Immersive Media Corp. (TSXV: IMC) announced its audited financial results for the year ended June 30, 2008.
Total revenues for the year were $8,246,841 representing a 149% increase over 2007 revenues of $3,305,543. Net loss for the year decreased 6% to $(4,665,018) or $(0.13) per share from $(4,981,617) or $(0.18) per share in 2007. Loss before non-cash items and other income (expense) decreased slightly to $(3,403,244) compared to $(3,820,800) in 2007. Cash and secure investments as of June 30 were $20,378,733.
At the end of the second quarter of fiscal 2008, IMC made a strategic investment in T3 Motion, Inc. (T3). In April 2008, T3 repaid $1 million US of the venture loan along with accrued interest.
IMC continues to refine the business model for its spherical platform in the Security/Situational Awareness and Geospatial/LBS markets, and is establishing the business model for the Media and Entertainment market.
The fiscal year 2008 saw the following activities, including new and follow on sales for the applications noted below:
Situational Awareness/Security Market
- IMC expanded its strategic relationship with its Certified Service Partner, ACG Security, LLC (ACG), and is providing its patented Immersive Video technology to the U.S. Army's Rapid Equipping Force. IMC's video technology, coupled with ACG's tactical operation capabilities, will provide the U.S. Army with the "best-of-breed" Terrestrial-Intelligence, Surveillance and Reconnaissance (T-ISR) system.
- In April, at the ISC West Show, IMC announced its intent to launch the hemisphere camera, IMC Surrounder, aimed at the fixed video surveillance market.
Geospatial/LBS Market
- IMC continued to expand its international position and recently signed AAMHatch Group, a global leader in geospatial technology, as a Certified Service Partner. The advanced visualization capabilities of AAMHatch Group, combined with GeoImmersive imagery from IMC will provide better solutions for the global geospatial marketplace. This partnership marks the entry of IMC into the Australasia marketplace and leverages AAMHatch's expertise in providing spatial information sales, support and service. AAMHatch will use Immersive technology to improve its geospatial services and solutions throughout Australia and South East Asia.
Advertising and Entertainment Market
- Immersive Media produced for Red Bull the first-of-its-kind video experience for the launch of Red Bull's surfing website. The collaboration validates the use of Immersive Media's platform to create compelling branded entertainment with its interactive, Immersive Video. The addictive nature of Immersive Videos means Viewers watch it again and again because they are able to see something different every time.
- Immersive Media signed a milestone partnership with the William Morris Agency (WMA) Digital Department to develop, implement and deliver worldwide media and entertainment services. As the largest and most diversified talent and literary agency in the world, WMA's business relationships and reputation advances IMC's Advertising and Entertainment market strategy.
- Mercedes-Benz USA and AMG - the performance division of Mercedes-Benz - were the first in the automotive market to employ IMC's groundbreaking new visual technology offering viewers an Immersive visual experience designed to be "the next-best thing to commanding a Mercedes-Benz AMG."
The campaign includes a microsite showcasing three interactive 360 degree video scenarios - two shot on-location at Las Vegas Motor Speedway (LVMS) and one on the world-famous Vegas Strip - using Immersive Media's proprietary eleven-lens video capture system. Mercedes-Benz received the Catalyst Award for "Best Interactive Video Campaign" from JD Power. The category was not for simply a repurposed TV spot, but an online video campaign specifically designed to capture the attention of a viewer.
- In collaboration with ADOBE at NAB 2008, IMC demonstrated live streaming of its 360 degree video. Viewers were able to log in and with the IM Flash Player they could click and drag to look around in any direction and see what was happening on the NAB show floor. -- www.cnxmarketlink.com
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