Urbanimmersive Signs Letter of Intent with MLS Market Leading Mobile App, Prospects.com

SAINT-HUBERT, Quebec, Feb. 25, 2021 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce today that the Company has signed a letter of intent (“LOI”) with Prospect Software Inc. (“Prospects” or “Prospects Software”), a leading real estate software solution including Prospects CRM, Prospects Mobile in Canada and MLS-Touch in the United States (Prospects.com) and offered to nearly 400,000 real estate agents in North America.
Under this LOI, both parties engage to partner in sharing resources, knowhow and technologies to establish a seamless integration of Urbanimmersive’s 3D tours technology within the Prospects app and software. The integration will allow Prospects’ users to easily capture 360 images, produce 3D tours and book 3D meetings from within the Prospects Mobile and MLS-Touch apps.As the LOI sets the beginning of a potential highly strategic integration and commercialization partnership, Mr. Drouin also agreed to join the team as an external consultant. Mr. Drouin has an impressive track record in the real estate industry, both in Canada and United States and his company, Prospects Software, has a strong customer and sales growth in North America. Before founding Prospects back in 1999, Mr. Drouin has also held various business development functions within telecommunications companies.“I am really excited about the potential of this partnership and helping the team as a consultant will just tighten this new highly strategic relationship. I believe Urbanimmersive cost-effective 3D solution and its unique 3D avatars video-conferencing feature (‘UiMeet3D’) is a game changer in our industry. The technology they’ve created is unique and way more engaging than we’ve seen in the past. Virtual 3D showings/tours will help agents and consumers stay safe and save time, even once the pandemic is behind us. We look forward in helping Urbanimmersive commercializing their 3D innovations”, stated Charles Drouin.“Being selected by such a market leader is an honor and confirms the strength of our 3D technology offering on the market. His extensive experience in the real estate brokerage industry and knowledge of web-based software applications will be particularly valuable as Urbanimmersive is entering into the next phase of commercialization of its 3D tour technology, ” stated Ghislain Lemire, President and Chief Executive Officer of Urbanimmersive.While both companies have agreed in principle with regards to the profit-sharing model and technological integration, the milestones and development road map are still in a working process and could involve some changes over time. The final partnership agreement is also subject to a satisfactory due diligence from both parties as well as technological feasibility.TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.About Prospects SoftwareProspects Software is a privately-owned company based in Montreal, Canada. Prospects empowers real estate agents with innovative software solutions including a powerful customer relationship management system specifically designed for agents and teams. Prospects is also the creator of the widely adopted Mobile MLS app called Prospects Mobile in Canada and MLS-Touch in the United States. With over 100 000 users of its CRM solution and more than 400 000 users of its mobile solution, Prospects is rapidly becoming an industry leader in North America. Learn more at Prospects.com.About UrbanimmersiveUrbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. Learn more at urbanimmersive.com.Caution of Forward-Looking StatementsCertain 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 Inc. Ghislain Lemire President & CEO 514-394-7820 X 202
ghislainlemire@urbanimmersive.comSimon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
simonbedard@urbanimmersive.com