Market conditions allowing for ILA to succeed and accelerate the adoption of its modern valuation platforms
TORONTO, March 23, 2020 (GLOBE NEWSWIRE) — iLOOKABOUT Corp. (TSXV: ILA; OTCQB: ILATF) (“ILA” or “the Company”) Outside of the effect COVID-19 is having on the general market, the Company is not aware of any material development that would cause movement in the Company’s share price over the last week. The Company also issued the following statement:
We believe the current macroeconomic and working environment factors are supportive of our business in a positive way. Low US mortgage interest rates will create a multi-year market opportunity for us and the requirement to be flexible and modern lends itself to our technology platform, allowing valuations to be completed leveraging our data and proprietary software. We are uniquely built to solve for the current health and social distancing reality and as a result will speed the adoption of our remote desktop review, where we are already a leader in the industry. Our modern methodologies have been utilized by lenders, government bodies and the largest loan servicers in the industry for nearly a decade. Our methods are proven and accepted as highly credible alternatives to traditional valuation. We have the ability to leverage a desktop appraisal with or without an exterior inspection that is paired with a homeowner/resident summary and photos to yield a highly credible bifurcated appraisal report. Should interior inspections become an issue, we have a solution and process that is reliable, allows an appraiser to be USPAP (Uniform Standards of Professional Appraisal Practice) compliant and solves for any potential inspection issues tied to social distancing. Our team has significant experience in modern, highly adaptive valuation and appraisal solutions that will allow lending and assessments bodies to continue with highly credible results.
Lending and property assessments should not stop. In addition to the chart, the Mortgage Bankers Association (“MBA”) stated for the week of March 11th, there was a 55% increase in applications, 79% of that was driven by refinancing activity which we are exceptionally well positioned for. The MBA’s new 2020 forecast is $1.2T in refinance volume, which would be a 37% increase year over year.
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Our operations team have fully rolled out our business continuity plan with our entire team working remotely in a safe, efficient and secure workspace. All systems are 100% operational and monitored remotely, with meetings being held daily in each functional department so we can continue to seamlessly serve all of our clients. We expect minimal operational disruption or issues and are able to maintain this remote work structure for the foreseeable future.
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.
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of ILA or any other person that the anticipated results will be achieved and investors are cautioned not to place undue reliance on such information.
Forward-looking statements in this news release include financial and business prospects, as well as statements regarding ILA’s future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry and the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to growth acceleration, deepening market penetration for technology and future revenue growth. ILA believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements, readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. ILA does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
CONTACT: Contact: Gary Yeoman, CEO [email protected] 416-347-7707 www.ilookabout.com