ILA Announces Results for Q1 2020 Ended March 31, 2020

ILA achieves 94% year-over-year Revenue growth for Q1 2020

TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) today announced that its Financial Statements for the three months ended March 31, 2020, 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.

ILA entered 2020 with many growth initiatives underway. The Company was able to achieve 94% ($5.1M Q1 2020 vs $2.6M Q1 2019) revenue growth year-over-year, as a result of entering the US lending market. Unfortunately, like many other organizations globally, the Company is being negatively impacted by the pandemic and more specifically as a result of the current US moratorium on certain foreclosures being pushed out until the end of August. The Company currently has client concentration in the default and foreclosure segment, which it expects to provide multi-year growth opportunities upon the moratorium being lifted.

To prevent long term effects related to this temporary downturn, the Company has leveraged its strong relationship with the Bank of Montreal to provide additional financial resources in the form of a forgivable government-based loan program and is in the process of evaluating additional options. In addition to adding tactical financial resources mentioned above, the recurring nature of ILA’s software and data licensing products has provided operational stability.

“These are unprecedented times for us all. Our response has been to take a proactive approach to mitigate any long term effects on our business,” said Gary Yeoman, Chair and Chief Executive Officer. “We are leaving no stone unturned with respect to managing both our revenue and expenses, which has forced us to evaluate the company in a new light and respond accordingly. A delayed roll out of various growth initiatives has allowed us to increase our focus and further automate our technological capabilities. We remain committed to our strategic investments and are optimistic about future opportunities that we have identified and are responding to in response to the new environment we are all operating in.”