iLOOKABOUT Corp. Provides Debt Financing Update
LONDON, ONTARIO--(Marketwire - March 30, 2012) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") confirmed today that it has received its first disbursement of $600,000 under its recently signed loan agreement with BDC Capital Inc, a wholly-owned subsidiary of Business Development Bank of Canada (the "BDC"). This loan agreement provides for a 4-year secured term facility which provides for staged financing of the Company of up to $2,000,000 based on iLOOKABOUT achieving pre-determined milestones.
Mr. Jeff Hill, Managing Director, Mr. Marvin Junop and Mr. Mark Lunick, Managers, - Subordinate Financing in the London, Ontario BDC office, provided joint comment, "Over the past several months, we have worked closely with iLOOKABOUT Management to gain an understanding of the Company's current and longer term prospects. We have had the opportunity to gain a deeper understanding of the innovation and business model that is driving the future of iLOOKABOUT, and we look forward to working in partnership to realize this planned growth."
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(TM) 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. Recently, the Company launched GeoViewPort(TM), 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 shares are traded on the TSX Venture Exchange under the symbol ILA.