Immersive Media Announces Third Quarter Results



    CALGARY, June 1 /CNW/ - Immersive Media Corp. (TSX Venture: IMC), today
announced its unaudited financial results for the third quarter which ended
March 31, 2009. Total revenues for the third quarter of fiscal 2009 increased
4% to $1,425,605 from $1,372,161 and expenses decreased 24% resulting in an
11% reduction to the Net Loss of $1,246,131 from $1,400,195 over the second
quarter of 2009. Year over year to date revenues were down and the Net Loss
for the nine months ended March 31, 2009 had increased 23% to $(3,472,540) or
$(0.09) per share compared to $(2,815,150) or $(0.08) per share for the same
period in 2008.
    Sales have remained relatively flat as a result of the general economic
downturn and delays in government contracts due to the administration change;
however IMC has taken decisive action to reduce expenses and focus the
business on what differentiates the Company. IMC will continue to focus our
business on 360 degree spherical video in our three markets and building
relationships for the production and distribution of this unique content and
capabilities.
    As part of focusing the business IMC's board of directors is considering
the spin-out of a separately traded public company (InvestCo) that would hold
IMC's investments in Future Power PA and T3 Motion. This proposal is only at
the planning stage at present and IMC anticipates that if the spin-out
proceeds it would not occur until the fall of 2009 at the earliest. IMC will
keep the market informed of developments regarding the potential spin-out as
the proposal develops. If it proceeds, the spin-out would require a number of
approvals, including TSXV approval and shareholder approval and shareholders
of IMC on the closing date of the spin-out would also become the shareholders
of InvestCo."
    The first 9 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 partners in providing Immersive
Video Solutions to the U.S. Army. We are leveraging the successful
implementation with ACG Security, LLC of the Immersive Video Route
Reconnaissance System (IVRRS) which is providing superior situational
awareness capability for vehicle-bound soldiers in combat.
    IMC will continue to exploit our capabilities in the State and local law
enforcement markets with both the 2360 as well as derivative products
including distributed cameras and mobile digital video recorders.

    Geospatial/Mapping Market

    IMC and its Agents have made significant strides in collecting additional
streetlevel and related content and are improving the visual intelligence
tools for end users 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 such as the
Saatchi & Saatchi campaign for Armani Jeans, and the MINI Cooper Convertible
"Always Open" experience developed by Plantage Berlin.
    Subsequent to the quarter IMC demonstrated live streaming capabilities,
IM LIVE, at NAB (National Association for Broadcasters). Immersive Media's IM
LIVE streaming video enables the viewer to look any direction for a live,
individual viewing experience - it's just like being there.
    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 GeoImmersive(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

    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, including the potential spin-out of InvestCo as a separately
traded public company.
    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) 2008 Immersive Media Corp. All rights reserved. GeoImmersive is a
    trademark of Immersive Media Corp. All other trademarks are the property
    of their respective owners
    

    %SEDAR: 00021691E




For further information:

For further information: David G. Anderson, Investor Relations, Tel:
(866) 333-8817; Karen Tanaka, Media Relations, Tel: (866) 333-8817

Organization Profile

IMMERSIVE MEDIA CORP.

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