link.
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), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. For more information, visit 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:
President & CEO
514 394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224