Urbanimmersive Completed the Acquisition of HomeVisit

By Globe Newswire Published on October 21, 2022, 18:00 IST

SAINT-HUBERT, Quebec, Oct. 21, 2022 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE (“TSXV”): UI) (OTCQB: UBMRF) is pleased to announce having completed the acquisition of all the interests of the real estate photography agency, HOMEVISIT, LLC (“HomeVisit”) from CORELOGIC SOLUTIONS, LLC (“CoreLogic”) for a purchase price of $CAD 9.0M, subject to customary adjustments, satisfied through 1) the issuance of 9,287,707 common shares of the Company at a price per share of $0.25 for a value of $2.32M and 2) the issuance of a 5-year Secured Promissory Note (“Note”) in the principal amount of $6.43M for the adjusted balance of the purchase price, bearing interest at 7.50% per annum and capitalized to the Note. All shares issued are subject to a 4-month minimum holding period.

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

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), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. For more information: https://www.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 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.