LONDON, ONTARIO--(Marketwire - Jan. 2, 2013) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") confirms, as previously disclosed in the Company's Management Information Circular dated April 25, 2012, that until such time as the Company generates sustainable net cash flow from operations, director compensation will be provided primarily through the grant of stock options. Such options are to be granted on a half yearly basis between annual meetings. Directors who are also full-time senior officers of the Company are not entitled to any compensation, including the granting of stock options, in respect of their role as directors of the Company. It was also agreed, given the significant shareholdings of Mr. John C. Drake, a modest cash payment would be made to Mr. Drake per Board meeting attended in lieu of the granting of any options. In accordance with the Director Compensation Plan and the Executive Chairman Compensation Plan, the eligible Directors of the Company were granted a total of 485,820 options to purchase common shares of the Company in lieu of cash compensation on December 31, 2012. The exercise price of these options is $0.15 per share, representing the closing market value of the Company's common shares on the date prior to the date of grant. All of these options will expire on December 30, 2017 if not earlier exercised or terminated. These options are subject to the terms and conditions of the Company's Stock Option Plan.
iLOOKABOUT is a visual and 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 and data intelligence with its StreetScape™ and Virtual Tour products. StreetScape is a visual and 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. The Company has also launched GeoViewPort™, a web-based Geographic Information System (GIS) application that enables the aggregation of additional value added data such as validated addresses, aerial imagery, property values, property attributes, etc. with StreetScape imagery. Headquartered in London, Ontario, Canada, 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.