TSX VENTURE EXCHANGE SYMBOL - UI
MONTREAL,
Nov. 15, 2013 /CNW Telbec/ -
Urbanimmersive Technologies Inc. (the "Corporation" or
"Urbanimmersive"), is pleased to announce it has engaged
Desjardins Capital Markets as sole Agent (the "Agent") on a
best-efforts basis for a private placement (the "Offering")
to raise proceeds of a minimum of $1,000,000 through the sale of common shares of
Urbanimmersive (the "Common Shares") at the price of
$0.25 per Common Share.
Upon Closing of the Offering, Urbanimmersive will compensate the
Agent through the issuance of 350,000 Common Shares.
The Offering is expected to close on or about
December 5th, 2013, and is
subject to applicable regulatory approvals, including approval of
the TSX Venture Exchange. All securities issued in the context of
the Offering will be subject to a four months and one day hold
period. The net proceeds from the Offering will be used for sales
and marketing initiatives, research and development and for working
capital purposes.
Urbanimmersive will file an application to
obtain an advance ruling from the Ministère du Revenu du Québec in
order to confirm that it is a qualified issuing corporation for the
purposes of the Quebec Stock Savings Plan II ("QSSP II") and
that the Common Shares to be issued pursuant to the Offering will
be qualified shares for a QSSP II qualified mutual fund for
investors who require it.
About Urbanimmersive
Headquartered in Laval, Quebec, the Corporation is a
leading-edge digital media company that combines its innovative
immersive technology with high quality visual content to offer, in
the real estate online, offline and mobile advertising markets,
digital media visual content immersive solutions. The Corporation
also licenses its full suite of software and technology to channel
partners in other markets. The Corporation currently has
38 employees.
The Corporation is a one stop shop for visual
content digital media in the real estate market. Its customers
consist of residential, commercial and industrial realtors, brokers
and home builders to whom the Corporation offers an innovative and
unique immersive technology which products are utilized for real
estate online, offline and mobile advertising, as well as a large
range of visual content services. AVU3D®, the
Corporation's immersive multimedia technology, produces 3D
immersive environments of real and future building assets through
which vendors and customers can interact online, either with one
another or with objects present in the virtual environment, as if
they were fully immersed in it. The Corporation's comprehensive
suite of software related to its AVU3D® immersive
technology enables its partners and advertisers to add elements
such as hotspots containing links, videos, and gaming elements. It
allows for an engaging immersive user experience therefore
providing a better multimedia and interactive experience for
internet users.
The Corporation's visual content services
include the production of 3D drawings, images and 3D animations,
interactive color changing application and 3D online immersive
environments.
The Corporation has a limited direct sales
force; however, it reaches the real estate market through
specialized resellers including architectural photographers,
virtual tour providers, web site producers, architects and
marketing communication agencies.
The Corporation's immersive technology is also
applied to other markets such as, but not limited to, serious
games, advergames, security, building and facility management and
business advertising. The Corporation reaches other market segments
through channel partners with which it enters into license
agreements enabling them to integrate Urbanimmersive's immersive
multimedia technology into their business strategy as a value added
offer to their customers.
Caution Concerning Forward-Looking
Statements
Certain statements made in this press release,
which are not historical facts, are forward-looking statements. The
Corporation is hereby providing cautionary statements identifying
important factors that could cause the actual results to differ
materially from those projected in the forward-looking statements.
By their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, which contribute to the possibility that the predicted
outcomes may not occur or may be delayed, such as general market
conditions, failure to locate subscribers willing to participate or
failure to obtain the necessary regulatory approvals. Such risks,
uncertainties and other factors, many of which are beyond the
control of the Corporation, that could influence actual results
include those summarized under the heading "Risks and
Uncertainties" in the Corporation management discussion and
analysis dated August 27, 2013, filed
with the Canadian securities commissions.
Furthermore, unless otherwise noted, any
forward-looking statement speaks only as of the date of this press
release, and, except as required by applicable law, the Corporation
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events.
* * *
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States or
to any U.S. Persons. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state of the United States of America and may not be
offered or sold within the United States
of America or its territories or possessions unless pursuant
to an exception therefrom.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Urbanimmersive Technologies