iLOOKABOUT Corp. Announces Third Quarter Results

November 25, 2011

LONDON, ONTARIO--(Marketwire - Nov. 25, 2011) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or the "Company") today announced its third quarter results. The value of new contracts secured increased from approximately $500,000 during 2010, to over $1,500,000 for the nine months ended September 30, 2011. Revenue related to the Canadian property assessment and insurance sectors continued to grow in the third quarter of 2011 compared to the prior year. Despite these positive developments, reported revenue declined for the quarter and year to date as compared to the same periods in 2010. Recognized revenue moved down from $879,188 to $579,647 and from $2,282,354 to $1,876,897 for the three and nine months ended September 30, 2010 and 2011, respectively. A number of factors contributed to these declines, including: the expiry of a US real estate sector agreement late in 2010; the expiry of a Canadian municipal sector agreement early in the fourth quarter of 2010 that was not renewed until the fourth quarter of 2011; non-recurring revenue for custom work delivered in 2010; and the cancellation of services by a Canadian partner in the third quarter of 2011. Also contributing to the decline in reported revenue was the completion timing of data collection and post-collection processing activities which have been later this year than last. This has delayed the timing of revenue recognition in 2011 as compared to 2010, as revenue recognition cannot occur until the product/service has been delivered, which follows data collection and post-collection processing. Amounts invoiced and collected are recorded as unearned revenue until the related service is delivered, which is typically at the time of delivery of static images to the client and/or over the term of access to the imagery database provided to the client. Unearned revenue increased to $1,279,449 as at September 30, 2011

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