SAINT-HUBERT, QC, October 11, 2022 /PRNewswire/ – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE) (TSXV: UI) (OTCQB: UBMRF) is pleased to announce that it has entered into an agreement to purchase final for the acquisition of all the interests of the real estate photography agency, HOMEVISIT, LLC (HomeVisit) of CORELOGIC SOLUTIONS, LLC (“CoreLogic“) for an aggregate purchase price of CA$9,000,000 paid by 1) the issuance of common shares of the Company equal to 19.9% ​​of the shares outstanding on a non-diluted basis at closing, at a price per share equal to the closing volume-weighted average trading price of the common shares of the Company on the TSXV for the five trading days immediately preceding the closing date, less any applicable discount under the discount rule of the TSXV and 2) by the issuance of a 5-year secured promissory note (“Note”) for the balance of the purchase price, bearing interest at the rate of 7.50% per annum and capitalized to the Note. A working capital of US$1,200,000 must be delivered by HomeVisit at closing. The Note (together with the capitalized interest) may be redeemed in cash in whole or in part at any time by Urbanimmersive before maturity. All shares to be issued are subject to a minimum retention period of 4 months. CoreLogic will have the right to appoint up to two board members or observers to the Urbanimmersive board. The closing of this arm’s length transaction is subject to the approval of the TSX Venture Exchange and other customary closing conditions.

HomeVisit is a leading provider of real estate solutions focused on visual content marketing, including real estate listing photography, videography, 3D tours, drone imaging, printing services and other related services and that generated revenue from US$7.83 million (~$CAD 9.8M) for its most recently completed unaudited fiscal year December 31, 2021with assets of US$2.0 million and liabilities of US$1.7 million.

The acquisition of HomeVisit will be the largest acquisition made by Urbanimmersive since its inception in 2007. It is also considered by UI management to be the most strategic as it will significantly expand the company’s presence in many areas of the States. United States, will bring new product offerings and set the stage for significant growth and cross-selling opportunities with CoreLogic Group.

HomeVisit was acquired by Corelogic in 2019. CoreLogic is a leading global provider of property information, analytics and data-driven solutions, headquartered in Irvine, California (United States), operating in North America, Western Europe and Asia Pacificcovering markets such as real estate and mortgage finance, insurance, capital markets and public sectors and being the leading multi-quoting technology provider in North America. CoreLogic serves more than 1.2 million real estate professionals with data-driven insights to help clients make informed decisions (www.corelogic.com).

Like all previous Urbanimmersive acquisitions, the HomeVisit brand will remain front and center for customers. All day-to-day operations of HomeVisit will be integrated into Urbanimmersive’s photography enterprise resource planning application in the coming months. Once completed, HomeVisit customers will benefit from UI’s online ordering system offering a guaranteed time booking experience, easy-to-order 3D marketing packages and UiMeet3D video conferencing Prime subscriptions.

“We are delighted to welcome HomeVisit, a well established and respected brand in the industry, to Urbanimmersive’s brand portfolio today. While this represents a significant acquisition that is expected to double Urbanimmersive Group’s revenue and grow we an undisputed leader as a tech -real estate photography services company in North America, we are proud to have concluded a transaction with CoreLogic that will allow us to avoid using our working capital in the short and medium term, giving us the necessary flexibility to create value for our investors. We are also pleased and feel privileged to welcome CoreLogic as a strategic partner and shareholder of Urbanimmersive,” said Ghislain Lemire, President and CEO of Urbanimmersive.

“I am very pleased, along with our HomeVisit and CoreLogic teams, to partner with the Urbanimmersive group. For us, Urbanimmersive has clearly demonstrated that it has robust business solutions to successfully integrate HomeVisit, add value to the experience of our joint customers while bringing state-of-the-art technology – state-of-the-art 3D and floor plan solutions. We couldn’t have found better hands to take care of our HomeVisits customers” , said Devi MatetiCEO at CoreLogic.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Conference call with investors

UI will host a video conference call to discuss this press release and answer questions at 1:30 p.m. (ET) on Tuesday, October 11, 2022. To participate in the videoconference, please use the following link: https://urbanimmersive.zoom.us/j/88948863531.

About HomeVisit

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

About Urbanimmersive

Urbanimmersive develops and markets 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 by delivering feature-rich 3D floor plans and tours, state-of-the-art real estate websites and imagery high resolution AI indexed. The Company’s operating segments include software (SaaS), 360° camera hardware and, in a growing number of North American cities, technology-driven real estate photography services business units, leading the transformation of industry standards for photo shoots. For more information: https://www.urbanimmersive.com.

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relating, among other things, to the prospects for improving the Company’s operating results are necessarily subject to risks and uncertainties, some of which are material in their scope and nature. These uncertainties may cause actual results to differ from the 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 these statements. These written and oral forward-looking statements and all subsequent forward-looking statements are based on management’s estimates and opinions as of the dates they are made and expressly qualified in their entirety by this notice. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change.

SOURCE Urbanimmersive Inc.