Not for distribution to United States newswire service or for dissemination in the United States
SAINT-HUBERT, Quebec, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” “the Company,” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF), a provider of 3D digital twin solutions for real estate marketing, announces its engagement of Joseph Gunnar & Co, LLC, a US investment bank, for capital market advisory and investment banking services to raise up to $US 11 million in equity financing. The capital market advisory services aimed at exploring alternatives available to Urbanimmersive to improve its market visibility and stock liquidity, broaden its access to capital in the US and internationally and/or alternatives to leverage the Company’s shareholder value. This contemplated equity financing is intended to raise up to $US 11 million and based on ongoing proposed alternatives currently under evaluation. This financing will be realized on a best-effort basis and may include up to $US 1.0 million of convertible debenture as short-term bridge financing, with terms and conditions to be defined based on market conditions. The net proceeds of this equity financing, if completed, will be allocated towards the Company’s general working capital, growth initiatives, marketing activities, and repayment of certain debts.
Joseph Gunnar & Co., LLC established in 1997, headquartered in New York City and member of FINRA & SIPC., is a full-service broker-dealer offering a full array of investment products and services to both private and corporate clients.
The Company wishes to clarify that while we are pursuing this equity capital market advisory strategic review and financing initiative, there can be no assurance that this process will be successful or that the intended objectives will be met. Additionally, during this process, Urbanimmersive will not provide regular updates except as required by securities regulations and will communicate further information at appropriate junctures as dictated by regulatory obligations. It is possible that this process pursued by the Company requires various regulatory requirements and approvals, including but not limited approvals by the Securities and Exchange Commission and TSX-V, and there is no guarantee that the Company can meet those requirements.
Simon Bédard, Chief Financial Officer of Urbanimmersive, commented, “We believe this process is made possible by the recognition from sophisticated investment bankers and investors of the significant market potential of our latest innovation, the 3D Video Fusion (3D VF), and the competitive advantage of our vertical technological integration completed in 2023, following our acquisition of HomeVisit from CoreLogic. While we view this overall process as important and promising, we must caution our stakeholders that it might be subject to regulatory requirements and approvals and there is no guarantee of its successful completion.”
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Not for release or distribution in the United States
This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.
About Urbanimmersive
Urbanimmersive 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), 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:
Ghislain Lemire
President & CEO
514-394-7820 X 202
ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
simonbedard@urbanimmersive.com
