LONDON, ONTARIO -- (Marketwired) -- 06/17/13 -- iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") confirms, as previously disclosed in the Company's Management Information Circular dated May 10, 2013, that until such time as the Company generates sustainable net cash flow from operations, director compensation will be provided primarily through the grant of stock options. In accordance with the Director Compensation Plan and the Executive Chairman Compensation Plan, the eligible Directors of the Company were granted a total of 459,643 options to purchase common shares of the Company on June 12, 2013. The exercise price of these options is $0.295 per share, representing the closing market value of the Company's common shares on the date prior to the date of grant. These options vested fully upon grant.
The Company also confirmed that on June 12, 2013, in accordance with a compensation agreement, an employee of iLOOKABOUT was granted 50,000 options to purchase common shares of the Company. The exercise price of these options is $0.225 per share, representing the minimum exercise price allowable under the TSX Venture Exchange's Policy 4.4 - Incentive Stock Options. These options vest 25% upon grant and 25% on each anniversary of the grant date for three years.
Also on June 12, 2013, in accordance with a consulting agreement, a consultant of iLOOKABOUT was granted 41,625 options to purchase common shares of the Company. The exercise price of these options is $0.295 per share, representing the closing market value of the Company's common shares on the date prior to the date of grant. These options vest 25% upon grant and 25% on each anniversary of the grant date for three years.
All of these options will expire on June 11, 2018 if not earlier exercised or terminated, and are subject to the terms and conditions of the Company's Stock Option Plan.
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 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. The Company has also launched GeoViewPort, 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.
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.
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