Urbanimmersive Provides Update on the Acquisition of Tourbuzz

Urbanimmersive (TSXV:UI), a real estate marketing platform provided an update on its acquisition of Tourbuzz, the leading real estate photographer software solution provider in North America.

The company initially announced the Tourbuzz acquisition on April 3, 2018.

As quoted in the press release:

In lights of the recent memorandum of understanding signed with one of the leading real estate portals in North America for a potential partnership with Urbanimmersive, post-transaction to the acquisition of Tourbuzz, announced by the Corporation on June 21, Tourbuzz’s founders, Messrs. Alan Pinstein and Paul Rodman, have agreed to be paid for the purchase price for the acquisition by Urbanimmersive of 100% of the limited liability company interests in Tourbuzz, as follows (i) US$2,500,000 in cash, (ii) US$1,500,000 in principal amount of secured convertible debentures (the “Convertible Debentures”) and (iii) 1,950,000 common share purchase warrants (the “Warrants”). The Convertible Debentures will bear interest at a rate of 10.0% per annum and will be convertible into common shares of the Corporation (“Shares”) at a conversion price of C$0.125 per Share. The Convertible Debentures will mature on the date that is four years from the closing date of the Transaction. The Warrants will entitle the holder thereof to acquire one Share for a period of four years from the closing date of the Transaction at a price of C$0.25 per Share.

Furthermore, Urbanimmersive and Tourbuzz amended their binding letter of intent dated March 30, 2018 (the “LOI”) in order to extend the exclusivity period until July 15, 2018 (or such later date as may be agreed to in writing by the parties). All the other terms and conditions of the LOI remain unchanged and as described in the press release of the Corporation dated April 3, 2018.

Closing of the Transaction is expected to occur on or about July 11, 2018.

Completion of the Transaction remains subject to a number of conditions, including the finalization of a definitive purchase agreement, the receipt of all required regulatory approval, including of the TSX Venture Exchange, Urbanimmersive obtaining financing for the Transaction on acceptable terms and such other closing conditions as are customary in transactions of this nature. There can be no assurance that such conditions will be satisfied and that the Transaction will be completed as described or at all.

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