iLOOKABOUT Corp. Announces Fiscal 2014 Annual Filing and Shareholder Meeting Date

LONDON, ON--(Marketwired - April 30, 2015) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT", "ILA" or "the Company") announced today that its Audited Consolidated Financial Statements for the years ended December 31, 2014 and 2013, and the related Management's Discussion and Analysis are available at www.sedar.com and on the Company's website at http://www.ilookabout.com/financial_releases.aspx. Shareholders may request a hard copy of this material by directing their request to: iLOOKABOUT Corp., Office of the CFO, 408-383 Richmond Street, London ON, N6A 3C4. 

The Company reported that, over the course of 2014, Management focused on redefining the strategic direction of the Company. In December 2014, three key milestones of the Company's strategic plan were achieved. Firstly, the Company announced the execution of a technology asset purchase agreement to augment the Company's existing GeoViewPort platform. The technology assets included a property tax analytics platform known as "Real Property Tax Analytics" or "RPTA" and a property tax workflow management platform known as "Realty Tax Management" or "RTM" (collectively, the "Software"). Secondly, to leverage the value of the Software, the Company launched a municipal property tax consulting services business focused on the property and valuation sectors. Finally, the Company completed a private placement for gross proceeds of $2,000,000, of which a portion of these funds will help fund the launch of the RPTA and RTM platforms and the municipal property tax consulting services. The technology asset purchase was successfully completed in February 2015, following regulatory and shareholder approval as required given the transaction was a non-arm's length transaction. 

Highlights of financial results for fiscal 2014 were also provided by the Company. 

iLOOKABOUT's revenue increased from $3,563,000 to $5,657,000 for the years ended December 31, 2013 and 2014, respectively. This increase was primarily attributable to: the commencement of a multi-year services contract with a customer in respect of the provision of hosted application services to enable the delivery of geo-spatial and real property related data to the customer's end users; an increase in the sale of third party data to end user customers; and an increase in US-based licensing of StreetScape imagery and the GeoViewPort platform.

Offsetting the year over year increase in revenue were the following: increase in human resource and sales related costs to support the development and launch of the new product and service offerings noted above, but for which related revenue was not generated in the year; increase in the required data and software licence fees to support an increase in the re-licensing of third party data and software to customers and their end users; increase in partner royalties and commissions, primarily related to two new US licence agreements entered in the first quarter of 2014; increase in data capture and image processing costs required to support new US licences; increase in regulatory and professional fees; and an increase in share-based compensation expense in respect of director compensation resulting from the transition from stock options to deferred share units, commencing July 1, 2014. 

The overall result of the above noted increase in revenue and increase in expense was a nominal increase in comprehensive loss from $1,040,000 to $1,049,000 for the years ended December 31, 2013 and 2014, respectively.

The Company also confirmed that it has filed the Management Information Circular, which can be found at www.sedar.com, with respect to iLOOKABOUT's Annual and Special Meeting of Shareholders to be held on June 4, 2015. The record date for this meeting is April 30, 2015. 

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.