TORONTO, Ontario, April 05, 2018 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSX-V:ILA) (“iLOOKABOUT” or “the Company”) today announced the signing of a non-binding letter of intent (“LOI”) to pursue a possible merger with Stratus Data Systems, Inc. (“Stratus”), an MLS software provider with a robust technology platform used by real estate boards and brokers in North America (the “Proposed Transaction”).
“We’re extremely excited about this potential combination and what it may mean for our next phase of growth as we execute our acquisition strategy to expand our presence in the U.S. and Canada,” said Jeff Young, President of iLOOKABOUT. “The ability to integrate our sales and technology under a single platform will establish the combined entity as the foremost data software supplier to the real estate industry and will bring immediate synergies between our two companies. Led by seasoned industry veteran Carlos Grass, Stratus brings a commitment to continuous improvement with their best-in-class MLS technology, which will benefit our clients.”
“This is the logical next step in a collaboration that began more than 17 years ago, and is a natural fit for Stratus and our customers as we continue to evolve our MLS platform and broaden our capabilities in North America,” said Carlos Grass, Chief Executive Officer of Stratus. “Levering their extensive experience and a significant foothold in real estate, iLOOKABOUT’s management team have proven their ability to develop differentiated products that address the unmet needs of both public and private industry stakeholders. We look forward to working together to maximize product and business development opportunities.”
Pursuant to the terms of the non-binding LOI, Stratus will continue to operate as its own business unit under the leadership of Mr. Grass, as a wholly owned subsidiary of iLOOKABOUT. The completion of the Proposed Transaction is subject to the satisfaction of various conditions, including but not limited to, (i) agreement of terms and the execution of a definitive agreement by iLOOKABOUT and Stratus; (ii) receipt of all requisite regulatory, stock exchange, and governmental authorizations and consents; (iii) the approval by the shareholders of iLOOKABOUT to complete the Proposed Transaction, if required; and (iv) the completion of satisfactory due diligence by iLOOKABOUT.
iLOOKABOUT is a software, data analytics and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT provides powerful data analytics to the real estate industry through its Real Property Tax Analytics software offering. The Company’s proprietary StreetScape™ imagery and real property focused web-based application, GeoViewPort™, unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated analytics and workflow management applications into GeoViewPort™ which create highly valued service offerings for its clients. To augment its technology based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.
iLOOKABOUT’s common shares are traded on the TSX Venture Exchange under the symbol ILA.
About Stratus Data Systems, Inc.
Stratus Data Systems is a technology provider for one of the largest Multiple Listing Services in the U.S. and Canada, including the Toronto Real Estate Board with 50,000+ agents, the Multiple Listing Service of Long Island with 27,000+ agents, the Real Estate Board of New York with 17,000+ agents, and Douglas Elliman Real Estate, the largest brokerage in the NYC Metropolitan area.
As noted above, completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to Exchange Requirements, shareholder approval. Where applicable, the Proposed Transaction cannot close until the required approvals are obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.
The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. 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.
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 iLOOKABOUT’s management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause iLOOKABOUT’s 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. Important factors that could cause iLOOKABOUT’s actual results to differ materially from those indicated or implied by forward-looking statements and information include the lack of assurance that due diligence will be satisfactory to iLOOKABOUT or that iLOOKABOUT and the security holders of Stratus will be able to come to negotiated agreement on the final terms of the Proposed Transaction. In addition, there is no assurance that iLOOKABOUT and Stratus will obtain all requisite approvals for the Proposed Transaction, including the approval of the Exchange, approval of their respective shareholders, and any such approvals may be conditional upon amendments to the terms of the Proposed Transaction. The inclusion of forward-looking statements and information should not be regarded as a representation of the Company 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, is subject to change after such date. The Company 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.
Contact: Gary Yeoman, CEO 1-416-347-7707 Robin Dyson, CFO 1-519-931-6235