40. Urbanimmersive Announces its 2021 Audited Financial Results

Urbanimmersive Announces its 2021 Audited Financial Results

SAINT-HUBERT, Quebec, Tuesday, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today announced select audited financial results and presents business highlights for its fourth quarter and fiscal year ended September 30, 2021. The audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.

Highlights

1. For 2021, the Company generated revenues of $4,069k compared to revenues of $4,594k for 2020, a decrease of $525k or 11%. This decrease of $525k is explained by the significant decrease in sales of 3D photography equipment (-$603k) as well as the decrease in SaaS revenues (-$209k or -7%) mainly explained by the challenging real estate market, partially offset by the addition of service revenues (+$307k) coming from the photography agencies acquired on June 30, 2021; For Q4-21, the Company generated revenues of $1,090k compared to revenues of $1,441k for Q4-20, a decrease of $351k.

2. Sales of 3D immersive tours in Q4-21 increased by 237% when compared to Q4-20 while having increased by 207% in 2021 while compared to 2020.

3. The Company closed a non-brokered private placement of $2.9m in April 2021 and adopted an accelerated growth plan in June 2021 with $1.6m being used to complete the strategic acquisitions of three real estate photography agencies: EGP Technovirtuel Inc. ('EGP'), Graphique ID Solutions Inc. ('Graphique ID') and La Clique Mobile. As of September 30, 2021, the Company had liquidities of $2.0m and a positive working capital of $1.1m.

4. During the year, the Company reduced its long-term debt by $4.7m, with $4.5m through the conversion of all of its convertible debentures;

5. During the year, the Company launched many new products, in particular UI Capture 2.0, a dollhouse and its flagship interactive 3D tour, UiMeet3D, for which three patent applications were filed during the year.

Urbanimmersive Media Release continues in the We Get Around Network Forum (www.WGANForum.com) here:

https://forum.we-get-around.com/topic/16311/page/1/urbanimmersive-announces-its-2021-audited-financial-results/