Urbanimmersive received a Cease Trade Order
05 Febbraio 2024 - 3:04PM
Urbanimmersive Inc. (“Urbanimmersive,” “the Company,” or “UI”) (TSX
VENTURE: UI) (OTCQB: UBMRF), a leading provider of 3D digital twin
solutions for the real estate marketing industry, has received a
general Cease Trade Order (‘CTO’) issued by the Canadian Securities
Administrators (Autorité des Marchés Financiers (‘AMF’) being the
principal regulator) in accordance with National Policy 12-203 -
Management Cease Trade Orders (NP 12-203) and the Canadian
Investment Regulatory Organization (‘CIRO’) has halted the Company’
stock.
The CTO was issued due
the missed filing deadline of January 28, 2024 to file its annual
audited financial statements, accompanying management's discussion
and analysis and related Chief Executive Officer and Chief
Financial Officer certificates for its fiscal year ended September
30, 2023, as required under applicable Canadian securities laws.
The delay in filing was caused by the Company's former auditors not
renewing their mandate and the ongoing process of finding a new
auditor in a short time frame in the busy season at a reasonable
cost.
The Company will
continue to operate in the normal course of business, fulfilling
its commercial contracts and obligations and intends to immediately
apply for a revocation of CTO as soon as its annual filings are
duly filed.
Funding
initiatives
In the last year,
while completing the integration process of its recent
acquisitions, the Company has significantly streamlined its
operations which includes a reduction of its workforce representing
annual savings of nearly $2.0 million. Even with a decline in its
revenues impacted by the challenging real estate market conditions
in 2023, the Company believes it should be able to generate
positive free cash flows over the next 12 months. However, as a
result of its low liquidities ending the low season and less
secured fundings than planned in the last year, Urbanimmersive has
continued to work actively on securing a small equity financing in
the recent weeks that would be used for working capital purposes
and its growth initiatives and will continue to pursue those
initiatives. As there is no guarantee of the outcome so far, the
Company has decided to explore other alternatives to generate
liquidities in the short term which may include divestiture of
certain assets. That said, the Company has not made any decisions
at this time, and there is no guarantee that it will result in any
specific favourable outcome.
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:
Simon Bédard, CA, CPA,
CFA, MBAInterim Chief Executive Officer and Chief Financial
Officer514 394-7820
X 224simonbedard@urbanimmersive.com
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