Mr. Gary Yeoman reports
ILA PROVIDES UPDATE ON FILING OF FINANCIAL STATEMENTS
iLookabout Corp. has provided an update on the COVID-19 pandemic as it affects the status of the filing of its annual financial statements and accompanying management's discussion and analysis for the financial year ended Dec. 31, 2019, and the filing of its interim financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2020.
On March 23, 2020, the Ontario Securities Commission ("OSC") enacted Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the "OSC Temporary Exemption") providing a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of COVID-19. Such extension provides for a filing deadline of (i) June 13, 2020 for the Company's audited financial statements and related management's discussion and analysis for the year ended December 31, 2019 (the "Annual Filings"), and (ii) July 14, 2020 for the Company's financial statements and related management's discussion and analysis for the three months ended March 31, 2020 (the "Interim Filings").
Due to significant timing and resource challenges attributable to COVID-19, the Company has determined that the above noted filing deadlines will likely not be attainable. The Company and its external auditors are working diligently to be in a position to file its Annual Filings by June 30, 2020, and its Interim Filings by July 31, 2020, being approximately two weeks past the proscribed filing deadlines.
In the interim, management and other insiders of ILA are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company has submitted its application for a Management Cease Trade Order to the Ontario Securities Commission to allow continued trading of its securities, but for trading by management and other insiders of ILA.
The Company confrms that it intends to satisfy the provisions of the alternative information guidelines, as specified in policy NP 12-203 Management Cease Trade Orders.
ILA is a transformational data analytics organization that provides transparency to the valuation of real estate assets. ILA is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. Our proprietary innovative platform provides software and data licenses and technology managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in the United States ("US") and Canada. Accurate data and property valuations form the basis for our clients to value assets, fund loans, securitize portfolios and to analyze and update property tax assessments. As a fully integrated valuation technology company, we are setting new standards in real estate valuation quality and reliability. ILA is a brand built on innovation, execution, accuracy, industry expertise and forward-looking products and services.
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