LONDON, ONTARIO--(Marketwired - Jan. 3, 2014) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") confirmed that, upon the recommendation of the Company's Nomination and Compensation Committee, the Board approved a minor change to iLOOKABOUT's Director Compensation Plan; namely that all non-employee directors will receive the same form of compensation for acting as directors. Previously, Mr. Drake was paid a modest cash payment per Board or Committee meeting attended by him in lieu of stock options that the other non-employee directors receive. The Company also confirmed that Gary Yeoman, who was appointed as the new Executive Chair on June 13, 2013, will receive the same compensation as was approved by the Board for this position when it was created in April 2012, as amended in August 2012.
In accordance with the Director Compensation Plan and the Executive Chair Compensation Plan, the eligible Directors of the Company were granted a total of 863,125 options to purchase common shares of the Company in lieu of cash compensation on December 31, 2013. The exercise price of these options is $0.20 per share, representing the closing market value of the Company's common shares on December 18, 2013, being the date that the Company's common shares were halted from trading due to the Company's announcement of a proposed business combination transaction. All of these options will expire on December 30, 2018 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 federation 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 common shares are traded on the TSX Venture Exchange under the symbol ILA.
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