CALGARY, Feb. 27 /CNW/ - Immersive Media Corp. (TSX Venture: IMC), today
announced its unaudited financial results for the second quarter, which ended
December 31, 2008. Total revenues for the second quarter of fiscal 2009 were
$1,372,161 representing a 21% decrease from $1,747,965 in the first quarter of
2009, and a 35% decrease from second quarter 2008 revenues of $2,110,907. For
the six and three month period ending December 31, 2008, net loss decreased 5%
to $(2,226,409) or $(0.06) per basic common share and increased 21% to
$(1,400,195) or $(0.04) per basic common share from $(2,275,099) or $(0.06)
per basic common share and $(1,160,717) or $(0.03) per basic common share
respectively, from the prior year. Net loss increased 69% compared to the loss
for the three month period ending September 30, 2008 of $(826,214) or $(0.02)
per basic common share.
The decline in revenue from the first quarter is mainly a result of
delays in US government contracts due to the administration change and the
general economic downturn that has affected our Agent Program expansion. We
continue to expand uses for our technology and Immersive Video catalog in the
Security/Situational Awareness and Geospatial/Mapping markets, and we are
validating the business model for the Advertising and Entertainment market.
The first eight months of fiscal 2009 saw the following activities, including
new and follow on sales for the applications noted below:
Situational Awareness/Security Market
IMC continues to collaborate with its partner, ACG Security, LLC,
providing Immersive Video Solutions to the U.S. Army. We are leveraging the
successful implementation of the Immersive Video Route Reconnaissance System
(IVRRS) which is providing superior situational awareness capability for
vehicle-bound soldiers in combat.
IMC and its Agents are improving the visual intelligence tools for
engineers and planners with GeoImmersive Video solutions. The georeferenced
spherical video is being used in various applications such as the evaluation
of potential pipeline routes, the analysis of environmental conditions and the
management of assets. The GeoImmersive Video enables stakeholders to visually
inspect remote locations without leaving their office.
Advertising and Entertainment Market
IMC continues to work with world class brands for interactive,
experiential marketing programs and online advertising campaigns. To support
this effort, IMC partnered with EyeWonder, Inc. to deliver 360-degree
in-stream and in-page ads.
This union empowers advertisers, agencies and publishers to incorporate
360-degree viewing capabilities into their interactive digital advertising
IMC partnered with Critical Mass (www.criticalmass.com), an Omnicom
digital marketing agency, to launch the 2009 Mercedes-Benz C63 AMG 360 degree
Video Experience at www.AMG-360.com. In October 2008, Mercedes-Benz won a JP
Power Catalyst Award for Best Interactive Video Campaign.
On November 14, 2008, the Company completed a strategic investment with
Future Fuels, LLC ("Future Fuels") in Future Power Inc. ("Future Power"), a
wholly-owned subsidiary of Future Fuels. IMC's U.S. $5 million investment,
which is structured as a secured convertible senior debt instrument, will
provide start-up capital for Future Power, a Pennsylvania based joint venture
focused on generating electricity using IGCC (Integrated Gasification Combined
Cycle) clean coal technology for the PJM electricity grid, which serves over
51 million customers in the Northeastern portion of the United States.
The Company's quarterly financial statements 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
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
Forward-Looking Statements 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 business strategies and future plans of management.
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
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) 2009 Immersive Media Corp. All rights reserved. GeoImmersive is a
trademark of Immersive Media Corp. All other trademarks are the property
of their respective owners
For further information:
For further information: David G. Anderson, Investor Relations, Tel:
(866) 333-8817; Karen Tanaka, Media Relations, Tel: (866) 333-8817