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Urbanimmersive Reports Financial Results for Its Second Quarter of 2023

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SAINT-HUBERT, Quebec, May 26, 2023 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today reported financial results and presents business highlights for its second quarter ended March 31, 2023. The interim condensed financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.

  Three-month
period ended
March 31, 2023
Three-month
period ended
March 31, 2022
Six-month
period ended
March 31, 2023
Six-month
period ended
March 31, 2022
  In thousands $ In thousands $ In thousands $ In thousands $
Revenues 2,727 2,182 5,555 ** 3,177
COGS and direct charges 1,491 990 3,214 1,429
Gross margin
(before amortization)
1,236 1,192 2,341 1,748
Amortization 525 319 1,032 568
Operating expenses 2,181 1,508 4,221 2,376
EBITDA* (646) (68) (966) (272)
Other expenses 18 349 21 384
Net income (loss) (1,485) (981) (2,929) (1,578)
         
Basic net income (loss) per share (0.03) (0.02) (0.06) (0.02)

* Q2-23 EBITDA has been adjusted (+$299k) for non-cash items related to share and share-based payments ($218k) and non-recurring transition costs (+$58k) and acquisition costs (+$23k). Q2-22 EBITDA has been adjusted (+$248k) for non-cash items related to share and share-based payments (+$228k) and business acquisition costs (+$20k). EBITDA for the first semester of 2023 has been adjusted (+$914k) for non-cash items related to share and share-based payments ($315k) and non-recurring items such as transition costs (+531k$) and business acquisition costs (+68k$). EBITDA for the first semester of 2022 has been adjusted (+$356k) for non-cash items with respect to share and share-based payments (+$275k) and non-recurring items such as business acquisitions (+$53k), restructuring costs (+$60k) and wage subsidies (-$32k).
** Q1-23 revenues have been revised down by $350k following an adjustment reported on November 2022 revenues during the transition period.

“During the most recent quarter, following the finalization of the integration of all the photography agencies acquired, we carried out a strategic review of our organizational structure, which resulted in the implementation of certain measures to rationalize our expenses, particularly in terms of workforce. Those important measures should enable us to further increase our competitive advantage in the market as well as improve our financial performance and be better positioned in the event of a possible recovery in the real estate market.

In addition, we continued our development projects, in particular having progressed rapidly with the integration plan with CoreLogic starting with MLS connections, the integration of ChatGPT into our flagship product, UiMeet3D, the onboarding of affiliate photographers (franchises) to our technological platform and the preparation of the deployment of the printing service offered by HomeVisit for all of the Group’s photography agencies”, said Ghislain Lemire, President and CEO of Urbanimmersive.

HIGHLIGHTS

  • For its second quarter ending March 31, 2023 (Q2-23), the Company generated revenues of $2,727k compared to $2,182k for Q2-22, an increase of +$545k or +25%;
  • For its first half of 2023, the Company generated revenues of $5,555k compared to $3,177k for its first half of 2022, an increase of +$2,378k or +75%;
  • Following the completion of the integration of all acquired photography agencies and in response to difficult real estate market conditions, the Company was able to reduce its expenses on an annualized basis by more than $1.5m in during the second quarter of 2023, particularly by the layoff of more than 20 employees;
  • Following the acquisition of HomeVisit and its partnership with CoreLogic, Urbanimmersive quickly expanded its MLS connection partner program from 1 to more than 25 connected MLSs;
  • During this second quarter, the Company integrated ChatGPT, a state-of-the-art artificial intelligence (AI) technology, into its UiMeet3D Avatar Greeting Bot product, now available in all of its 3D tour subscription offers.

The Company has granted 1,650,000 share purchase options to officers and employees according to the terms of its share option plan. These options are exercisable at $0.05 per share and expire on May 25, 2028. The Company has also issued 2,209,842 shares at a price of $0.05 to Management and employees as part of their compensation.

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

Investor Video Conference Call

Urbanimmersive will be hosting a video conference to discuss its 2023 second quarter results and answer questions at 1 p.m. (ET) on Monday, May 29, 2023. To participate to the video conference, please use the following link: https://urbanimmersive.zoom.us/j/89027691725.

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
[email protected]

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514-394-7820 X 224
[email protected] 

 

 

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

IG Canada Announces Enhanced Trading Platform for Enhanced User Experience

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Meta description : Explore IG Canada’s advanced trading platform, educational resources, and robust security features. Achieve your trading goals with the innovative tools.
NOTTINGHAM, England, April 25, 2024 /PRNewswire/ — IG Canada, a premier online trading platform, is pleased to announce significant enhancements to its trading technology, designed to empower both novice and experienced traders with superior tools and resources. This development is part of IG Canada’s commitment to providing the best trading experience in the Canadian market.

IG Canada has upgraded its platform with advanced features that streamline trading processes and improve the accuracy of trade execution. These enhancements include customizable charts, a wider range of indicators, and improved mobile access, ensuring traders can operate efficiently from anywhere at any time.
Recognizing the importance of education in trading success, IG Canada has expanded its educational resources. The brokerage now offers a comprehensive learning center featuring webinars, tutorials, and articles that cater to various skill levels. These resources are designed to help traders develop robust trading strategies and improve their market knowledge.
Security remains a top priority for IG Canada. The latest updates include enhanced encryption and multi-factor authentication to protect client data and funds. These security measures provide peace of mind for traders, knowing their investments are safeguarded against potential threats.
IG Canada is a leading online brokerage that provides trading services across multiple asset classes, including forex, stocks, commodities, and indices. With a focus on innovation and customer service, IG Canada is committed to helping Canadian traders achieve their investment goals through a transparent and efficient trading environment.
In addition, IG Canada is committed to engaging with the community through upcoming webinars, live events, and partnerships with local financial experts. These initiatives are designed not only to support the growth and education of the clients but also to foster a stronger, more connected trading community in Canada.
Press Contact:Contact Name: Timothy C. SherwinEmail: [email protected] Phone: +447 441425053

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Sentrycs Now Part of the UK National Protective Security Authority Catalog of Security Equipment

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This inclusion into the NPSA CSE marks a significant milestone in the company’s commitment to enhancing national and international airspace security and to leading the C-UAS market toward multi-layer strategy optimization and excellence.
TEL-AVIV, Israel, April 25, 2024 /PRNewswire/ — Sentrycs, a leading innovator in adaptive counter-drone solutions, is proud to announce its inclusion in the prestigious UK National Protective Security Authority Catalogue of Security Equipment (NPSA CSE).
 
Following a rigorous assessment process, Sentrycs’ cutting-edge Counter Unmanned Aerial Systems (C-UAS) solution has met the high standards set by the NPSA for Detection, Tracking, and Identification (DTI). The testing, conducted at the NPSA’s designated testing facilities in August 2023, rigorously evaluated the Sentrycs system against the NPSA’s DTI Testing and Evaluation Standard v3.1.
Sentrycs elected to be assessed under Configuration D as a 3D system with Ground Control Station (GCS) detection capability and platform identification capability, which is the most demanding test scenario with the highest number of scored parameters.
The Sentrycs system demonstrated exceptional capabilities in various security scenarios, showcasing its robustness in detecting and tracking with high accuracy and zero false alarms. The system’s innovative use of cyber techniques to extract data from targets and its streamlined human-machine interface were especially noted for their efficiency and ease of use.
“Our team is proud to have Sentrycs recognized by the UK National Protective Security Authority,” said Yoav Zaltzman, CEO of Sentrycs. “Being listed in the CSE is not just an honor; it’s a testament to our technology’s reliability and effectiveness in contributing to the ever-changing airspace security landscape.”
Sentrycs’ technology is now accessible through the NPSA CSE, providing security practitioners with verified solutions that meet the UK’s rigorous security standards. This inclusion not only underscores Sentrycs’ role in advancing security technology but also enhances its visibility and credibility on a global stage.
For more details on Sentrycs’ solutions and their impact, visit www.sentrycs.com.
For further information regarding the NPSA and the Catalog of Security Equipment, please visit the NPSA’s official website.
About Sentrycs
Sentrycs is a leader in adaptive counter-drone solutions, supported by innovative technology designed to passively identify, mitigate, and where necessary, intercept unauthorized drones custom-built for various environments – including airports, borders, prisons, critical infrastructure, and mass events. Founded in 2017, Sentrycs’ has offices in Israel and the US, serving customers worldwide. By uniting its field-proven technology and expertise in global drone environments, Sentrycs is leading the way towards a safer and more secure drone-driven future. Learn more at www.sentrycs.com
Video – https://www.youtube.com/watch?v=YBuhpTq5QuM

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Homestyler to Recruit First Batch of Global Partners in 20 Countries

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MILAN, April 25, 2024 /PRNewswire/ — Homestyler, a leading all-in-one 3D Design platform and creative community for global designers invested by Easyhome New Retail Group and Alibaba Group, successfully hosted the Homestyler Global Partners Conference and Gorgeous Home Imported Brand Investment Promotion Conference from April 18 to 19 on the sidelines of the 2024 Salone del Mobile Milano, the world’s leading furniture fair.

Easyhome is at the forefront, driving the transformation of the home furnishing industry into a full-service platform. It has developed a tailored solution for global brands called Gorgeous Home, which includes supportive policies and has established local distribution and service networks in international markets. During the conference, Homestyler unveiled a suite of digital products enhanced by 3D and AI technologies, including cloud-based design tools, virtual livestreaming that can alter and restore furnishing scenes to true-to-life scale, a 3D Floor Planner, a 3D Virtual Studio, and a 3D Interactive Panorama, among others. The event also marked the signing ceremony with the first group of global partners.
The Global Partners Program is a key milestone of Homestyler’s roadmap towards global commercialization. It has established close partnerships with around 1,000 global home furnishing companies and design institutions to provide solutions for digital transformation. The first global partners from more than 20 countries and regions will collaborate to explore content creation and marketing potential to deliver effective growth.
In addition, Homestyler shared the unique advantages of its software and cloud designing tools, particularly in cloud rendering, free modeling capabilities, 3D model and material libraries, one-stop workflow, and user-friendliness.
“The core technologies and products of Homestyler extend through all links both online and offline and deeply converge physical experience with digital technologies, such as attracting customers, content design and creation, interactive scene, check-out tracking and more, and we continue to optimize and enhance the 3D scenario shopping experience to empower the transformation and upgrading of the global home furnishing industry,” said Ma Xingjian, head of Homestyler’s overseas business.
Looking ahead, Easyhome and Homestyler aims to establish an international service, regional distribution and dealership system, serving as a bridge between global designers and home furnishing companies worldwide to enable designers residing in different countries and regions to highlight their 3D design solutions and boost shopping experience for the consumers.
As a creative hub for global designers, Homestyler continually expands its model library with home furnishing products from around the world and provides the latest in 3D and AI technologies to help companies promote their products across various channels. Companies such as P Life Concept London, Lahoma Ltd., and Tecnobit S.r.l. are leveraging Homestyler products to enhance the online shopping experience and increase efficiency on their websites. Homestyler plans to introduce more B2B digital products and services, including advanced 3D tools for designing, modeling, rendering, virtual studio shooting, and livestreaming. “Homestyler will further advance our international development: we are planning to establish industry-academy cooperation with Italy’s top design institution, the Polytechnic University of Milan, and the relationship with ADI. With the launch of Global Partners Program, Homestyler will continue to invest in supporting policies and boost international influence through various cooperation programs, to achieve the goal of providing better design services for users globally,” said Xu Min, general manager of Homestyler.
For more information, please visit https://www.homestyler.com.
About Homestyler
Homestyler was jointly invested in by Easyhome New Retail Group and Alibaba Group. It is dedicated to provide 3D cloud design tools for designers worldwide and delivering a comprehensive suite of 3D+AI digital solutions to the furniture and home furnishing industry.

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