TORONTO, Feb. 03, 2021 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) ("ILA" or "the Company") further to its news release issued on January 15th, 2021 and January 22nd, 2021, the Company is pleased to announce it has executed the definitive agreements and closed the acquisition of 100% of the issued and outstanding stock of; (i) Voxtur Technologies, Inc. ("Voxtur Technologies"); (ii) 100% of the membership interests of Bright Line Title, LLC ("Brightline Title"), and (iii) certain technology and non-legal assets of James E. Albertelli, P.A. and certain of its affiliates (collectively, "JEA") (the "Acquisition").
In addition to closing the Acquisition, the Company has received all requisite approvals and has changed its name from "iLOOKABOUT Corp." to "Voxtur Analytics Corp." The Company is expected to begin trading under "Voxtur Analytics Corp." on the TSX Venture Exchange at the opening of markets on February 5th, 2021 under the new ticker symbol "VXTR". No action will be required by existing shareholders with respect to the name change. Issued share certificates representing common shares of the Company will not be affected by the change of name and will not need to be exchanged. Complete marketing materials and rebranding efforts will continue to transition over the next few months.
"With this acquisition, the Company will be in a position to deliver a valuable suite of products and services to the real estate sector offering a breadth of insight, understanding and analytics distinctive in today's marketplace. By combining both sets of assets, we are now able to touch many functions in the real estate value chain and, as a result, we are able to move the vision forward for a more efficient real estate transaction, increasing value for all," said Gary Yeoman, Chair and Chief Executive Officer of the Company. "In addition to the near-term revenue benefits anticipated with the addition of Voxtur's and Brightline's significant client base, this transaction is aligned with our previous investments in technology and the accumulation of proprietary industry data creating a resilient and dynamic growth platform."
The combination of assets allows the Company to integrate its proprietary data, analytics, and technologically enhanced services to reduce the costs caused by imperfect information.
"Bringing both groups together allows us to differentiate ourselves by being able to offer a unique set of complementary services in real estate valuation, property tax, title insurance and default services. As we harness the data within each of our offerings and incorporate our machine learning and artificial intelligence expertise into these products, we are able to provide differentiated value to consumers and lenders alike," said Jim Albertelli, founder of JEA and now President of the Company. "We are excited to join forces with Gary and build upon his successful track record. Both management teams have already come together and are fully aligned with the Company's emphasis on growth and value creation with the long-term vision of creating a fully digitized view of a real estate asset."
In conjunction with the Acquisition, ILA is delighted to expand its existing credit facilities with Bank of Montreal's ("BMO") Technology & Innovation Banking Group for an additional approximate amount of $23.5 million (the "Term Loan"), as previously announced in a news release issued by the Company January 15, 2021. The Term Loan contains customary financial and restrictive covenants, and are secured by assets of ILA and its subsidiaries, which primarily consists of intellectual property and accounts receivable. The proceeds of the Term Loan will be used for costs associated with the Acquisition, other strategic initiatives and general corporate and working capital purposes.
"We are appreciative of BMO's ongoing support, which has allowed us to execute on this transformation and strategic acquisition. Besides growing our marketshare, the acquisition will also allow us to add new products and offerings to our platform in the future," continued Mr. Yeoman.
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 and in the US on the OTCQB under the symbol ILATF.
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.
Forward Looking Information:
This news release contains forward-looking statements and information contained herein are not based on historical facts and constitute forward-looking information and forward-looking statements, within the meaning of Canadian and United States securities laws, that are based on expectations, estimates and projections as at the date of this news release. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions, including expected timing for the name change, expectations for the effects of the Acquisition or the ability of ILA to successfully achieve business objectives, including integrating Brightline Title and Voxtur Technologies or the effects of unexpected costs, liabilities or delays; the potential benefits and synergies of the Acquisition; statements relating to the business and future activities of, and developments related, to ILA, Voxtur Technologies and Brightline Title after the date of this news release; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to ILA, Voxtur Technologies and Brightline Title, or the real estate industry generally; anticipated future production costs related thereto; and other events or conditions that may occur in the future.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect ILA's management expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although ILA believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of ILA. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the additional costs that will likely be incurred from the Acquisition; changing global financial conditions, especially in light of the recent COVID-19 outbreak; uncertainty of when the current moratorium on foreclosure actions in the United States will be lifted; reliance on specific key employees and customers to maintain business operations; conflicts of interests that will arise out of the Acquisition; competition within the Company's industry; a risk in technological failure or failure to implement technological upgrades; the Company's dependence on maintaining its intellectual property and ensuring that it continues to comply with all existing privacy laws; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking 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.
