Investment Milestone
Apr 29, 2005

Marystown - Information Brokerage Ltd. (IBL) of Marystown has secured $200,000 in private investment to capitalize an innovative new project.

It's an important milestone for the company, which has been involved in a private placement share offering of $250,000 to develop and launch LandGazette, an online web-enabled graphical representation of private land holding in the province.

The private investment is being leveraged at a ratio of approximately 3:1, which means that for every private investment dollar raised the company will receive 3 dollars from provincial and federal funding agencies.

"We're almost there," said Ian Edwards, President and CEO of IBL. "We need an additional $50,000 to complete our private share offering objectives. Overtures are being made at this time to potential investors who might be interested in participating in this venture."

IBL is developing the web enabled spatial data input tools to permit members of the Association of Newfoundland Land Surveyors (ANLS) to input their respective land surveys into an ONLINE central database, as they are completed. "This places responsibility for the creation and maintenance of the real property 'jigsaw puzzle' in the hands of the people most qualified to do so and who have been charged with the responsibility under the Land Surveyors Act," said Edwards. "End users will be able to sign onto and search for real property information by owner name, municipality, parcel identifier or graphical selection. The advantages over traditional search means, which include poring through indexes, microfilm and bound archives at the Registry of Deeds in St. John's, are just tremendous."

The system will operate on a fee per transaction basis. Revenues will be distributed between the contributing land surveyors, the ANLS and IBL. "There should be sufficient financial incentives under the royalty regime to entice land surveyors to enter the hundreds of years of historic information that they have in their offices," Edward said.

Development of LandGazette commenced in January 2005 and the system is scheduled to be operational by end of December 2005.