12:35 PM EDT, 06/22/2021 (MT Newswires) -- Urbanimmersive Inc. (UI.V), up 6% in afternoon trade, announced provided an operational update.
The board has approved a growth plan which aims at accelerating Urbanimmersive's revenues and profitability. While the new plan will still be focusing on increasing organic SaaS business revenues for 3D tours, property websites, floor plans and UiMeet3D subscriptions, the plan will now allow Urbanimmersive's management to acquire established real estate photography agencies in select territories, both in North America and globally.
The company will launch this new plan with the acquisition of a group of four photography agencies for which two have already signed a binding LOI. These first contemplated acquisitions have generated cumulative pre-synergies revenues of $2.4 million based on their last fiscal year figures, including $1.7 million for the two with a signed LOI, and during very low inventory of homes for sale.
The acquisitions will be paid with a mix of cash and shares. UI will not need to raise funds to proceed with these acquisitions and will still have sufficient liquidities post-transaction to extend the plan and grow the business organically. Closing of the acquisitions is expected over the next few weeks..
General Business Update
The company's overall business continues to grow and has seen 3D tours revenues increase by 30% year-over-year.
UI, through its patent agent Norton Rose Fulbright, has filed a second patent in the U.S. for its UiMeet3D application for upcoming features to be released.
"We are very pleased to have filed a second patent application in the U.S. with regards to UiMeet3D. When considering the uniqueness of our interactive 3D meetings (UiMeet3D) using avatars, its strong demand so far and great potential, we want to make sure to protect further our investments in technologies, product developments and intellectual properties. We will also continue to evaluate whether additional patents applications filings are relevant in the near future as we progress with our innovations and improvement of our 3D solutions", stated Ghislain Lemire, President and Chief Executive Officer of Urbanimmersive.
3D Dollhouse Feature
One of the most requested feature of a 3D virtual tour technology is the capability to showcase a home for sale as a dollhouse toy. The company has developed this featyure which will roll out soon on all 3D tours ordered with a floor plan. This improvement will enable Urbanimmersive 3D tours to compete head-to-head on basic features with the largest 3D tour brands in the market, the company noted.
UI has also signed a memorandum of understanding (MOU) with Bright MLS's real estate service to integrate and offer its 3D solutions (3D tours, UiMeet3D) within their platform.
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