Intermap Technologies Reports Expanded Task Order, Hurricane Response

Posted by Intermap Technologies

Sep 27, 2017 9:14:59 AM

DENVER – September 27, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today the Company has been awarded a further $800,000 expansion to its original 2017 U.S. Government task order for geospatial infrastructure services, providing the Company’s radar foundation data including void-free first return and bald-Earth 5m elevation models (DSM, DTM) and high resolution orthorectified radar imagery (0.625m ORI). The task order was originally announced on May 25, 2017 and previously extended on September 11, 2017.

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Topics: InsitePro, Hurricane, Houston, Government

Intermap Technologies Reports Expanded U.S. Government Task Order

Posted by Intermap Technologies

Sep 11, 2017 12:04:46 PM

DENVER – September 11, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today that the Company has been awarded a $3.3 million expansion to its original 2017 task order for geospatial infrastructure services, previously announced on May 25, 2017. The customers’ 3-D digital elevation model (DEM) will be upgraded with new void-free collection, provisioning, and editing of elevation and image layers into a contiguous, wide area, high resolution geospatial foundation.

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Topics: Financial Results, geospatial solutions, Contracts, Government

Intermap Technologies Provides an Update on its Previously Announced Orion Platform® Spatial Data Infrastructure Contract

Posted by Intermap Technologies

Aug 30, 2017 6:00:00 AM

DENVER – August 30, 2017 (TSX: IMP) (ITMSF:BB) – On February 5, 2016 Intermap Technologies Corporation (“Intermap” or the “Company”) announced that it had entered into definitive agreements pertaining to a previously announced letter of award (see June 22, 2015, September 29, 2015 and December 31, 2015 press releases) for the creation, operation and maintenance of a national spatial data infrastructure (“SDI”) program (the “Project”), valued at US$175 million. These arrangements contemplated that the Company would provide products and services pursuant to an engineering, procurement and construction agreement (“EPC Agreement”) to a client, Air-Map SARL (“Air-MAP”), who had in turn entered into an agreement with the Ministry of Planning of the Democratic Republic of Congo (“DRC”) to complete the Project for the DRC. In the Company’s prior press releases (see February 5, 2016 and July 5, 2016) the Company advised that the commencement of its EPC Agreement was subject to the finalization of the Project’s financing facility which was the obligation of its client (Air-Map) and, in July 2016, the Air-Map advised that the financing process was in its final phase with a leading multilateral financial institution.

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Topics: Financial Results, Orion Platform, Spatial Data Infrastructure, Contracts, Annoucement

Intermap Technologies Reports 2017 Second Quarter Financial Results

Posted by Intermap Technologies

Aug 10, 2017 6:18:19 PM

DENVER – August 10, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the second quarter ended June 30, 2017. 

All amounts in this news release are in United States dollars, unless otherwise noted.

For the second quarter of 2017, Intermap reported total revenue of $4.5 million, compared to $0.9 million last year. Approximately 84% of consolidated revenue came from growing markets outside the United States, compared to 57% for the same period in 2016. A large portion of the increase was generated by customers utilizing Intermap’s upgraded multi-frequency radar system. The mix of value-added revenue also improved, reflecting demand for our advanced data processing, software, and analytics. On a year-over-year basis, revenue for the second quarter derived from value-added data services, and software and solutions, increased by 123%, and 24%, respectively. Net operating loss for the second quarter decreased 94% to $0.2 million from $3.5 million in 2016. Second quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $0.3 million, compared with negative $3.3 million for the same period last year.

“Intermap’s gradual return to profitability extends our runway as we balance growth between government and commercial, recurring and project, international and domestic revenue sources”, commented Patrick Blott, Intermap’s Chairman and CEO. “In particular, healthy trends in contract renewals, project extensions, new bookings, and growth market penetration demonstrate customer confidence in Intermap's unique capabilities and execution.”

As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.

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Topics: Financial Results

Intermap Technologies Reports Acquisition Services Task Order

Posted by Intermap Technologies

May 26, 2017 9:43:57 AM

DENVER – May 25, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced the Company was awarded a $3.1 million task order for airborne radar mapping services.

Intermap is using its proprietary airborne sensor technology to collect orthorectified radar imagery and high resolution elevation data to enhance the customer’s existing geospatial map database. This new dataset will be used for improved disaster planning, resource management, security interests, and infrastructure planning. This foundation data may be used to support:  photogrammetric mapping; aero triangulation; orthophotography; thematic mapping; geographic information systems development; surveying and control acquisition; image manipulation, analysis, and interpretation; map digitizing; data manipulations; ancillary data acquisition; metadata production and revision; and the production or revision of geospatial products.The project will commence in June 2017.

“This award reinforces Intermap’s leadership in wide-area data acquisition solutions,” commented Patrick Blott, Chairman and Chief Executive Officer. “Our customers return to Intermap for their largest geospatial projects. In addition to our world class sensor technology, we deliver high quality data on time and more cost effectively than alternatives.”

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Topics: Management, Changes, Executive

Intermap Technologies Announces Voting Results from Annual Meeting

Posted by Intermap Technologies

May 18, 2017 7:28:00 AM

CALGARY, May 17, 2017 — Intermap (TSX: IMP), (ITMSF:BB), held its annual shareholders meeting on May 16, 2017, at the Fairmont Palliser Hotel in Calgary, Alberta. A total of 102,521,151 common shares, representing 63.50% of the common shares outstanding were represented in person or by proxy.Below are the results of the matters that were voted on by shareholders:
  1. Election of Directors
Intermap’s four director nominees were elected:
Nominee Votes For (percent) Votes Withheld (percent)
Patrick A. Blott 99.13% 0.87%
Andrew P. Hines 99.19% 0.81%
Michael R. Zapata 99.15% 0.85%
Philippe Frappier 98.95% 1.05%
 
  1. Appointment of Auditors
The re-appointment of KPMG LLP as auditors was approved.
Votes For (percent) Votes Withheld (percent)
95.07% 4.93%
  1. Amendment of Articles
The amendment of the articles to consolidate Intermap’s common shares was approved.
Votes For (percent) Votes Against (percent)
86.90% 13.10%
  1. Approval of Unallocated Options
The unallocated options under Intermap’s stock option plan were approved.
Votes For (percent) Votes Against (percent)
85.51% 14.49%
  1. Amendment of Stock Option Plan
The amendment of Intermap’s stock option plan to remove the restriction on the number of options that can be granted to non-employee directors was approved.
Votes For (percent) Votes Against (percent)
84.86% 15.14%

The ordinary resolution to amend the Corporation’s outstanding warrants, as described in the Information Circular, was withdrawn.

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Topics: Management, Changes, Executive, Voting

Intermap Technologies Reports 2017 First Quarter Financial Results and Management Update

Posted by Intermap Technologies

Apr 27, 2017 1:17:10 PM

DENVER – April 27, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the first quarter ended March 31, 2017.

For the first quarter of 2017, Intermap reported total revenue of $2.6 million, compared to $1.4 million last year. For the first quarter 2017 and 2016, personnel expense was $1.9 million and $2.7 million, respectively. First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year.

In addition, the Company announced members of its new senior management team.

Jennifer Bakken, a nine year veteran of Intermap, has been appointed Executive Vice President Finance and Chief Financial Officer. Keith Tennant, a 30-year veteran of Intermap, has been appointed Executive Vice President Government Solutions and Chief Operating Officer. Ivan Maddox, a 17-year veteran of Intermap, has been appointed Executive Vice President Commercial Solutions; and Stephen Griffiths, an 18-year veteran of Intermap, has been appointed Executive Vice President Value-Added Data Solutions and Chief Technology Officer.

“Our gradually improving financial position reflects progress in our strategy to achieve long term profitable growth within Intermap’s core business,” commented Patrick Blott, Chairman and CEO of Intermap. “We are executing from a unique position of strength with a fresh leadership team that contributes 75 years of combined experience delivering geospatial solutions. This new organization is driven, customer focused, and pointed in the right strategic direction.”

As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.

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Topics: Financial Results, Management, Changes, Executive

Intermap Announces Completion of Equity Rights Offering and Filing of Annual Disclosure Documents

Posted by Intermap Technologies

Mar 31, 2017 3:12:22 PM

DENVER, March 31, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence
corporation, announced today that it has completed its previously announced equity rights offering (the “Rights Offering”), raising total gross proceeds of US$2,889,581.42. Following the Rights Offering, there are presently 161,457,307 common shares issued and outstanding.

The gross proceeds of the Rights Offering were used to reduce indebtedness pursuant to a December 2016 bridge loan for US$6 million (“Bridge Loan”), provided by Vertex One Asset Management Inc., in its capacity as portfolio manager of the Vertex Fund (“Vertex”). No proceeds of the Rights Offering were retained by the Company. The Bridge Loan was used to fund the Company’s working capital requirements. After applying the proceeds from the Rights Offering, the remaining $3.1 million due under the Bridge Loan has been converted into a non-interest bearing term loan, due September 1, 2020.

“We are pleased that over 60% of the Rights issued to eligible holders were exercised, minimizing dilution from our recent working capital financing, and representing a strong endorsement by our shareholders in the Company’s prospects,” commented Patrick Blott, Chairman and CEO of Intermap. “Furthermore, the Rights Offering was a deleveraging transaction, demonstrating our commitment to achieve return on capital and profitable growth.”

Pursuant to the Rights Offering, an aggregate of 60,112,725 common shares were issued, including 41,056,894 common shares that were issued to Vertex, representing 35% of the current issued and outstanding common shares of the Corporation.

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Topics: Financial Results, Changes, Executive, Rights Offering

Intermap Technologies Reports 2016 Fourth Quarter and Year-End Financial Results

Posted by Intermap Technologies

Mar 23, 2017 3:28:40 PM

DENVER – March 23, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2016.

All amounts in this news release are in United States dollars, unless otherwise noted.

During the second half of 2016, the Company undertook a number of measures to stabilize its operations, restructure its financial obligations, and return to profitable growth.

The Company announced changes to the Board of Directors, which resulted in a new composition of the full Board. Additionally, the Company announced changes in senior management and organizational restructuring necessary to align the Company’s resources with the on-going revenue opportunities.

In December 2016, the Company announced the restructuring of its outstanding debt agreements with Vertex One Asset Management Inc. The restructuring included a Bridge Loan for $6.0 million, to be repaid with the proceeds of a Rights Offering during the first quarter of 2017, the extension of the maturity date of all current promissory notes to September 1, 2020 and the elimination of interest, the cash sweep and the royalty payment obligations.

“These organizational changes and refinancing steps provided the liquidity to execute the Company’s business plan, and return to its core strategic focus towards data acquisition, value added data processing, and related application solutions and services,” commented Patrick Blott, Chairman and CEO of Intermap. In addition, the Company continued to invest in its core risk management business, where it has seen increased demand for risk management software and services related to flood underwriting. The Company is seeking to become a large participant in underwriting private flood risk, which is a growing market segment where many large surplus and admitted carriers have recognized the Company's unique products and have recently become customers.”

Moving into 2017, the Company announced major steps forward in its new strategic direction. It announced a comprehensive upgrade of its radar system, making it the most advanced commercial multi-frequency data acquisition platform available. It announced a task order to deploy its new system in Southeast Asia in 2017. And it added employees to its processing operation to absorb increased demand for services associated with these initiatives.

On February 24, 2017, the Company announced its plans to proceed with the previously announced Rights Offering. The Rights Offering Notice was mailed on March 2, 2017 to all shareholders of record as of March 1, 2017. Pursuant to the Rights Offering, one right was issued for each common share of the Company held and each right entitles the holder to subscribe for one common share of the Company upon the payment of the subscription price of C$0.06 or US$0.05 per common share. An aggregate of 101,344,582 rights were issued pursuant to the Rights Offering and, if fully subscribed and the subscription price is paid in US dollars, would result in gross proceeds of approximately US$5.0 million. The rights expire at 4:00 p.m. (Calgary time) on March 27, 2017. All proceeds received in connection with the Rights Offering will be used to repay the Bridge Loan referenced above and no proceeds will be retained by the Company. Details of the Rights Offering are available on the Company’s profile at www.sedar.com.

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Topics: Financial Results, Changes, Executive, Rights Offering

Intermap Announces Equity Rights Offering and Updates SDI Contract Status

Posted by Intermap Technologies

Feb 24, 2017 7:00:00 AM

DENVER, February 24, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, confirmed today that it plans to proceed with an equity rights offering for gross proceeds of up to US$6,000,000 (the "Rights Offering") as announced on December 21, 2016.

The Corporation will be offering rights to holders of its common shares at the close of business on the record date of March 1, 2017 (the "Record Date"), on the basis of one right for each common share held. Each right will entitle the holder to subscribe for one common share of Intermap upon payment of the subscription price of C$0.06 or US$0.05 per common share. There are currently 101,344,582 common shares of the Corporation outstanding. If all of the rights issued under the rights offering are validly exercised, the Rights Offering will raise gross proceeds of approximately US$5 million, assuming all rights are subscribed and paid for in US dollars.

The rights will trade on the Toronto Stock Exchange under the symbol "IMP.RT". The rights will expire at 4:00 p.m. (Calgary time) on March 27, 2017 (the "Expiry Time"), after which time unexercised rights will be void and of no value. Shareholders who fully exercise their basic subscription right will be entitled to subscribe for additional common shares, if available as a result of unexercised rights prior to the Expiry Time, subject to certain limitations set out in the Corporation's rights offering circular. The Corporation expects to close the Rights Offering on or about March 30, 2017.

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Topics: SDI, Changes, Contracts, Agreement, Executive

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