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Urbanimmersive Inc. (OTCQB: UBMRF) announced a new growth acceleration plan aimed at increasing revenues and profitability, focusing on acquiring established real estate photography agencies. The initial acquisitions, generating $2.4M in pre-synergy revenues, will be financed through cash and shares without needing external funding. Additionally, the company reported a 30% year-over-year increase in 3D tour revenues. Urbanimmersive has filed a second U.S. patent for its UiMeet3D application, and it has launched notable projects with partners like Bright MLS.
Urbanimmersive reported Q2 2021 revenues of $982k, a 10.2% increase year-over-year. The company converted $4.5m of convertible debentures into shares, strengthening its cash position to $2.56m as of March 31, 2021. Key developments included the launch of the UiMeet3D interactive 3D tour solution and annual licenses for the security sector. Despite a challenging real estate environment with 50% fewer transactions, Urbanimmersive continues to see strong demand for its services, indicating growth potential.
Urbanimmersive Inc. (OTCQB: UBMRF) announced it will showcase its innovative UiMeet3D and 3D tours at the 2021 REALTORS® Legislative Meetings Emerging Business and Technology Forum on May 11th, 2021. The company’s recent metrics suggest a growing trend in 3D avatars for virtual home showings, coinciding with the demand for technologies that emerged during the Covid-19 crisis. Jeremy Bowman, Vice-President of Sales, will demonstrate how real estate professionals can utilize these tools to enhance client engagement.
Urbanimmersive (OTCQB: UBMRF) announced that Simon Bedard, CFO, will present live at VirtualInvestorConferences.com on April 15, 2021, at 11:00 AM ET. Investors can participate in real-time Q&A during the event, with an archived version available afterward. Pre-registration is recommended for a smoother experience. Recent highlights include the launch of UiMeet3D, a security contract, and a strategic partnership with Prospect Software. Urbanimmersive focuses on SaaS solutions for visual content providers in various markets.
Urbanimmersive Inc. (OTCQB: UBMRF) announced the closure of a $3.0 million non-brokered private placement, issuing 15 million units at $0.20 each. Each unit consists of one common share and a warrant to purchase an additional share at $0.24, valid until April 6, 2023. Proceeds will fund sales, marketing, and general purposes. The firm has achieved cash flow positivity for over two years and holds about $4.0 million in liquidity, enabling further business scaling and investment in strategic opportunities.
Urbanimmersive Inc. (OTCQB: UBMRF) announced the forced conversion of $3.1 million in convertible debentures, effective March 8, 2021, due to met stock performance metrics. This conversion will issue approximately 24.6 million common shares at a price of $0.125 per share, saving the company $450,000 annually in interest payments. This strategic move aims to strengthen the company's balance sheet by eliminating liabilities, thereby enhancing financial flexibility for future projects. In total, $4.5 million in debentures will be converted, reflecting Urbanimmersive's focus on improving profitability.
Urbanimmersive Inc. (OTCQB: UBMRF) announced on March 8, 2021, that it has begun filing patents for upcoming features of its UiMeet3D 3D video conferencing solutions. The company has engaged Norton Rose Fulbright Canada as its patent agent and has already filed a patent for a feature enabling multiple avatars in 3D tours. More patent applications for additional technologies are forthcoming. The company remains focused on protecting its innovations to enhance its product offerings and strengthen its market position.
Urbanimmersive Inc. (OTCQB: UBMRF) announced a significant contract with a major North American police department, selecting its 3D tour technology for offline inspections and training. The annual licensing model includes the Ui Capture app and 360 camera kits for seamless creation of 3D tours of sensitive buildings. Urbanimmersive aims to leverage this win in the security market, which offers substantial potential, promising stable annual revenues. The client appreciates the technology’s internet independence and advanced features, highlighting Urbanimmersive’s competitive edge.