Immersive Media Terminates Google License Deal

October 1, 2007

Immersive Media Corp., which specializes in what it calls "GeoImmersive video," said today that it was terminating its content license agreement with Google Inc., effective December 27, 2007.

"We've had our technology validated and it has been exposed to millions of people which was a key objective when we entered into this agreement," said Myles M. McGovern, Immersive president and CEO. "Google will retain exclusive rights to content licensed to date for a period of time. However, the termination of this agreement enables IMC to license all of our other imagery to markets that we were previously unable to service."

IMC provides full-motion, high-resolution and spherical video. Using eleven video streams arranged according to geodesic geometry, Immersive video captures an almost complete spherical image: a high-resolution 360-degree view of surroundings, according to the company. Its movies can integrate GPS coordinates and other metadata to produce its GeoImmersive video.

IMC will continue its mapping initiative in North America and will scale internationally to meet customer demand, the company said. Although IMC may experience some modest decreases in revenues in the short term as a result of the termination of the agreement, in the medium and long term, management of IMC does not anticipate that the termination of the agreement will have a material adverse effect on revenues, the company said.

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