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iLOOKABOUT Corp. Announces $2 Million Credit Facility Commitment Letter With BDC(December 20, 2011)
LONDON, ONTARIO -- (Marketwire) -- 12/20/11 -- iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") announced today that it has signed a commitment letter with BDC Capital Inc, a wholly- owned subsidiary of Business Development Bank of Canada (the "BDC") for a $2 million four-year secured term credit facility. The facility provides for the distribution of the financing in stages, subject to the Company meeting specified performance milestones.
Jeff Young, President and Chief Executive Officer of iLOOKABOUT, said, "We are pleased to have obtained this commitment from the BDC, the funds of which are anticipated to support revenue growth and enhance shareholder value."
Proceeds from the facility are intended to fund image capture, equipment acquisition, ongoing research and development, as well as working capital. The transaction is subject to the negotiation and execution of final loan and security documents. The loan documentation process has commenced and a definitive credit agreement is expected to close on or before January 15, 2012. Complete details of the transaction will be disclosed at loan closing.
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.
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.
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