Expands Capabilities and Adds Scale to Valuation Solutions throughout North America
- Clarocity is an innovative provider of real estate valuation services through its data and analytics capabilities.
- The combined company creates a fully integrated valuation solution for lending, insurance and public clients.
THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, July 18, 2019 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV: ILA; OTCQB: ILATF) (“ILA” or the “Corporation”) announced that, further to the press release issued July 12, 2019 regarding the execution of the definitive agreements for the purchase of certain assets of Clarocity Corporation (“Clarocity”), including 100% of the issued and outstanding common stock of Clarocity Inc., the acquisition has been completed.
Clarocity provides comprehensive valuation analytical services to a roster of well recognized clients through a national practice operated from its headquarters in California. By combining Clarocity’s innovative real estate valuation software and proven proprietary products with ILA’s property tax analytics software and access to data, ILA will create a powerful solution that will offer clients throughout North America a unique real estate analytics platform.
ʺWith this acquisition ILA will be in a position to deliver a valuable suite of products and services to the real estate sector offering a breadth of insight, understanding and analytics distinctive in today’s marketplace,” said Gary Yeoman, Chief Executive Officer of ILA. ʺIn addition to the near‐term benefits anticipated with the addition of Clarocity’s significant client base and potential for recurring revenue, the transaction is expected to accelerate the evolution of ILA’s valued investments in technology and the accumulation of proprietary industry data into a resilient and dynamic growth platform.”
The acquisition is expected to fast-track ILA’s progression towards its goal of becoming the North American leader in the provisioning of real estate valuation data and analytics solutions, including risk analysis and property tax exposure, by extending ILA’s reach into the U.S. while also bringing Clarocity’s platform to Canada.
“Clarocity is pleased to come together with ILA in a transaction that will offer exciting new value, increased financial bandwidth and confidence to our clients and employees alike,” said Shane Copeland, CEO of Clarocity Inc. “This combination allows us to provide new offerings to our clients while we integrate data, analytics, and market intelligence which will further expand our ability to deliver exceptional products, services and innovations to our clients more accurately, quickly and in a highly efficient way.”
ʺThis is the right transaction at the right time for ILA,” continued Yeoman. “With a clear focus on new growth potential, extracting value‐added synergies and a determined plan in place to allow Clarocity to reach its potential, this acquisition positions ILA for continued success in existing and new ways for the future.”
The consideration for the Transaction, is the same as previously described in the press release of ILA dated July 12, 2019.
The Bridge Loan and Promissory Note
ILA has released and extinguished the Bridge Loan and the Promissory Note (as defined in the July 12, 2019 press release).
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
ILA is a software, data analytics, data aggregation and visual intelligence company focused on real property. ILA primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. ILA 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. ILA 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.
About Clarocity Inc.
Clarocity Inc. provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability. Every day GSE, banking, and investor clients rely on Clarocity Inc.’s proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity Inc. provides a full spectrum of appraisal and alternative valuation solutions.
The TSX Venture Exchange has not 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 management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause 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. The inclusion of forward-looking statements and information should not be regarded as a representation of ILA or any other person that the anticipated results will be achieved and investors are cautioned not to place undue reliance on such information.
Forward-looking statements in this news release also include financial and business prospects, as well as statements regarding ILA’s future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry and the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to growth acceleration, deepening market penetration for technology and future revenue growth. ILA believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements, readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. ILA 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.
For further information:
Visit www.ilookabout.com or contact: Gary Yeoman, CEO, iLOOKABOUT Corp, 416-347-7707, firstname.lastname@example.org.