SAINT-HUBERT, Quebec, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce today a general business update of its activities as the Company accelerate onboarding of new noticeable clients in the real estate market and other verticals while scaling volume and use of UiMeet3D through its monthly subscription packages.
Some of those recent highlights are included as follows:
Real Estate Marketing: Offerpad
Offerpad Solutions Inc. (‘Offerpad’) (NYQ: OPAD), a leading real estate solutions platform which empowers homeowners to buy and sell properties online quickly and easily, has recently started using Urbanimmersive’ 3D tours in some of their geographic locations (www.offerpad.com). UI's 3D tour capture quick processing time and 2D editable floor plans have proved to generate Offerpad significant productivity gains while compared to competitive solutions. As each of Offerpad transactions require the production of a 3D tour for the acquisition of the property and an additional one for marketing purpose, a full rollout of UI's 3D tours within Offerpad operations should translate in a potential of 40,000 3D tours per year for Urbanimmersive, representing approximately $US 1.6M in annual revenues. Even though both parties have signed an agreement establishing a mutual collaboration and agreed on a roll-out calendar, nothing guarantees that Offerpad will complete the full roll-out of UI's 3D tours within their operations neither keep using Urbanimmersive technology for their actual locations.
Asset Management: Alimentation Couche-Tard
The Company is pleased to announce Alimentation Couche-Tard has recently started using UI's 3D tours to remotely manage all of its stores with regards to maintenance and refurbishment planning, among other things, with its goal to have a digital twin of all of its 14,200 convenient stores around the world. The possibility of UI's technology of archiving 3D tours for offline usage and the fully integrated 2D editable floor plans of scanned spaces have been key elements in their decision to choose Urbanimmersive's 3D technology. Alimentation Couche-Tard is a global leader in convenience sand fuel retail, operating in 26 countries and territories, with more than 14,200 stores, of which approximately 10,800 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the world employing approximately 124,000 people through its extended network (www.corpo.couche-tard.com/en/).
Commercial Real Estate : NAI Terramont Commercial
The Company is pleased to announce that NAI Terramont Real Estate Commercial (‘Terramont’) has recently started using both Urbanimmersive 3D tours and UiMeet3D subscription packages for all of its commercial properties in the province of Quebec. Terramont is one of the largest commercial real estate brokerage firms in the Montreal area and is part of the NAI international network covering 375 offices in 36 countries with more than 6,000 brokers specialized in commercial real estate and annual transaction volume exceeding $ 20 billion (www.naiterramont.ca/en_us/). One key element of NAI Terramont in their decision to switch to UI's 3D tours has been the unique capability of Urbanimmersive's technology of generating extremely large and precise 2D editable floor plans of commercial spaces.
Local Merchant Market: Tuango
The Company is pleased to announce that Tuango, an e-commerce marketplace connecting consumers with local merchants by offering coupons and marketing services has recently started offering Urbanimmersive 3D tours for their Hotel & Resort packages. The package will include a 3D tour of the hotel, UiMeet3D avatars and interactive UiTags to better engage users. UiMeet3D avatars and the capabilities to gamify 3D tours using interactive UiTags have been key elements in Tuango decision to select Urbanimmersive's 3D technology. The capability to brand 3D tours using 3D Pocket Website design overlay skins has also played an important role in their decision. Tuango is a leading e-commerce platform in the province of Quebec (www.tuango.ca/en).
Asset Management: Centriq
The Company is pleased to announce that Centriq, an all-in-one home appliances management solution for property managers will include Urbanimmersive 3D tours within their product offering (www.mycentriq.com). The collaboration will enable property managers to better manage all information related to home appliances by providing 3D contextualized visual contents of all its appliances. Both parties are currently working together to integrate and promote Urbanimmersive 3D tours to be added on Centriq home app in markets with dual need for 3D tours which will include residential long-term rentals (i.e. SFR & apartments), short-term rentals (i.e. hotels & resorts), building management (i.e. multi-tenant office buildings) as well as any organizations with multiple locations that centrally managed such as offices and commercial (banks, retail chains, convenience stores, etc.). The high customization capabilities of UI's 3D tours hot spot (UiTag) have been the key element in their decision to select UI 3D technology.
Asset Management: Train Wagons
The Company is pleased to announce that one of the largest passenger rail service companies in Canada has recently started using UI's 3D tour with regards to maintenance and refurbishment planning of their train wagons. The train wagon company, that can't be named for now, has acquired Urbanimmersive’ 360 hardware, training and license to be totally independent in the 3D scanning and documentation of their 3D tours. The ability to easily archive 3D tours has been a key element in their decision to select Urbanimmersive technology.
Home Builders: Bonneville Homes
The Company is pleased to announce that Bonneville Homes, the largest pre-fabricated homes for sale business in Quebec is in the process of digitalizing all of its pre-fabricated model homes with the goal of using UiMeet3D for remotely assisting, guiding and informing online visitors through the virtual 3D visit of the homes (www.maisonsbonneville.com/en). The ability to greet, meet and interact with online visitors through UiMeet3D has been the key element of Bonneville Homes to extend their usage of Urbanimmersive' 3D technology.
The Company is pleased to announce the signature of three (3) binding Letter of Intents (LOI) with well-established real estate photography businesses in strategic locations in Canada and United States. Those contemplated acquisitions, which are all profitable, have generated total revenues of approx. $5.6M over the last twelve months and should, when and if completed, allow Urbanimmersive to accelerate the adoption of its UiMeet3D monthly subscription plan. Total purchase price for those contemplated accretive acquisitions is approx. $6.6M plus contingent earn-outs driven by both photography service and SaaS revenue growth milestones, and should be paid through a mix of Company’s liquidities, long-term debt and shares issued to the sellers. Closings of those acquisitions are expected for the end of this calendar year but no later than the beginning of 2022. The Company is still conducting due diligence and nothing guarantee the closing of any of those acquisitions.
The Company wishes to announce that Q4-21 and 2021 audited annual financial results should be released on January 13, 2022, once the financial integration and record of the recent acquisitions and the ongoing annual financial audit are completed.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
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.
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