iLOOKABOUT Corp.
TSX VENTURE : ILA

iLOOKABOUT Corp.

April 27, 2011 11:52 ET

iLOOKABOUT Corp. Announces Fiscal 2010 Financial Results and Notice of Annual & Special Meeting of Common Shareholders

LONDON, ONTARIO--(Marketwire - April 27, 2011) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") announced today notice of the Annual & Special Meeting of Common Shareholders of iLOOKABOUT, to be held May 25, 2011. This Notice of Meeting can be found on SEDAR at www.sedar.com. The Company's audited consolidated financial statements for the year ended December 31, 2010, Management's Discussion and Analysis, and Annual Information Form have also been filed and are available at www.sedar.com.

Revenue growth of approximately 36% was achieved by the Company in 2010 as compared to 2009, with revenue increasing from $2,170,280 for 2009 to $2,958,905 for 2010. This sales growth was derived primarily from the insurance market in Canada and the assessment market in Canada and the US. As compared to 2009, operating expenses in 2010 increased approximately 15% from $4,064,978 to $4,689,537. This increase was primarily attributable to increased human resource costs related to business and application development, third party content costs to support the delivery of new services introduced in 2010, and increased data capture and related processing to support new and existing sales arrangements. In 2010, the Company recorded an impairment loss on its long-lived assets of $71,534. In 2009 the Company recognized approximately $23,000 of interest income related to Scientific Research and Experimental Development claims settled in 2009 for the period of January 1, 2007 to March 31, 2008, compared to nominal interest received in 2010. Overall, the above noted items contributed to a decreased net loss of $1,834,846 for the year, down from $1,889,314 in 2009.

About iLOOKABOUT

iLOOKABOUT is a visual and data intelligence company serving commercial enterprise in the real estate, insurance, municipal, utility, assessment and appraisal sectors in North America and Europe. iLOOKABOUT is a pioneer in visual and data intelligence with its StreetScape and Virtual Tour products. StreetScape is a visual and data intelligence product for the geo-spatial market, providing panoramic, comprehensive, street level perspective visual data, geo-coded with latitude and longitude coordinates for accuracy and supported by patented software processes and proprietary security and storage systems. Recently, the Company launched GeoViewPort™, a web-based Geographic Information System (GIS) application that enables the federation of additional value added data such as validated addresses, aerial imagery, property values, property attributes, etc. with iLOOKABOUT StreetScape™ imagery. Headquartered in London, Ontario, Canada, iLOOKABOUT's 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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