CALGARY, Oct. 28 /CNW/ - Immersive Media Corp. (TSXV: IMC) ("IMC") today
announced its audited financial results for the year ended June 30, 2008.
Total revenues for the year were $8,246,841 representing a 149% increase
over 2007 revenues of $3,305,543. Net loss for the year decreased 6% to
$(4,665,018) or $(0.13) per share from $(4,981,617) or $(0.18) per share in
2007. Loss before non-cash items and other income (expense) decreased slightly
to $(3,403,244) compared to $(3,820,800) in 2007. Cash and secure investments
as of June 30 were $20,378,733.
At the end of the second quarter of fiscal 2008, IMC made a strategic
investment in T3 Motion, Inc. (T3). In April 2008, T3 repaid $1 million US of
the venture loan along with accrued interest.
IMC continues to refine the business model for its spherical platform in
the Security/Situational Awareness and Geospatial/LBS markets, and is
establishing the business model for the Media and Entertainment market.
The fiscal year 2008 saw the following activities, including new and
follow on sales for the applications noted below:
Situational Awareness/Security Market
- IMC expanded its strategic relationship with its Certified Service
Partner, ACG Security, LLC (ACG), and is providing its patented
Immersive Video technology to the U.S. Army's Rapid Equipping Force.
IMC's video technology, coupled with ACG's tactical operation
capabilities, will provide the U.S. Army with the "best-of-breed"
Terrestrial-Intelligence, Surveillance and Reconnaissance (T-ISR)
- In April, at the ISC West Show, IMC announced its intent to launch
the hemisphere camera, IMC Surrounder(TM), aimed at the fixed video
- IMC continued to expand its international position and recently
signed AAMHatch Group, a global leader in geospatial technology, as a
Certified Service Partner. The advanced visualization capabilities of
AAMHatch Group, combined with GeoImmersive(TM) imagery from IMC will
provide better solutions for the global geospatial marketplace. This
partnership marks the entry of IMC into the Australasia marketplace
and leverages AAMHatch's expertise in providing spatial information
sales, support and service. AAMHatch will use Immersive technology to
improve its geospatial services and solutions throughout Australia
and South East Asia.
Advertising and Entertainment Market
- Immersive Media produced for Red Bull the first-of-its-kind video
experience for the launch of Red Bull's surfing website. The
collaboration validates the use of Immersive Media's platform to
create compelling branded entertainment with its interactive,
Immersive Video. The addictive nature of Immersive Videos means
Viewers watch it again and again because they are able to see
something different every time.
- Immersive Media signed a milestone partnership with the William
Morris Agency (WMA) Digital Department to develop, implement and
deliver worldwide media and entertainment services. As the largest
and most diversified talent and literary agency in the world, WMA's
business relationships and reputation advances IMC's Advertising and
Entertainment market strategy.
- Mercedes-Benz USA and AMG - the performance division of
Mercedes-Benz - were the first in the automotive market to employ
IMC's groundbreaking new visual technology offering viewers an
Immersive visual experience designed to be "the next-best thing to
commanding a Mercedes-Benz AMG."
The campaign includes a microsite showcasing three interactive
360 degree video scenarios - two shot on-location at Las Vegas Motor
Speedway (LVMS) and one on the world-famous Vegas Strip - using
Immersive Media's proprietary eleven-lens video capture system.
Mercedes-Benz received the Catalyst Award for "Best Interactive Video
Campaign" from JD Power. The category was not for simply a repurposed
TV spot, but an online video campaign specifically designed to
capture the attention of a viewer.
- In collaboration with ADOBE at NAB 2008, IMC demonstrated live
streaming of its 360 degree video. Viewers were able to log in and
with the IM Flash(R) Player they could click and drag to look around
in any direction and see what was happening on the NAB show floor.
Research & Development
IMC continued its streaming development efforts. At NAB 2008, IMC
demonstrated the IM Surrounder with the Adobe(R) Flash Media Server, streaming
live 360 degree video. The online Viewer uses the IM Flash Player to click and
drag to look around in any direction. From our offices and around the world,
online visitors could experience the booth activities at NAB 2008.
IMC's audited 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
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
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
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) 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.
For further information:
For further information: David G. Anderson, Investor Relations, Tel:
(866) 333-8817; Karen Tanaka, Media Relations, Tel: (866) 333-8817