Immersive Media Corp. announces the termination of 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, president & CEO, Immersive Media Corp. “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 will continue its mapping initiative in North America and will scale internationally to meet customer demand. 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.
Source: Immersive Media