August 27, 2009 16:30 ET

iLOOKABOUT Corp. Announces Second Quarter Results

LONDON, ONTARIO--(Marketwire - Aug. 27, 2009) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or the "Company") today announced the release of its second quarter results. The Company reported revenue of $982,401 for the six months ended June 30, 2009, representing an increase of 168% over the same period of the prior year. Losses for the first six months of 2009 totaled $1,087,583 compared to $1,597,614 for the first half of 2008. For the three months ended June 30, revenue increased from $185,730 in 2008 to $551,339 in 2009, an approximate 197% increase. Losses for the three months ended June 30 decreased from $1,123,118 in 2008 to $573,089 in 2009.

Jeff Young, President and CEO of iLOOKABOUT, commented, "We are pleased with our Company's ability to increase revenues and decrease losses in the first half of 2009, particularly given the challenging economic environment. Our Company's respectable increase in revenue is attributable to the growth of our StreetScape product. It's quite rewarding that clients and partners in our target markets are recognizing the value that can be derived from StreetScape."

To assist in forecasting future financial resources, the Company monitors revenue backlog(1). As at June 30, 2009, the Company had a revenue backlog of approximately $6,330,000 compared to its revenue backlog of approximately $6,800,000 as at March 31, 2009. This represents an approximate 7% decrease, of which 14% of this decrease relates to foreign exchange rate changes. As at August 27, 2009, the Company's revenue backlog is approximately $6,810,000.

In July 2009, iLOOKABOUT completed a private placement resulting in gross proceeds of $2,198,700, the net proceeds of which will be used to pursue growth opportunities which may include the capture of additional streetscape image-data, increased sales and marketing efforts, expansion of capital infrastructure and for general corporate and working capital purposes. The Company continues to make progress toward generating increased cash inflows through sales and government grants. Management continues to assess and respond to the need to balance the preservation of cash resources with the pursuit of strategic objectives critical to the Company's long-term success.

(1) Revenue backlog is a non-GAAP measure and therefore does not have a standardized meaning as defined by GAAP, and may not be consistent with the definition assigned to this measure by other reporting issuers. Revenue backlog is based on current expectations and entails various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. Further definition and discussion of this measure is provided in Management's Discussion and Analysis for the six months ended June 30, 2009, and can be found on SEDAR at


iLOOKABOUT is a visual 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 data intelligence with its StreetScape and Virtual Tour products. StreetScape is a visual 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. Headquartered in London, Ontario, Canada, iLOOKABOUT has offices in Toronto, Canada and London, UK. 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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