|End-of-day quote - 06/18|
iLOOKABOUT : Closes Acquisition of Apex Software and Expands Credit Facilities with the Bank of Montreal
|10/01/2020 | 02:50pm|
In conjunction with the Transaction, ILA is pleased to announce the expansion of its existing credit facilities with Bank of Montreal’s (“BMO”)
"We are grateful for BMO’s investment and overall support, which allows us to continue to implement our strategy and achieve our vision of being a leader within the real estate technology industry. This also gives us an opportunity to execute on our various growth initiatives both organically and inorganically,” said
Pursuant to the agreed upon conditions of the Term Loans, the Company has drawn
With respect to Term Loan A, ILA has drawn
With respect to Term Loan B, ILA has drawn
The Term Loans contain customary financial and restrictive covenants, and are secured by assets of ILA and its subsidiaries, which primarily consists of intellectual property and accounts receivable. The proceeds of the Facilities will be used for costs associated with the Transaction, other strategic initiatives and general corporate and working capital purposes.
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
Apex provides real property sketching solutions leveraging it’s industry leading proprietary software, database and professional services, which includes developing real estate sketching and modeling software, providing real estate sketch aggregation, sketch conversion, sketch verification, sketch modification, sketch analysis and software maintenance services on a global basis to the property assessment, appraisal and insurance industries within
Forward Looking Information:
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.
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.
ILA’s common shares are traded on the
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