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TSX VENTURE EXCHANGE SYMBOL - UI.P
MONTREAL, Sept. 14, 2012 /CNW Telbec/ - UI Capital Inc. ("UI" or the "Corporation"), a capital pool company, is pleased to announce today a business update with respect to its proposed qualifying transaction target, Urbanimmersive Inc. ("Urbanimmersive"). Urbanimmersive's proprietary technology, AVU3D™, is being recognized by key players in the Real Estate Market as well as by partners and clients in other markets.
As a result of Urbanimmersive's ongoing research and development activities, it has launched improvements to its AVU3D™ immersive platform, which embed social aspect features, game mechanics and mobile platforms, thereby strengthening Urbanimmersive's position in the emerging web market of Gamification.
Urbanimmersive's recent product development breakthrough has enabled the company to sign a binding agreement with the real estate agency ProprioDirect Inc. Under the terms of such agreement, Urbanimmersive is supplying its immersive products to ProprioDirect's brokers, enabling them to feature their property listings through virtual immersive visits while providing brokers with multiple sales and marketing tools to reach out to potential buyers in an innovative and time effective manner.
Furthermore, Urbanimmersive has recently received a letter of interest from RE/MAX Quebec stating its intent to pursue further business discussions for the supply of Urbanimmersive's technology. The resulting business terms have yet to be finalized and there is no guarantee that such business discussions will lead to a binding agreement. RE/MAX Quebec, with its 3,600 brokers, is a franchise of RE/MAX Group, the world leader in real estate brokerage.
In other markets, Urbanimmersive is focusing on establishing long-term collaborative business relationships with major industry players and has won its first public tender in consortium with SIMO, a division of engineering firm Dessau, to produce immersive environments of water filtration plants for the City of Laval. In addition, Urbanimmersive was granted a mandate to produce immersive environments for a large corporation in Japan under its collaboration with Genetec, a leader in the physical security industry. Furthermore, Urbanimmersive has recently received letters of interest from a leader in the North American communications industry and from a global leader providing integrated professional technical and management support services.
Finally, Urbanimmersive has concluded an agreement with a grouping of merchants, including a few international companies, to use the AVU3D™ immersive platform for web marketing. Visitors who accumulate points by visiting the shopping complex online in the AVU3D™ immersive environment will be able to exchange their points against gift certificates offered by these merchants on the AVU3D™ platform.
Discussions are ongoing between the Corporation and Urbanimmersive with respect to the terms and conditions of a Qualifying Transaction. The Corporation will, at the relevant time, provide further updates on material developments regarding its proposed qualifying transaction.
UI is a capital pool company incorporated on April 6, 2011 under the Canada Business Corporations Act and is a reporting issuer in the provinces of Alberta, British Columbia, Ontario and Quebec. UI's principle business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction. Trading of UI's common shares on the TSXV was halted on September 23, 2011. There can be no assurance that trading will resume before the TSXV has reviewed the Qualifying Transaction and reinstatement to trading provides no assurance with respect to the merits of the Qualifying Transaction or the likelihood of UI completing the Qualifying Transaction.
Urbanimmersive provides 3D sales & marketing solutions focused on the real estate market. Its patent pending emulator technology, producing cost effective 3D immersive environments from digital photographs or drawings, enables promoters and customers to meet online and interact together within virtual 3D places directly over the internet, through their computer, tablet and smart phone. Games' mechanics integrated into the 3D environments increase conversion rates of anonymous visitors to profiled customers while providing a multi-feature focused marketing platform to advertisers. Advanced web based analytic dashboards enable the viewing of a visitor's activities in real time, analysis of their behavior and a rapid online connection with prospects to engage in the sales process. In addition, Urbanimmersive addresses other market opportunities by licensing its full suite of AVU3D software to resellers and partners that are well established in sectors such as facility & asset management, training and serious games. Urbanimmersive, headquartered in Laval, Québec, is a privately held company founded in 2007.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release, including, but not limited to, the proposed qualifying transaction and private placement, and other statements that are not historical facts, are forward-looking statements and are subject to important risks, uncertainties and assumptions. In particular, in making these statements, UI has assumed, among other things, that the proposed qualifying transaction and private placement terms will successfully be finalized will receive the required regulatory approvals and that the other conditions to the transaction can be satisfied in accordance with their terms. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to UI's management proxy circular, dated February 29, 2012 and filed with the Canadian securities commissions. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or to any U.S. Persons. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States of America and may not be offered or sold within the United States of America or its territories or possessions unless pursuant to an exception therefrom.
SOURCE: UI CAPITAL INC.
For further information:
James McDonald, President and CEO at 514-919-3465 or [email protected]
Ghislain Lemire, President and CEO at 514-394-7820 or [email protected]