SOURCE: iLOOKABOUT Corp.

iLOOKABOUT

November 27, 2015 12:14 ET

iLOOKABOUT Corp. Announces Third Quarter Results

LONDON, ON--(Marketwired - November 27, 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 nine months ended September 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 30% to $2,277,000 for the three months ended September 30, 2015, and increased 37% to $5,853,000 for the nine months ended September 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) increased deliveries under imagery based sales contracts in the third quarter of 2015 as compared to the same period in the prior year, and (iii) revenue recognized 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. Additionally, revenue for the nine months ended September 30, 2015 increased due to the recognition of revenue related to the development of a pilot application for a key customer in 2015 for which there was not a comparable project completed in 2014. The revenue related to this pilot was fully recognized in the second and third quarters of 2015.

Comprehensive income increased 94% to $353,000 for the three months ended September 30, 2015, compared to the same period in the prior year. This increase is mainly attributable to increased revenue, and the receipt of funds resulting from a successful Ontario Interactive Digital Media Tax Credit ("OIDMTC") claim for a prior period. Total funds received under the OIDMTC were approximately $197,000 and were recorded as a reduction of expense. The increase in income was offset to some extent by (i) an increase in third party property related data licensing fees to support the re-licensing of this data to end customers, (ii) accrual of a minimum purchase commitment under a value added reseller agreement which commenced in January 2015, (iii) an increase in human resource and business development related costs incurred to support new product and service offerings launched by the Company in late 2014 and early 2015; and (iv) an increase in cash based compensation expense related to the Employment Agreement of the Executive Chairman, which became effective January 1, 2015.

Comprehensive loss increased 58% to $786,000 for the nine months ended September 30, 2015, compared to the same period in the prior year. While comprehensive income for the nine months ended September 30, 2015 increased for the reasons noted above, this increase was offset somewhat by the reasons noted above and an increase in share-based compensation expense related to the Employment Agreement of the Executive Chairman, under which 2,233,000 options to purchase common shares of the Company were granted in February 2015.

Shareholders may request a hard copy of the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September30, 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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