Mr. Gary Yeoman reports

ILOOKABOUT ANNOUNCES RESULTS FOR THE YEAR ENDED DECEMBER 31, 2017

iLookabout Corp. has filed its audited consolidated financial statements for the year ended Dec. 31, 2017, and the related management discussion and analysis on SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their requests to iLookabout Corp., office of the chief financial officer, Suite 408, 383 Richmond St., London, Ont., N6A 3C4.

"For fiscal 2017, we report that revenue has increased approximately 7 per cent to $9.4-million and adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] has increased approximately 108 per cent to $663,000 as compared to the prior year, and that the company has strengthened its financial position by completing a public offering for net proceeds of approximately $4.6-million," stated Gary Yeoman, chief executive officer and chair of the board of iLookabout. "Our strengthened financial position and stable operations will benefit the company in carrying out our strategic plan. We recently reported the company's planned acquisition of an MLS [multiple listing service] software provider, Stratus Data Systems Inc., and the execution of a consulting services agreement with the developer of an interconnected market platform that provides residential real estate data to investors and brokerage firms. We are immensely pleased with these developments as they represent steps that we consider significant milestones in the company's plans to develop a product based on blockchain technology to address needs of the real-estate-related marketplace and the execution of a related initial coin offering."

Highlights of financial results

Revenue

Revenue increased 7 per cent to $9,403,000 from $8,791,000 for the years ended Dec. 31, 2017, and 2016, respectively. This increase was primarily attributable to: (i) an increase of approximately $558,000 in revenue generated from the licensing of the company's Web-based real-property-focused software and StreetScape imagery; (ii) an increase of approximately $364,000 related to the subcontracting of certain data verification and processing services to support a multiyear, U.S.-based services agreement for which services commenced in the second quarter of 2017; and (iii) an increase of approximately $105,000 related to custom software development. These increases were partially offset by: (i) a decrease of approximately $328,000 in revenue related to the relicensing of certain third party data; and (ii) a decrease in revenue of approximately $95,000 related to consulting services.

Gross margin

Gross margin increased 19 per cent to $6,172,000 from $5,182,000 for the years ended Dec. 31, 2017, and 2016, respectively. This increase was mainly attributable to: (i) increased revenue of approximately $612,000, for the reasons noted in the revenue section; (ii) a decrease in third party data and software licensing expense of approximately $534,000; (iii) decreased data capture costs and image processing costs of approximately $160,000, primarily due to fluctuations in the timing and extent of StreetScape imagery-based projects; and (iv) a decrease in subcontracted expense of approximately $106,000 related to legal services to support a consulting agreement, which services were largely not required in fiscal 2017. These increases in gross margin were partially offset by an increase in third party subcontracted expense of approximately $459,000 to support a multiyear, U.S.-based services agreement for which services commenced in the second quarter of the current year.

Comprehensive loss

Comprehensive loss decreased 22 per cent to $371,000 from $477,000 for the years ended Dec. 31, 2017, and 2016, respectively. Gross margin increased approximately $989,000 for the reasons noted in the gross margin section and the recovery of approximately $69,000 related to an account previously assessed as uncollectible, but was offset by increases in: (i) human resource and related costs, other than those classified as direct operating costs, of approximately $474,000; (ii) insurance and professional fees of approximately $298,000; and (iii) travel and promotion expense of approximately $88,000.

Included in the increase in human resources and related costs in the fourth quarter of 2017 were: (i) out-of-ordinary employment-termination-related costs totalling approximately $337,500; and (ii) additional human resources required to support the development and promotion of new product and service offerings and strategic initiatives.

Adjusted EBITDA

Adjusted EBITDA increased 108 per cent to $663,000 from $319,000 for the years ended Dec. 31, 2017, and 2016, respectively. The increase in adjusted EBITDA is primarily attributable to changes noted herein with respect to revenue, gross margin and comprehensive loss as well as a positive adjustment of $337,500 for a non-recurring item with respect to employment-termination-related costs in 2017.

About iLookabout Corp.

iLookabout is a software, data analytics, data aggregation 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. To augment its technology-based offerings, the company provides real estate consulting services, with a focus on the property tax and valuation sectors.