LAVAL, Quebec, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”)
(TSX VENTURE: UI.V) (OTC PINK: UBMRF), the real estate content marketing platform, today announces record revenue of $1,292,401 for
the quarter ended December 31, 2018.
HIGHLIGHTS
- Record revenue of $1,292,401 with a growth of $885,000 or 218%, including an organic growth of 31%, for the three-month
period ended December 31, 2018, compared to the three-month period ended December 31, 2017;
- Record gross profit of $752,000 for the three-month period ended December 31, 2018, compared to $11,000 for the three-month
period ended December 31, 2017;
ACHIEVEMENTS
“This record in the quarterly revenue results further confirms our growth strategy and demonstrate that we are
on the right path. Our continuous efforts in concentrating our resources on higher-margin products coupled with Tourbuzz
acquisition numbers are starting to show tangible results.” said Ghislain Lemire, Urbanimmersive’s president and chief
executive officer. “We believe that the growth of our revenues, the ongoing integration of the North American clientele on
Urbanimmersive’s platform and the creation of synergies following the acquisition of Tourbuzz will enable us to achieve
profitability in short and medium term.” Added Ghislain Lemire.
During the last quarter, the Corporation realized synergies following the acquisition of Tourbuzz which
management estimates will reduce operating by approximately US$1,200,000 per year. The Corporation has sunset some Tourbuzz
products and laid off engineers and managers who were dedicated to these projects. In addition, the Corporation has concluded an
agreement to terminate the lease of Tourbuzz’s facilities in Atlanta, resulting in additional savings. The Corporation’s next goal
will be to focus on high-margin products and services to improve its financial performance.
The acquisition of Tourbuzz allowed Urbanimmersive to become the leading visual content independent network in
North America. This leading position now enables Urbanimmersive to open partnership discussions with different real estate
organization groups by the fact the Corporation can distribute and promote services in practically every city in North America. The
recent Image Data Feed Agreement with Zillow’s announcement is a good example and the Corporation intends to continue further
discussions with Zillow and other major groups to leverage this leading market position.
The acquisition of Tourbuzz has also allowed Urbanimmersive to have access to highly valuable intellectual
property related to image recognition machine learning Artificial Intelligence image recognition projects done by Tourbuzz. The
Corporation has recently announced its intention to pursue the development of this AI technology in its office of Montreal with the
goal of further transforming Urbanimmersive into an even more progressive real estate content marketing company using natural text
languages to assist production of storytelling contents.
SELECTED FINANCIAL INFORMATION
| |
Three-month
period ended
December 31, 2018 |
Three-month
period ended
December 31, 2017 |
| |
$ |
$ |
| Revenue |
1,292,409 |
406,652 |
| Cost of sales |
540,090 |
395,550 |
| Gross profit |
752,319 |
11,102 |
| Operating expenses |
1,180,443 |
358,815 |
| Other expenses (revenues) |
(1,090,791) |
23,933 |
| Net earnings (loss) and comprehensive income (loss) |
662,667 |
(371,646) |
| Basic and diluted net earnings (loss) per common share |
0.01 |
(0.01) |
The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR
at www.sedar.com.
ABOUT URBANIMMERSIVE
Urbanimmersive is a content provider marketplace for real estate professionals. The Company connects real estate
professionals, photographers and writers in order to simplify and optimize original content production workflow. Urbanimmersive
enables its customers to leverage their marketing investment while increasing productivity, competitiveness, their web visibility,
consumer engagement with their brand and ultimately, their revenue.
For more information, please contact:
Urbanimmersive Inc.
Ghislain Lemire
President & CEO
514-394-7820 X 202
ghislainlemire@urbanimmersive.com
www.urbanimmersive.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this
release.
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.
