SOURCE: iLOOKABOUT Corp.

iLOOKABOUT

February 11, 2015 17:12 ET

iLOOKABOUT Announces Close of Technology Asset Purchase

LONDON, ON--(Marketwired - February 11, 2015) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") is pleased to announce that it has completed the purchase of certain technology assets (the "Software") from Yeoman & Company Paralegal Professional Corporation ("YCP") and 2025832 Ontario Inc. (collectively, the "Vendors") pursuant to the terms of a certain technology asset purchase agreement (the "Purchase Agreement") that was announced by news release on December 11, 2014. The Software includes the Realty Tax Management Platform ("RTM") and the Real Property Tax Analytics Platform ("RPTA"). 

The transaction contemplated by the Purchase Agreement constituted a non-arm's length transaction, as two of the principals of YCP are the sons of Gary Yeoman, a director and officer of the company. The transaction received shareholder approval by way of written consent, and Final Exchange Approval was received from the TSX Venture Exchange on February 5, 2015. 

In accordance with the Purchase Agreement, the purchase price for the Software was $1,530,000 and was satisfied by the issuance of 6,000,000 common shares of iLOOKABOUT Corp. upon the closing of the transaction, which shares are subject to a four month hold period in accordance with applicable securities laws.

About iLOOKABOUT

iLOOKABOUT is a data analytics and visual intelligence company focused on real property, serving primarily the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's origins are with its StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort™, which federates property related data and enables desktop review of properties. iLOOKABOUT has recently integrated powerful new data analytics and workflow management applications into its existing products to create several new service offerings uniquely customized for its clients. These new offerings include Real Property Tax Analytics ("RPTA"), Realty Tax Management ("RTM") and Confirm My Assessment. To augment the Company's technology based offerings, real estate consulting services are also now provided, with a focus on the Property Tax and Valuation sectors. 

Headquartered in London, Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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