Urbanimmersive Acquires HomeVisit from Canadian Business Journal CoreLogic

OCTOBER 11, 2022 ST. HUBERT, Quebec (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive”, “Company” or “UI”) (TSX VENTURE (“TSXV”): UI) (OTCQB: UBMRF) , is pleased to announce that it has signed a definitive purchase agreement to acquire all ownership interest in the real estate photography agency. HOMEVISIT, LLC (“home visit”) from CoreLogic Solutions, LLC (“core logic”) for an aggregate purchase price of $9,000,000 CAD, to issue shares of our common stock representing 19.9% ​​of the shares outstanding on an undiluted basis of the closing price, at a price per share equal to the closing price-weighted average closing price; To do. the price of our common stock on TSXV on the five trading days immediately preceding the closing date, less any applicable discounts under the TSXV discount rules; The balance of the purchase price capitalized in the bond, bearing interest at 7.50% per annum from the issuance. Working capital of US$1,200,000 must be provided by HomeVisit at closing. This note (along with capitalized interest) can be repaid partially or fully in cash by Urban Immersive at any time prior to maturity. All shares issued are subject to a minimum holding period of four months. CoreLogic has the right to appoint up to two directors or observers to the Urbanimmersive Board of Directors. Closing of this transaction at arm’s length is subject to TSXV approval and other customary closing conditions.

HomeVisit is a leading provider of real estate solutions focused on visual content marketing, including property listing photography, videography, 3D tours, drone images, printing services, and other related services, December 31, 2021 Assets were $2 million and liabilities were $1.7 million in the last unaudited fiscal year ended in .

The acquisition of HomeVisit will be Urbanimmersive’s most significant acquisition since its inception in 2007. UI management also believes this is the most strategic acquisition as it significantly expands the company’s presence in many parts of the United States and brings new products. We are gearing up for significant growth and cross-selling opportunities with CoreLogic Group.

HomeVisit was acquired by Corelogic in 2019. CoreLogic is a leading global provider of real estate information, analytics and data-enabled solutions headquartered in Irvine, California (USA). Real Estate and Mortgage Finance, Insurance, Capital Markets, and Public Sectors, and the number one provider of multiple listing technologies in North America. CoreLogic serves more than 1.2 million real estate professionals through data-driven insights, helping clients make informed decisions (www.corelogic.com ).

As with all previous Urbanimmersive acquisitions, the HomeVisit brand will continue to be at the forefront of customers. All of HomeVisit’s day-to-day operations will be integrated into Urbanimmersive’s photo enterprise resource planning application in the coming months. Once complete, HomeVisit customers will be able to take advantage of UI’s online ordering system for a guaranteed time booking experience, an easy-to-order 3D marketing package, and a UiMeet3D videoconferencing prime subscription.

“Today, we are pleased to welcome HomeVisit, an established and respected brand in the industry, to Urbanimmersive’s portfolio of brands. While this acquisition is expected to be the clear leader in North America as a technology-enabled real estate photography services business, the deal with CoreLogic provides the leeway needed to build value for investors. We will refrain from using working capital in the short and medium term to give you the best of both worlds, and we are pleased to welcome CoreLogic as a strategic partner and shareholder of Urban Immersive.

“Together with the HomeVisit and CoreLogic teams, we are very pleased to partner with Urbanimmersive Group. It clearly demonstrates that it has robust business solutions to add value to the experience.We couldn’t find a better person to look after HomeVisits customers,” said CoreLogic’s manager. Zing Director Devi Mateti said.

TSX Venture Exchange and its regulated service providers (as defined in the TSX Venture Exchange Policy) make no representations or warranties for the adequacy or accuracy of this release.

TV telephone conference for investors
UI will host a video conference on Tuesday, October 11, 2022 at 1:30 PM ET to discuss this press release and answer questions. To join the video conference please use the following link: https://urbanimmersive.zoom.us/j/88948863531.

About home visits
HomeVisit, located in Chantilly, Virginia, USA, is a leading provider of marketing-focused real estate solutions, including property listing photography, videography, 3D tours, drone imaging, printing services, and other related services. For more information, please visit https://www.homevisit.com/en-US.

About Urban Immersive
Urbanimmersive develops and commercializes real estate photography technology and services focused on redefining the standards of visual content in the industry. Our all-in-one platform enables high-volume photography businesses to deliver feature-rich 3D tours and floor plans, state-of-the-art real estate websites, and high-resolution AI-indexed images to improve operational productivity. I can do it. Our business segments include software (SaaS), 360 camera hardware, and a real estate photography services business unit powered by technology that is leading the transformation of industry photography standards in an increasing number of North American cities. . For more information, please visit https://www.urbanimmersive.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release, other than statements of historical fact, are forward-looking information that is subject to various risks and uncertainties. Among other things, such statements regarding the prospects for the company to improve its performance 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 the information contained herein. There is no guarantee that such statements are 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 management’s estimates and opinions as of the date they are made and are expressly qualified in their entirety by this notice. We undertake no obligation to update any forward-looking statements if circumstances or management’s estimates or opinions change.

For more information, please contact:

Urban Immersib Co., Ltd.
Gislan Lemir
President and CEO
514-394-7820×202
[email protected]

Simon Bedert, California, CPA, CFA, MBA
CFO
514 394-7820×224
[email protected]

CBJ Newsmaker