Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX
VENTURE (“TSXV”): UI) (OTCQB: UBMRF) is pleased to announce having
signed a final purchase agreement for the acquisition of all the
interests of the real estate photography agency,
HOMEVISIT,
LLC (“
HomeVisit”
) from
CORELOGIC SOLUTIONS, LLC
(“
CoreLogic”) for a total purchase price of $CAD
9,000,000 paid through 1) the issuance of Company’s common shares
equal to 19.9% of the shares outstanding on a non-diluted basis at
closing, at a price per share equal to the volume weighted average
closing price of the Company’s common shares on the TSXV for the
five trading days immediately prior to the Closing Date, less any
applicable discount under the TSXV discount rule and 2) through the
issuance of a 5-year Secured Promissory Note (“Note”) for the
balance of the purchase price, bearing interest at 7.50% per annum
and capitalized to the Note. A working capital of $US 1,200,000
will have to be delivered by HomeVisit at closing. The Note (along
with the capitalized interests) can be repaid in cash partly or
fully at any time by Urbanimmersive prior to maturity. All shares
to be issued are subject to a 4-month minimum holding period.
CoreLogic will have a right to nominate up to two Board members or
observers on the Board of Directors of Urbanimmersive. Closing of
this transaction at arms’ length is subject to the approval of the
TSXV and other customary closing conditions.
HomeVisit is a leading provider of visual
content marketing focused real estate solutions, including property
listing photography, videography, 3D tours, drone imagery, printing
services and other related services and having generated revenues
of $US 7.83M (~ $CAD 9.8M) for its last unaudited fiscal year ended
December 31, 2021, with assets of $US 2.0M and liabilities of $US
1.7M.
The acquisition of HomeVisit will be the most
important acquisition made by Urbanimmersive since its inception in
2007. It is also considered by UI’s management to be the most
strategic one as it will significantly expand the Company’s
presence in many regions in the US, brings new product offerings
and is setting the table for significant growth and cross-selling
opportunities with CoreLogic Group.
HomeVisit was acquired by Corelogic in 2019.
CoreLogic is a leading global property information, analytics, and
data-enabled solutions provider, headquartered in Irvine, CA
(USA), operating in North America, Western Europe and Asia Pacific,
covering markets such as real estate and mortgage finance,
insurance, capital markets and public sectors and being the #1
provider of multiple listing technology in North America. CoreLogic
serves over 1.2 million real estate professionals through
data-driven insights to help clients make informed decisions
(www.corelogic.com).
Like all previous Urbanimmersive acquisitions,
the HomeVisit brand will remain in the forefront to customers. All
day-to-day operations of HomeVisit will be integrated on
Urbanimmersive’s Photography Enterprise Resource Planning
application in the upcoming months. Once completed, HomeVisit’s
customers will benefit from UI’s online ordering system offering
Guaranteed Hours Booking experience, easy-to-order 3D marketing
packages and UiMeet3D video conferencing Prime Subscriptions.
“We are excited to welcome HomeVisit, a well
established and respected brand in the industry to Urbanimmersive’s
portfolio of brands today. While this represents a significant
acquisition that is expected to double the revenues of the
Urbanimmersive Group and makes us a clear leader as a tech-powered
real estate photography service business in North America, we are
proud of having reached with CoreLogic a transaction which will
enable us to not use our working capital in short and mid-term,
giving us the necessary leeway to build value for our investors. We
are also happy and feel privileged to welcome CoreLogic as a
strategic partner and shareholder of Urbanimmersive”, stated
Ghislain Lemire, President and CEO of Urbanimmersive.
"I am very pleased, along with our HomeVisit and
CoreLogic teams, to partner with Urbanimmersive Group. For us,
Urbanimmersive has clearly demonstrated to have robust business
solutions to successfully integrate HomeVisit, add value to our
mutual customers buying experience while bringing state-of-the-art
3D and floor plan solutions. We could not have found better hands
to take care of our HomeVisits’ customers”, said Devi Mateti,
Managing Director at CoreLogic.
The TSX Venture Exchange and its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts no responsibility for the adequacy or
accuracy of this release.
Investor Video Conference
CallUI will be hosting a video conference to discuss this
press release and answer questions at 1.30 p.m. (ET) on Tuesday,
October 11, 2022. To participate to the video conference, please
use the following link:
https://urbanimmersive.zoom.us/j/88948863531.
About HomeVisitHomeVisit,
located in Chantilly, Virginia (USA), is a leading provider of
marketing focused real estate solutions, including property listing
photography, videography, 3D tours, drone imagery, printing
services and other related services. For more information:
https://www.homevisit.com/en-US.
About
UrbanimmersiveUrbanimmersive 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. For more information:
https://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, please
contact:
Urbanimmersive Inc. Ghislain Lemire President
& CEO 514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBAChief Financial
Officer514 394-7820
X 224simonbedard@urbanimmersive.com
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