Former Owner of Imoto, Darryl Glade, Files Lawsuit Against Urbanimmersive
24 Mai 2023 - 3:10PM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) announced today that Darryl Glade,
individually and on behalf of Darryl L. Glade, LLC, along with
Bjarne Haug and Bagmanden, LLC ("Plaintiffs"), have initiated legal
proceedings against Urbanimmersive as former owners of Imoto, LLC.
The plaintiffs allege various contractual breaches and related
claims under the Purchase Agreement between UI and Imoto, as well
as under a separate employment contract with Mr. Glade (Louisiana,
Orleans CDC, Civil Suit No. 2023-0723).
In response to these allegations, Urbanimmersive
maintains that all the plaintiffs' claims are unfounded and result
from Mr. Glade's frustration of not having reached his first-year
earn-out milestone. Urbanimmersive firmly intends to defend itself
against the lawsuit and has referred the case to its insurer, which
has confirmed coverage for legal fees. Additionally, Urbanimmersive
is actively considering all its legal options and defenses,
including counterclaims and third-party actions. Such counterclaims
and third-party actions may include, but are not limited to,
violations of employees' and management's duty of loyalty to Imoto
before and during Urbanimmersive's integration of its business
solution software, as well as the solicitation of Imoto's
contractor photographers, employees, and clients to work with a
competitive vendor. These actions have resulted in rapid and
significant client losses for Urbanimmersive. The Company is
determined to protect its interests and ensure a comprehensive
examination of all relevant facts during the legal proceedings.
About Urbanimmersive
Urbanimmersive develops and commercializes real
estate photography technologies and services focused on redefining
industry visual content standards. The Company's 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's operating segments include
software (SaaS), 3D photography equipment and, in a growing number
of North American cities, technology-powered real estate
photography service business units leading the industry
photo-shoots standards transformation. Learn more at
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:
UrbanimmersiveGhislain LemirePresident & CEO514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA,
CFA, MBAChief Financial Officer514 394-7820
X 224simonbedard@urbanimmersive.com
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