iLOOKABOUT Corp. Confirms Grant of Stock Options

January 03, 2012

LONDON, ONTARIO--(Marketwire - Jan. 2, 2012) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") confirms, as previously disclosed in the Company's Management Information Circular dated April 25, 2011, 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. Such options are to be granted on a half yearly basis between annual meetings. Previously, these semi-annual grant dates were June 1st and December 1st; however, to better align the option grants with the natural term of directors, the Director Compensation Plan was revised to establish the semi-annual grant dates as the date of the annual general meeting and the last trading date in December of each year, commencing with the May 25, 2011 grant of options. Directors who are also senior officers of the Company are not entitled to any compensation, including the granting of stock options, in respect of their role as directors of the Company. It was also agreed, given the significant shareholdings of Mr. John C. Drake, a modest cash payment would be made to Mr. Drake per Board meeting attended in lieu of the granting of any options.

Link: http://www.marketwire.com/mw/release.do?id=1602604&sourceType=3