Urbanimmersive Announced Payment Of Convertible Debenture Interests In Shares

LAVAL, Quebec, July 02, 2020 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF), the leading real estate content marketing platform, today provides a corporate update.

Urbanimmersive announces payment of convertible debenture interests for the 6-months period ended June 30, 2020. Following the TSX Venture Exchange's approval, the Corporation has issued 5 036 104 common shares at a price of $0.045 per common share in settlement of a debt totaling $226,625 in favor of Convertible debenture holders. The Corporation has decided to issue the common shares to preserve its cash assets.

The Company has also issued 371 000 shares at a price of $0.045 to Officers and consultants to compensate for the temporary cost-cutting measures taken by the Company in the third quarter of 2020 and which is subject to a 4-month hold period from the date of issuance.

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

About Urbanimmersive

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 www.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:

Urbanimmersive Inc.

Ghislain Lemire
President & Chief Executive Officer
514-394-7820 X 202
ghislainlemire@urbanimmersive.com

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
simonbedard@urbanimmersive.com