|By Marketwired .||
|April 7, 2014 05:58 PM EDT||
LONDON, ONTARIO -- (Marketwired) -- 04/07/14 -- iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company" or "ILA") is pleased to provide this update in respect of a news release issued by the Company on December 18, 2013 with respect to a letter of intent dated December 18, 2013 (the "LOI") to: (1) undertake a business combination with, or otherwise acquire all of the shares of, 1430922 Ontario Limited and related companies (collectively referred to herein as "Byng"); and (2) complete a technology asset acquisition from Yeoman & Company Paralegal Professional Corporation ("YCP") and the key architect and developer of the technology, 2025832 Ontario Inc., and a license back to YCP (the "Proposed Transactions"). In February 2014, the Company advised that the due diligence period was extended from January 31, 2014 to March 15, 2014. This due diligence period has been further extended to April 28, 2014. The parties continue to target closing the Proposed Transactions late in the second quarter of 2014. Specific details of the Proposed Transactions continue to be negotiated between the parties, and it is expected that a fulsome update will be provided to the public within the next thirty days.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the proposed business combination may not be accurate or complete and should not be relied upon. Trading in the securities of iLOOKABOUT Corp. should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.