TORONTO, Nov. 27, 2020 (GLOBE NEWSWIRE) — iLOOKABOUT Corp. (TSXV:ILA) (“ILA” or “the Company”) today announced that its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2020 and 2019, and the related Management’s Discussion and Analysis (“MD&A”) are available at www.sedar.com and on the Company’s website at http://www.ilookabout.com/investor-relations/financial-information. Shareholders may request a hard copy of this material by directing their request to: iLOOKABOUT Corp., Office of the CFO, 408-383 Richmond Street, London ON, N6A 3C4.
In the third quarter, the Company executed an Asset Purchase Agreement for the strategic acquisition of Apex Software (“Apex”), which is considered the industry standard for property building outline and sketch software in North America. This acquisition provides the Company with a vast growth opportunity by enabling the sale of ILA’s property tax platform to Apex’s 2,200+ property assessment clients, and also enabling the sale of Apex’s sketch software to ILA’s mortgage lending clients.
Also in the quarter, the Company closed a non-brokered private placement for aggregate gross proceeds of approximately $8 million, which BMO Capital Partners collaborated in. Subsequent to the third quarter, the Company further added to its capital resources by expanding its existing credit facilities with Bank of Montreal’s (“BMO”) Technology & Innovation Banking Group for an additional $4 million.
The Company continues to experience a high growth rate year-to-date, while executing several strategic initiatives for future growth. On a year-to-date basis, the Company has achieved 46% year-over-year revenue growth and 2% revenue growth for the third quarter on a year-over-year basis. However, the Company is still experiencing material impacts from the COVID-19 pandemic, which includes the continued moratorium on foreclosures in the United States (“US”). Although, with a focus on the mortgage origination and refinance market, the Company has added 12 new lending clients in the US. We also added 5 new clients and expanded our footprint with existing clients in our property tax business. The Company continues to maintain its austerity measures in response to the impact of COVID-19.
“Despite the impacts of COVID-19 on our business, we have successfully pivoted to implement new strategies to enable us to execute on our long term growth plans. We received significant demand in our recent capital raise, which validates our future growth plans,” said Gary Yeoman, Chair and Chief Executive Officer, “The future of our existing business is extremely positive, and we will continue to make accretive strategic investments to allow the company to grow and realise its full potential.”
Highlights of Financial Results:
| Unaudited | Unaudited | |||||||||||||
| Three months ended September 30 | Nine months ended September 30 | |||||||||||||
| (In thousands of Canadian dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
| Revenue | $ | 4,921 | $ | 4,811 | $ | 14,529 | $ | 9,956 | ||||||
| Adjusted EBITDA, Unaudited1 | (189 | ) | (52 | ) | (1,537 | ) | 739 | |||||||
Discussion with respect to the above noted results can be found in the Company’s MD&A.
1 Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
Forward Looking Information:
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of ILA or any other person that the anticipated results will be achieved and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. ILA does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
About ILA
ILA is a transformational data analytics organization that provides transparency to the valuation of real estate assets. ILA is a real estate valuation platform with technologies that leverage the power of data designed to address today’s dynamic real estate valuation market. Our proprietary innovative platform provides software and data licenses and technology managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in the United States (“US”) and Canada. Accurate data and property valuations form the basis for our clients to value assets, fund loans, securitize portfolios and to analyze and update property tax assessments. As a fully integrated valuation technology company, we are setting new standards in real estate valuation quality and reliability. ILA is a brand built on innovation, execution, accuracy, industry expertise and forward-looking products and services.
ILA’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.
