InvestmentPitch Media Video Discusses Urbanimmersive’s Purchase Agreement for Acquisition of the Interests of Real Estate Photography Agency, HomeVisit, LLC from CoreLogic Solutions, LLC
12 Oktober 2022 - 12:30PM
Urbanimmersive Inc. (TSXV:UI) (OTCQB:UBMRF) has signed a final
purchase agreement for the acquisition of all the interests of the
real estate photography agency, HomeVisit, LLC from CoreLogic
Solutions, LLC. HomeVisit, based in Chantilly, Virginia, is a
leading provider of visual content marketing real estate solutions,
including property listing photography, videography, 3D tours,
drone imagery, printing services and other related services.
A Media Snippet accompanying this announcement is
available by clicking on the image or link below:
For more information, please view the
InvestmentPitch Media video which provides additional information
about this news and the company, along with video comments from
Ghislain Lemire, Urbanimmersive’s President & CEO. The video is
available for viewing on “InvestmentPitch.com” and
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HomeVisit generated unaudited revenues of US$7.83
million or approximately CAD$9.8 million, for the fiscal year ended
December 31, 2021, with assets of US$2.0 million and liabilities of
US$1.7 million.
The total purchase price of CAD$9 million will be
partially paid through the issuance of the company's common shares
equal to 19.9% of the shares outstanding on a non-diluted basis at
closing, based on the volume weighted average closing price, less
any applicable discount as allowed by the TSX Venture Exchange. The
balance of the purchase price will be settled through the issuance
of a 5-year Secured Promissory Note, bearing interest at 7.50% per
annum, which will be capitalized and added to the note, both of
which can be paid in cash, either partly or in full, prior to
maturity.
In addition, at closing, Urbanimmersive will
receive $1.2 million US dollars in working capital from
HomeVisit.
Devi Mateti, Managing Director at CoreLogic,
stated: "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
HomeVisit's customers.”
This acquisition will certainly complement
Urbanimmersive’s all-in-one platform which enables high-volume
photography businesses to increase operational productivity by
delivering feature-rich 3D tours and floor plans, leading-edge
property websites and high-resolution AI-indexed images.
The company’s operating segments include software
as a service (SaaS), 360 camera hardware and, in a growing number
of North American cities, technology-powered real estate
photography service business units.
Like all previous 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, and upon completion, HomeVisit's customers will
benefit from its online ordering system offering Guaranteed Hours
Booking experience, easy-to-order 3D marketing packages and
UiMeet3D video conferencing.
The shares are trading at $0.39.
For more information, please visit
www.urbanimmersive.com, contact Ghislain Lemire, President &
CEO, at 514-394-7820 ext 202 or email
GhislainLemire@urbanimmersive.com, or contact Simon Bédard, CFO, at
514-394-7820 ext 224 or email SimonBedard@urbanimmersive.com.
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