Tuesday, December 17, 2002 Denver, Colorado (December 17, 2002): Intermap Technologies Corporation., (TSX Venture - IMP.a) announced today it has recently received a contract valued at CDN $2,759,000, at present exchange rates, to map the historic Solomon Islands in the South West Pacific Ocean. The contract, with the Commonwealth of Australia, is for the provision of terrain elevation and imagery data to support new 1:50,000 scale mapping of the Islands as well as the creation of other map based products to support navigation and resource management. Intermap will be using its proprietary IFSAR mapping technology to enable data collection through clouds in these difficult to map areas. Intermap began this work in its fourth quarter, and final data delivery is scheduled for late 2003.
Michael Bullock, Intermap Vice President of Sales and Business Development commented, "The Solomon Islands mapping project is a continuation of work started with the mapping of the Island Nation of Vanuatu. This program involves detailed mapping of 28 major islands and over 100 minor ones. Many regions are remote and the conditions are challenging. Using Intermap's proprietary mapping technology, the Islands will be mapped to a precision not previously available. We are pleased to have been chosen for this program based on our performance on past programs."
Intermap has also received additional tasking on a major contract it announced October 21, 2002. The new tasking, valued at CDN $2,853,194 brings the total award on this contract to $4,966,342. If all options are exercised on this contract, the total task orders will be CDN $13,774,364. The period of performance for the present task orders ends in Q2 2003 and if all options are exercised, Q3 2004.
"These sales bring our total of announced sales in 2002 to CDN $42,789,205 which is 78% higher than our previous record achieved in 2001" said Brian Bullock, Intermap's President and CEO. "The tremendous job done by our Sales Team has positioned the Company for a strong 2003."
Intermap also announces that it has provided for the early exercise of up to 1.25 million warrants which expire on October 11, 2003. The warrants were previously issued pursuant to the Prospectus dated July 5, 2002. The Company will offer holders an option to exercise the warrants at a price of $2.31 until December 23, 2002. After December 23, 2002 any unexercised warrants will have identical terms as when issued on April 11, 2002 with an exercise price of $4.00 expiring October 11, 2003. Management and Director warrant-holders plan to exercise. The proceeds from the warrant exercise are expected to be in the range of $1.2 to $2.0 million and will be used to finance working capital requirements.
Using its proprietary technology, Intermap is employed worldwide by governments and private industry to acquire data over large areas accurately, quickly and economically. The Company and its Clients use this data to generate maps, terrain elevation data and enhanced images. Map products are available at the Company's GLOBAL Terrain (www.globalterrain.com) e-commerce Internet site. Intermap is building a global database of digital elevation models. The Company's maps are used in a wide range of applications including planning and engineering projects, in navigation systems, and to enrich satellite images
Intermap's main office is located in Denver, Colorado, and has Canadian offices in Calgary, Alberta and Ottawa, Ontario and in Germany, near Munich. Its Website is www.intermaptechnologies.com.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein
Contact:
Brian BullockPresident & Chief Executive Officer (303) 708-0955, Ext. 202
Garth LawrenceInvestor Relations(303) 708-0955, Ext. 201
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