CALGARY, March 1 /CNW/ - Immersive Media Corp. (TSXV: IMC) ("IMC") today announced its unaudited financial results for the quarter which ended December 31, 2009.
IMC's net loss decreased 54% to $(755,583) from $(1,638,192) on a quarter over quarter basis on lower revenue and lower expenses.
Revenue for three month and six month periods ending December 31, 2010 increased 19% and 16% over the comparable periods in 2009, however quarter over sequential quarter revenue decreased 18%. More profitable sales led to an increase in gross margin of 23 percentage points from 58% to 81% on a sequential quarter over quarter basis, and an increase of 27 percentage points over the second quarter gross margin of 54% for Q2 of 2009. On a six month basis gross margins were up 12 percentage points to 68% for the six months ended December 31, 2009 compared to 56% for the comparable period of the prior year. Expenses were down 4% over the previous quarter and down 40% and 28% respectively over the same three and six month periods last year. The net loss (before other income) for Q2 2010 was $(741,208) down 26% versus $(1,006,188) in the previous quarter and was down 73% from Q2 2009.
As of December 31, 2009 the cash position of the company was $6,733,245 a change of $985,358 from $7,718,603, for the first quarter which ended September 30, 2009.
IMC holds investments in Future Power PA and T3 Motion, Inc. In June of 2009, IMC announced that its board of directors was considering the spin-out of a separately traded public company that would hold IMC's investments in Future Power PA and T3 Motion. The board of directors subsequently determined not to proceed with that transaction.
After much deliberation, the board of directors is currently considering the spin-out of a separately traded public company that would hold IMC's camera assets. If this transaction were to proceed, IMC would change its name to "EmberClear Inc." and would continue to hold IMC's investments in Future Power PA and T3 Motion, Inc., and the new public company would hold IMC's camera business. Shareholders of IMC would continue to hold their IMC shares and would also receive shares in the new public company. In furtherance of this plan, shareholders of IMC have been asked to approve the change of IMC's name to "EmberClear Inc." at IMC's Annual and Special Meeting of shareholders to be held March 3, 2010.
The proposed spin-out of IMC's camera business is currently in the planning stage and IMC anticipates that if the transaction proceeds it will not occur until the fourth quarter ended June 30, 2010 at the earliest. IMC will keep the market informed of developments regarding the potential transaction as it unfolds. If the transaction proceeds, it would require numerous approvals, including TSXV approval and shareholder approval.
IMC's financial statements, management's discussion and analysis, and related information can be found on SEDAR at www.sedar.com.
About Immersive Media Corp.
IMC is the leading provider of full motion, high-resolution, interactive spherical video technology and production services. Using eleven video streams arranged according to geodesic geometry, Immersive video captures an almost complete spherical image; a high-resolution 360 degree view of surroundings that is seamlessly stitched together. IMC's immersive movies can integrate GPS coordinates and other metadata producing our GeoImmersion(TM) video. IMC's open platform design easily interfaces with industry standard applications and databases providing viewers with greater visual detail for timely, fact-based decision-making, and for the distribution of interactive streaming spherical video.
IMC's offerings include hardware, software, production and multi-platform distribution services, and immersive imagery licensing. Applications include: urban planning, oil and gas resource management, emergency response and first responder operations, and cross platform advertising and entertainment media. IMC is a publicly traded company that is listed under the symbol "IMC" on the TSX Venture Exchange. For more information please visit www.immersivemedia.com
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: the business strategies and future plans of management, including IMC's intention to launch a hemispheric camera; and the benefits that IMC expects to derive from its relationships with its Certified Service Partners. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, our ability to finance our business strategies and future plans.
Although IMC believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause IMC's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: competition for, among other things, capital and skilled personnel; changes in customer markets; changes in demand for IMC's services and products; the inability of IMC to deliver services and products in a timely and cost-efficient manner; technological change; general economic conditions in Canada, the U.S. and globally; fluctuations in foreign exchange or interest rates; stock market volatility and market valuations; and the other factors described in IMC's public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, IMC does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
(C) 2010 Immersive Media Corp. All rights reserved. GeoImmersive is a trademark of Immersive Media Corp. All other trademarks are the property of their respective owners.
SOURCE IMMERSIVE MEDIA CORP.
For further information: For further information: David G. Anderson, Investor Relations, Tel: (866) 333-8817; Larry Logan, Media Relations, Tel: (866) 333-8817