/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TSX VENTURE EXCHANGE SYMBOL - UI
MONTREAL, Nov. 22, 2012 /CNW Telbec/ - Urbanimmersive Technologies Inc. (the "Corporation" or "Urbanimmersive"), is pleased to announce today the closing of a brokered private placement with Desjardins Securities Inc. (the "Agent") of 200,000 common shares at a price per share of $0.75 for a total of $150,000.
The net proceeds from the offering will be used for sales and marketing initiatives, research and development and for working capital purposes.
"We appreciate the support the investors are showing towards Urbanimmersive and the trust in our management team and business plan." said Ghislain Lemire, President and Chief Executive Officer of Urbanimmersive.
All securities issued under the offering have been issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a four months plus one day statutory hold period ending on March 23, 2013. The Corporation has paid the Agent an aggregate cash commission of 3%.
The common shares to be issued under the private placement that will be acquired by a qualified mutual fund will be eligible to the Québec Stock Savings Plan II.
Mr. David Lafond, Vice-President, Technology, is no longer an employee of the Corporation. All his functions and responsibilities will be transferred under the leadership of Martin Lemire.
Urbanimmersive provides 3D sales & marketing solutions focused on the real estate market. Its patent pending emulator technology enables the cost effective production of 3D immersive environments from digital photographs or drawings. It allows multiple parties to meet online and interact together within a 3D immersive environment over the internet, using a computer, tablet and smart phone. Game 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 AVU3DTM software to resellers and partners that are well established in sectors such as facility & asset management, training and serious games. Urbanimmersive is headquartered in Laval, Québec.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions. 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.
* * *
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 Inc.
For further information:
Ghislain Lemire, President and CEO at 514-394-7820 or email@example.com