CALGARY, Nov. 30 /CNW/ - Immersive Media Corp. (TSXV: IMC) ("IMC") today announced its unaudited financial results for the quarter which ended September 30, 2009 and how the Company has continued to "do more with less".
For a fourth consecutive Quarter revenues were up and expenses were down, indicating an overall positive trend for the Company. Revenue for Q1 2009 increased 24% over the previous quarter and 13% over the same period in 2008; expenses were down 16% over the previous quarter and down 11% over the same period last year. The Net Loss (before other income) for Q1 2010 was $1,006,188 versus $1,871,349 in the previous quarter and was down 29% from Q1 2009.
As of September 30, 2009 the cash position of the company was $7,718,603 a change of $881,960 from $8,600,563, for the fourth quarter which ended June 30, 2009.
The company has continued to focus resources on where we believe the best opportunities exist for return on investment. The business plan is being further refined to capitalize on existing relationships in both the Military and Location Based Services markets as well as to exploit the emerging market of Interactive Entertainment.
"The recent launch of "LIVE" capabilities is a significant milestone for the company, in a world which demands "interactivity" and "accountability". IMC is creating new opportunities for partners and customers to differentiate their products and services," said Myles McGovern, IMC President and CEO. The MUCH Music live demonstration proved to be a successful launching point for not only the music and entertainment markets but for broadcasting in general.
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 multiplatform 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) 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.
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