Mr. Simon Bedard reports

URBANIMMERSIVE RECEIVED A CEASE TRADE ORDER

Urbanimmersive Inc. has received a general cease trade order (CTO) issued by the Canadian Securities Administrators (Autorite des Marches 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's stock.

The CTO was issued due the missed filing deadline of Jan. 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 Sept. 30, 2023, as required under applicable Canadian securities laws. The delay in filing was caused by the company's former auditor not renewing its mandate and the continuing 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.

Financing 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 work force representing annual savings of nearly $2-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 financings 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.

About Urbanimmersive Inc.

Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The company's all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3-D tours and floor plans, leading-edge property websites, and high-resolution artificial intelligence-indexed images. The company operating segments include software (SaaS), 3-D 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.

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