ILA Announces Request for Extension of Filing Financial Statements
TORONTO, April 28, 2020 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) wishes to provide an update on the coronavirus pandemic ("COVID-19") as it affects the status of the filing of its annual financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications, for the financial year ended December 31, 2019, and the filing of its interim financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications, for the first quarter of 2020 ending 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. ILA will be relying on this extension period due to delays experienced as result of COVID-19.
ILA will be relying on the OSC Temporary Exemption in respect to the following provisions:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the "Annual Financial Statements") within 120 days of ILA's financial year end as required by section 4.2(b) of National Instrument 51-102 ("NI 51-102");
- the requirement to file interim financial statements for the three month period ended March 31, 2020 (the "Interim Financial Statements") within 60 days of ILA’s first quarter as required by section 4.4(b) of NI 51-102;
- the requirement to file management's discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of ILA's financial year end as required by section 5.1(2) of NI 51-102;
- the requirement to file management's discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of ILA's first quarter as required by section 5.1(2) of NI 51-102;
- the requirement to file certifications of the Annual Financial Statements (the "Annual Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109 ("NI 52-109");
- the requirement to file certifications of the Interim Financial Statements (the "Interim Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of NI 52-109; and
- the requirement to make disclosure with respect to executive compensation not later than 140 days after ILA's financial year-end as required by section 11.6 of NI 51-102.
ILA is working diligently and expeditiously with its auditors to file the Annual Filings on or before June 15, 2020 and the Interim Filings on or before July 14, 2020. 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.
As required by the OSC Temporary Exemption, the Company will issue further press releases at 30 day intervals providing updates on material business developments, if any, including updates on the Annual Filings and Interim Filings.
About ILA
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.
ILA’s common shares are traded on the TSX Venture Exchange under the symbol ILA and in the US on the OTCQB under the symbol ILATF.
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.
Contact: Gary Yeoman, CEO 416-347-7707
