SOURCE: iLOOKABOUT Corp.

iLOOKABOUT

August 28, 2015 16:26 ET

iLOOKABOUT Corp. Announces Second Quarter Results

LONDON, ON--(Marketwired - August 28, 2015) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") announced today that the Company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2015 and 2014, and the related Management's Discussion and Analysis are available at www.sedar.com and on the Company's website at www.ilookabout.com.

The Company is pleased to report that revenue increased 47% to $2,060,000 for the three months ended June 30, 2015, and increased 42% to $3,576,000 for the six months ended June 30, 2015, compared to the same periods in the prior year. These increases are primarily attributable to (i) the launch of municipal property tax consulting services for which revenue commenced in January 2015, (ii) the initiation and near completion of the development of a pilot application for a key customer, (iii) the delivery of imagery for a significant US-based sales contract in the first quarter of 2015 for which there was not a comparable delivery in the first quarter of the prior year, and (iv) six months of revenue recognized in the first two quarters of 2015 with respect to a multi-year services contract for the provision of hosted application services to enable the delivery of geo-spatial and real property related data, for which only five months of revenue was recognized in the first two quarters of the prior year.

Comprehensive loss increased 28% to $520,000 for the three months ended June 30, 2015 and increased 68% to $1,138,000 for the six months ended June 30, 2015, compared to the same periods in the prior year. While revenue for the comparative periods increased, this increase was more than offset by (i) an increase in third party property related data licencing fees to support the re-licencing of this data to end customers, (ii) an increase in product development and sales related expenses incurred to support new product and service offerings being launched by the Company, (iii) an increase in share based compensation expense due to the grant of 2,233,000 options to purchase common shares of the Company, which options were granted in accordance with the Executive Chair's Employment Agreement which became effective January 1, 2015, and (iv) the accrual of a minimum purchase commitment under a value added re-seller agreement which commitment commenced in January 2015.

Shareholders may request a hard copy of the Company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2015 and 2014, and the related Management's Discussion and Analysis, by directing their request to: iLOOKABOUT Corp., Office of the CFO, 408-383 Richmond Street, London, ON, N6A 3C4.

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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