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iLOOKABOUT Executes Multi-Year Contract with MPAC(March 30, 2012)
LONDON, ONTARIO -- (Marketwire) -- 03/30/12 -- iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") today announced that it has successfully negotiated and executed a multi-year services contract with the Municipal Property Assessment Corporation ("MPAC") with respect to the provision of digital imagery and related spatial products and services. This contract, a result of iLOOKABOUT's successful response to MPAC's request for proposal RFP-487-2011, establishes the Company as the vendor of record for street level and ortho-imagery as well as spatial data. The value of the core services being provided by iLOOKABOUT will be several million dollars over the initial 3 year term.
According to MPAC's web site, Ontario is one of the largest property tax assessment jurisdictions in the world and MPAC assesses nearly 5 million properties using the most up-to-date technology and tools available in the property assessment industry. MPAC's property database, which contains over two billion pieces of data, is one of the most detailed in the world. This data is updated regularly using a variety of sources.
"We are exceptionally pleased to have been competitively chosen to deliver applications and data to help facilitate and support MPAC's requirements," stated Jeff Young, iLOOKABOUT's President and CEO, "With MPAC's selection, we recognize the confidence that MPAC has placed in our team to deliver an enterprise solution to facilitate accurate desktop review and we look forward to a successful relationship."
"We are pleased to be working with iLOOKABOUT", said Antoni Wisniowski, MPAC President and Chief Administrative Officer. "We expect the use of digital imagery to improve MPAC's effectiveness and efficiency in the accurate assessment of all Ontario properties."
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 aggregation 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.
About Municipal Property Assessment Corporation
MPAC (www.mpac.ca) is a not-for-profit corporation funded by all Ontario municipalities. MPAC is responsible for administering a uniform, province-wide property assessment system based on current values. It provides a range of services, including the preparation of annual assessment rolls for use by municipalities and the Province of Ontario to calculate property taxes and education taxes. Municipal enumerations are also conducted by MPAC in order to prepare a Preliminary List of Electors for each municipality and school board during an election year. MPAC has 33 local offices located across Ontario. Its head office is located in Pickering.
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President & CEO
Municipal Property Assessment Corporation
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