TSX VENTURE EXCHANGE SYMBOL - UI
MONTREAL, Nov. 15, 2013 /CNW Telbec/ - Urbanimmersive Technologies Inc. (the "Corporation" or "Urbanimmersive"), is pleased to announce it has engaged Desjardins Capital Markets as sole Agent (the "Agent") on a best-efforts basis for a private placement (the "Offering") to raise proceeds of a minimum of $1,000,000 through the sale of common shares of Urbanimmersive (the "Common Shares") at the price of $0.25 per Common Share.
Upon Closing of the Offering, Urbanimmersive will compensate the Agent through the issuance of 350,000 Common Shares.
The Offering is expected to close on or about December 5th, 2013, and is subject to applicable regulatory approvals, including approval of the TSX Venture Exchange. All securities issued in the context of the Offering will be subject to a four months and one day hold period. The net proceeds from the Offering will be used for sales and marketing initiatives, research and development and for working capital purposes.
Urbanimmersive will file an application to obtain an advance ruling from the Ministère du Revenu du Québec in order to confirm that it is a qualified issuing corporation for the purposes of the Quebec Stock Savings Plan II ("QSSP II") and that the Common Shares to be issued pursuant to the Offering will be qualified shares for a QSSP II qualified mutual fund for investors who require it.
Headquartered in Laval, Quebec, the Corporation is a leading-edge digital media company that combines its innovative immersive technology with high quality visual content to offer, in the real estate online, offline and mobile advertising markets, digital media visual content immersive solutions. The Corporation also licenses its full suite of software and technology to channel partners in other markets. The Corporation currently has 38 employees.
The Corporation is a one stop shop for visual content digital media in the real estate market. Its customers consist of residential, commercial and industrial realtors, brokers and home builders to whom the Corporation offers an innovative and unique immersive technology which products are utilized for real estate online, offline and mobile advertising, as well as a large range of visual content services. AVU3D®, the Corporation's immersive multimedia technology, produces 3D immersive environments of real and future building assets through which vendors and customers can interact online, either with one another or with objects present in the virtual environment, as if they were fully immersed in it. The Corporation's comprehensive suite of software related to its AVU3D® immersive technology enables its partners and advertisers to add elements such as hotspots containing links, videos, and gaming elements. It allows for an engaging immersive user experience therefore providing a better multimedia and interactive experience for internet users.
The Corporation's visual content services include the production of 3D drawings, images and 3D animations, interactive color changing application and 3D online immersive environments.
The Corporation has a limited direct sales force; however, it reaches the real estate market through specialized resellers including architectural photographers, virtual tour providers, web site producers, architects and marketing communication agencies.
The Corporation's immersive technology is also applied to other markets such as, but not limited to, serious games, advergames, security, building and facility management and business advertising. The Corporation reaches other market segments through channel partners with which it enters into license agreements enabling them to integrate Urbanimmersive's immersive multimedia technology into their business strategy as a value added offer to their customers.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release, which are not historical facts, are forward-looking statements. The Corporation is hereby providing cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed, such as general market conditions, failure to locate subscribers willing to participate or failure to obtain the necessary regulatory approvals. Such risks, uncertainties and other factors, many of which are beyond the control of the Corporation, that could influence actual results include those summarized under the heading "Risks and Uncertainties" in the Corporation management discussion and analysis dated August 27, 2013, filed with the Canadian securities commissions.
Furthermore, unless otherwise noted, any forward-looking statement speaks only as of the date of this press release, and, except as required by applicable law, the Corporation does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
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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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Urbanimmersive Technologies
For further information:
Ghislain Lemire, President and CEO
514-394-7820 or [email protected]