MONTREAL, June 21, 2018 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive” or the “Corporation”) (TSX-V:UI) (OTC PINK:UBMRF), the real estate content marketing platform, wishes to provide a business update with respect to Tourbuzz, LLC, its contemplated acquisition previously announced. Urbanimmersive is pleased to inform that it has completed to its satisfaction its due diligence processes and is now entering the final stages of negotiations and closing.
After obtaining a deeper understanding of Tourbuzz through the due diligence process, we have identified that the combined company would support 1500 real estate photographers serving around 61,000 real estate agents, compared to 53 current photographers for Urbanimmersive serving 2500 total real estate agents. Urbanimmersive has also identified that Tourbuzz average monthly revenue per agent is around $4 CAD compared to $52 CAD for Urbanimmersive, further validating the potential synergies of the combined company.
As part of the previously announced private placement intended to be used to finance the acquisition by the Corporation of Tourbuzz, LLC, the Corporation wishes to inform that it has received a senior debt financing proposal for the amount of near $1.6M CAN from a Quebec-based traditional bank, conditional to the acquisition and other usual terms and conditions, which if accepted by the Corporation, would reduce shareholder dilution to complete the minimum required to complete the transaction.
The Corporation also wishes to announce that it has signed a memorandum of understanding with one of the leading real estate portals in North America for a potential partnership with Urbanimmersive, post-transaction to the acquisition of Tourbuzz. The potential partner doesn’t want to be named at this moment and as the discussions are still at an early stage—there is no guarantee the parties will reach an agreement
“We are pleased to see that even before closing the acquisition, the market reach that will have our real estate content marketing platform in North America and the marketing services that it provides to real estate agents are already recognized and valued by one the largest player in the real estate industry. This further validates and reinforce the strategic move taken by Urbanimmersive to acquire Tourbuzz, and we look forward to expeditiously closing this transaction.” Stated Ghislain Lemire, CEO, Urbanimmersive Inc.
The closing of the Private Placement related to the acquisition of Tourbuzz is expected to occur on or about June 27, 2018, and is subject to applicable regulatory approvals, including approval of the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Established in 2008 and based in Atlanta, Georgia, USA, TourBuzz LLC. (www.tourbuzz.net) is the leading real estate photography software solution. Tourbuzz solutions are used by more than 1500 photographer businesses across the United States and Canada, as well as in Great Britain and Australia, performing approximately 250,000 (pay per transaction) photoshoots annually. Tourbuzz’s photographers have uploaded to date more than 32 million photos including videos and panoramas.
Urbanimmersive is a content marketing platform for real estate professionals. The Corporation 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.
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 anticipated benefits of the Transaction for Urbanimmersive, the prospects for the Corporation to enhance operating results; completion and expected timing of the Transaction; whether the terms of the Transaction will be as described in this press release; whether the Transaction will be successful; the receipt of required regulatory approvals (including stock exchange) in respect of the Transaction; 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 Corporation assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the last Corporation's MD&A filed with the Canadian securities commissions. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.
For more information:
President & CEO
514-394-7820 X 202