LONDON, ONTARIO -- (MARKET WIRE) -- Mar 30, 2011 -- iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") today announced, following a multi month pilot program with a number of lenders, mortgage brokers and title insurance companies, that on March 14, 2011 the Company launched its Automated Valuation Model ("AVM") Comparable Report for residential property valuations to the Canadian mortgage and lending marketplace. The AVM product will be distributed through the Company's GeoViewPort™ application.
iLOOKABOUT has partnered with the Industry's leading AVM supplier to develop a unique valuation product combining aerial and street level imagery with accurate geo coding and as many as fourteen different property characteristics. Using an algorithm which looks for comparables based on like building attributes, instead of just recent sales in the neighbourhood, and then providing the front view of the structure, complete with a date stamp as to when the image was taken, is resonating with many in the Broker and Lender markets. Furthermore, the dynamic aerial view clearly depicts the proximity of the subject property to its selected comparables adding credence to the valuation.
"Building on the success of including StreetScape imagery in reports for the Canadian Property and Casualty insurance market, the launch of the AVM Comparable Report will allow the Company to leverage its vast database of StreetScape imagery to a new product that services the Canadian mortgage and lending industry including; banks, credit unions, mortgage brokers and title insurance companies," stated Jeff Young, President and CEO of iLOOKABOUT. Mr. Young continued, "Adding geo-coded StreetScape imagery to an AVM report allows our clients to better evaluate the mortgage risk by providing visual confirmation to existing valuation data without leaving their office."
The iLOOKABOUT AVM Comparable Report was well received by the market at the Canadian Association of Accredited Mortgage Professionals conference in Montreal in late 2010. Distributed through the Company's GeoViewPort™ application, the iLOOKABOUT AVM Comparable Report is supported transactionally by ecommerce and currently covers approximately 4.5 million residential properties in Ontario. The Company intends to expand this product to other parts of Canada as data sources are licensed.
About iLOOKABOUT
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. Recently, the Company launched GeoViewPort™, a web-based Geographic Information System (GIS) application that enables the federation 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.
Contacts: iLOOKABOUT Corp. Jeff Young President & CEO 1.866.963.2015 Email Contact iLOOKABOUT Corp. 383 Richmond St, Suite 408 London, Ontario N6A 3C4 519-963-2015 519-963-5009 (FAX) www.ilookabout.com
