VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (TSXV:UI) (OTCQB:UBMRF) has signed a final purchase agreement for the acquisition of all the interests of the real estate photography agency, HomeVisit, LLC from CoreLogic Solutions, LLC. HomeVisit, based in Chantilly, Virginia, is a leading provider of visual content marketing real estate solutions, including property listing photography, videography, 3D tours, drone imagery, printing services and other related services.
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HomeVisit generated unaudited revenues of US$7.83 million or approximately CAD$9.8 million, for the fiscal year ended December 31, 2021, with assets of US$2.0 million and liabilities of US$1.7 million.
The total purchase price of CAD$9 million will be partially paid through the issuance of the company's common shares equal to 19.9% of the shares outstanding on a non-diluted basis at closing, based on the volume weighted average closing price, less any applicable discount as allowed by the TSX Venture Exchange. The balance of the purchase price will be settled through the issuance of a 5-year Secured Promissory Note, bearing interest at 7.50% per annum, which will be capitalized and added to the note, both of which can be paid in cash, either partly or in full, prior to maturity.
In addition, at closing, Urbanimmersive will receive $1.2 million US dollars in working capital from HomeVisit.
Devi Mateti, Managing Director at CoreLogic, stated: "I am very pleased, along with our HomeVisit and CoreLogic teams, to partner with Urbanimmersive Group. For us, Urbanimmersive has clearly demonstrated to have robust business solutions to successfully integrate HomeVisit, add value to our mutual customers buying experience while bringing state-of-the-art 3D and floor plan solutions. We could not have found better hands to take care of our HomeVisit's customers."
This acquisition will certainly complement Urbanimmersive's all-in-one platform which enables high-volume photography businesses to increase operational productivity by delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images.
The company's operating segments include software as a service (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units.
Like all previous acquisitions, the HomeVisit brand will remain in the forefront to customers. All day-to-day operations of HomeVisit will be integrated on Urbanimmersive's Photography Enterprise Resource Planning application in the upcoming months, and upon completion, HomeVisit's customers will benefit from its online ordering system offering Guaranteed Hours Booking experience, easy-to-order 3D marketing packages and UiMeet3D video conferencing.
The shares are trading at $0.39.
For more information, please visit , contact Ghislain Lemire, President & CEO, at 514-394-7820 ext 202 or email GhislainLemire@urbanimmersive.com, or contact Simon Bédard, CFO, at 514-394-7820 ext 224 or email SimonBedard@urbanimmersive.com.
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