ILA Enters into Binding Letter of Intent for the Purchase of Voxtur Technologies, Brightline Title and Certain Assets of James E. Albertelli, P.A.

TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) today announced the signing of a binding Letter of Intent (“LOI”) dated effective October 29, 2020 with James E. Albertelli, P.A. and certain of its affiliates (collectively, “JEA”) for the acquisition (the “Proposed Transaction”) by ILA of certain technology and non-legal assets of JEA, 100% of the issued and outstanding stock of Voxtur Technologies, Inc. (“Voxtur Technologies”), and 100% of the membership interests of Bright Line Title, LLC dba Brightline Title (“Brightline Title”).

The Company believes the Proposed Transaction will expand overall revenue growth for its existing U.S. lending entities through diversification of available product offerings, increased financial strength to meet prospective client minimum procurement requirements, expansion of sales reach, improved capacity in platform and product development resources and balanced capabilities in both origination and default lending cycles. The combination of these factors is expected to create opportunities for new business and an expansion of existing business through cross-selling to existing clients of ILA and JEA. There are a number of natural synergies between the current and targeted client bases, with a core philosophy focused on modernization of lender technology services, complimentary technical and human capabilities and similar corporate culture which should result in opportunities for significant growth for the Company and its shareholders.

“For ILA this is a transformational acquisition opportunity. The acquisition will bolster our client base, add to our product base and be synergistic to our technology platforms. Our platforms are complementary, and we have a shared vision to disrupt the real estate lending industry by automating and simplifying an archaic and overly complex process to valuing real estate,” said Gary Yeoman, CEO of ILA. “The pandemic has forced us to diversify and evaluate new revenue streams which led us to this acquisition. Not only will this have a significant positive impact on ILA’s financial profile but will greatly add to the talent pool due to the deep and long tenure JEA and its team has within the U.S. lending industry. We have been adamant about being a growth-oriented company and this allows us to potentially grow exponentially both from a financial and product perspective.”