November 25, 2009 09:22 ET

iLOOKABOUT Corp. Announces Third Quarter Results

LONDON, ONTARIO--(MarketwireNov. 25, 2009) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or the "Company") today announced the release of its third quarter results. The Company's success to date in 2009 in securing new sales agreements has driven revenue from $579,666 for the nine months ended September 30, 2008 to $1,551,927 for the same period in 2009, representing 168% growth. For the third quarter, revenue increased from $213,233 in 2008 to $569,526 in 2009. Losses for the first nine months of 2009 totaled $1,496,267 compared to $3,111,276 for the first nine months of 2008. For the three months ended September 30, losses decreased from $1,513,664 in 2008 to $408,684 in 2009.

During 2009, the Company evolved its business by completing the capture of a "critical mass" of data for the Canadian market, maturing its StreetScape technology platform, implementing aggressive cost containment measures, and recently completing an equity private placement yielding gross cash proceeds of $2,198,700 and net proceeds of $1,921,023. The Company is now in a position to shift its primary focus to sales, channel and partnership activities with the goal of driving significant revenue over the next year. In the first three quarters of 2009, the Company entered into numerous agreements to provide StreetScape imagery in the real estate, municipal, assessment, insurance and utility verticals. These agreements include direct sales, pilot projects and channel partnerships that form the base to build and grow a strong sales platform.

To assist in forecasting future financial resources, the Company monitors revenue backlog1. As at September 30, 2009, the Company had a revenue backlog of approximately $7,225,000 compared to its revenue backlog of approximately $6,330,000 as at June 30, 2009. This represents an approximate 14.1% increase, net of decreases attributable to foreign exchange rate changes. Had foreign exchange rates remained unchanged as compared to the second quarter, revenue backlog would have increased approximately 15.3%. As at November 25, 2009, the Company's revenue backlog is approximately $6,900,000.

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 nine months ended September 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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