Business & Finance
Business and Finance
Business and Finance
Thu, February 5, 2009 iLOOKABOUT Corp.: Teranet Changes the Look of Real Estate With iLOOKABOUT Agreement
LONDON, ONTARIO--(Marketwire - Feb. 5, 2009) - iLOOKABOUT Corp. (iLOOKABOUT) (TSX VENTURE:ILA) today announced that Teranet Enterprises Inc. (Teranet) has secured a 5 year relicensing arrangement for iLOOKABOUT StreetScape (StreetScape) data in accordance with the Master Services Agreement signed in Fall 2007. StreetScape data will be provided through Teranet's online GeoWarehouse® service. Financial terms were not disclosed.
iLOOKABOUT StreetScape data will be made available to the Toronto Real Estate Board (TREB) through the GeoWarehouse online service. TREB membership currently consists of over 28,000 real estate sales professionals and includes members of the Toronto Real Estate Board, Brampton Real Estate Board, Durham Region Real Estate Board, Mississauga Real Estate Board, Orangeville and District Real Estate Board, and York Region Real Estate Board. Currently the GeoWarehouse channel provides real estate sales professionals in Ontario with comprehensive reports of information including ownership and sales price history, sales in a predetermined geographic radius and time period, and parcel maps of the target property and surrounding properties. The StreetScape digital imagery has been integrated into the GeoWarehouse database for image rich, visual information to complement and contextualize the land registry information. The addition of StreetScape allows viewing, through a computer, of adjacent properties and full neighbourhoods for comparative market and property analysis and its high resolution imagery with full pan and zoom capability will allow the Realtor to examine and assess specific property features and details thereby supplementing the data available though the land registry files.
"StreetScape is an important addition to our products and services and part of our commitment to superior technology and online experiences for customers," said Mike Power, Executive Director, eServices of Teranet. "GeoWarehouse features an updated look and improved functionality that will empower the real estate professional users to efficiently research properties from their desktops. GeoWarehouse 2009 promises to be a more robust, visually enhanced product allowing our customers unprecedented property views for assessment and analysis, achieved through our 24/7 online service."
"Teranet is a very important customer and partner for our company," stated Jeff Young, President and CEO of iLOOKABOUT. "We believe this new agreement not only strengthens our partnership and the GeoWarehouse product but further validates the impact and value of our StreetScape product for the real estate industry. We look forward to working with Teranet's customers and StreetScape, we think, may just be the competitive advantage they need."
iLOOKABOUT service teams have completed the integration process with GeoWarehouse. The new service launched on February 1, 2009.
About iLOOKABOUT
iLOOKABOUT is a visual data intelligence company serving commercial enterprise in the municipal, real estate and insurance sectors in North America and Europe with products and services including iLOOKABOUT StreetScape and Virtual Tours. A pioneer in visual data with its Virtual Tour product, the company recently developed iLOOKABOUT StreetScape, a visual data intelligence product for the geo-spatial market. iLOOKABOUT StreetScape is 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. Headquartered in London, Ontario, Canada, iLOOKABOUT has offices in Toronto Canada and London, UK. iLOOKABOUT's shares are traded on the TSX Venture Exchange under the symbol ILA.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
