SAINT-HUBERT, Quebec, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. ("Urbanimmersive," the "Company" or "UI") (TSV-V UI) (OTCQB: UBMRF) today announced select preliminary financial results and presents business highlights for its fourth quarter ended September 30, 2022.

The Company wants to emphasize that those preliminary unaudited financial results are based on Management' initial compilation of financial results for its fourth quarter ended September 30, 2022 and are subject to modifications in conjunction with the completion of the Company' annual ongoing audit process. The Company plans to release its audited consolidated annual financial statements on or about January 26, 2023.

HIGHLIGHTS

• For its fourth quarter ended on September 30, 2022 (Q4-22), the Company's revenues totaled $2,361k compared to $1,090k for Q4-21, an increase of +$1,271k or 117%;
• For its fiscal year ended on September 30, 2022, the Company's revenues totaled $8,389k compared to $4,069k for 2021, an increase of +$4,320k or 106%;
• For Q4-22, EBITDA totalled $32k compared to -$14k for Q4-21, an increase of $46k;
• As of September 30, 2022, liquidities totaled $1.2m (vs $1.3m as of June 30, 2022). Moreover, the Company added liquidities of ~ $1.6m ($US 1.2m) following the acquisition of HomeVisit, LLC on October 19, 2022;
• The Company launched a franchise program for its 3D photography solutions in North America.
  

SELECTED FINANCIAL INFORMATION

* Q4-22 EBITDA has been adjusted (+276k) for non-cash items with respect share and share-based payments (+$171k) and non-recurring items with respect to acquisition costs (+$90k) and franchise setup fees (+$15k). Q4-21 EBITDA has been adjusted (-$71k) for non-cash items with respect to share and share-based payments (-$24k) and non-recurring items with respect to CEWS wage subsidies (-$70k), restructuring charges (+$19k) and subsidiary set up fees (+$4k).

2022 EBITDA has been adjusted (+ $792k) for non-cash items with respect to share and share-based payments (+$606k) and non-recurring items with respect to acquisition costs (+$143k), restructuring charges (+$60k), CEWS wage subsidies (-$32k) and franchise setup fees ($15k). 2021 EBITDA has been adjusted (+$91k) for non-cash items with respect to share and share-based payments (+$338k) and non-recurring items with respect to CEWS wage subsidies (-$303k), subsidiary setup fees (+$21k), restructuring charges (+$19k) and acquisition costs (+$16k).

ACHIEVEMENTS

"During this last quarter, we have experienced strong revenue growth and both positive EBITDA and cash flows from operations while maintaining sufficient liquidities to pursue our growth plan. We were also proud to launch our franchise program for 3D photography solutions across North America which would be a perfect complement to our acquisition plan in order to expand our activities and our brand awareness. Moreover, we have worked hard on the important acquisition of HomeVisit, LLC which was completed in October and will set the stage for additional growth opportunities and makes us a clear leader as a tech-powered real estate photography service business in North America", said Simon Bedard, Chief Financial Officer of Urbanimmersive.

Options grant and shares issuance

The Company has granted 322,500 share purchase options to employees and consultants according to the terms of its share option plan. These options are exercisable at $0.30 per share and expire on November 9th, 2027. The Company has also issued 75,000 shares at a price of $0.30 to Management as part of their variable compensation plan.

TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.

About Urbanimmersive

Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 3D photography equipment and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. Learn more at urbanimmersive.com.

Caution of Forward-Looking Statements

Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.

For more information, please contact:

Urbanimmersive Ghislain Lemire President & CEO 514-394-7820 X 202
ghislainlemire@urbanimmersive.com

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
simonbedard@urbanimmersive.com