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

Intermap Appoints Business Builder to Board of Directors

Posted by Intermap Technologies

Jan 30, 2017 2:42:20 PM

DENVER, Jan. 30, 2017 /CNW/ - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that effective January 27, 2017, Mr. Philippe Frappier has joined the Board of Directors and will serve as Chairman of the Compensation Committee, while Mr. Andrew P. Hines has been appointed Chairman of the Audit Committee.

"As we further Intermap's transition towards profitable growth, we are taking another big step forward with the addition of Mr. Philippe Frappier to our board," commented Patrick Blott, Chairman and CEO of Intermap. "An experienced human capital manager, Philippe believes strongly that the best measure of Intermap's potential comes from its capacity to develop its talent and promote internally. He has been an integral architect of our corporate restructuring since October, including our executive team selection, incentive benchmarking, and human capital development. We acknowledge and appreciate all the efforts of our associates during this transition period and know they see the progress the Company is making."

The Company also reported that Mr. Michael Hoehn has resigned from both his Director and operating roles. "I want to thank Mike for his service to Intermap since 2015. We wish him well in his future endeavors," commented Patrick Blott, Chairman and CEO of Intermap.

Intermap also announced a Director Retention Program designed to incentivize active engagement by our experienced Directors to help the Company re-build. During this period, while we restructure the business and financial affairs of the Company, Intermap has been challenged to develop a compensation program for its executive officers and directors that recognizes the significant engagement required of its management and Board. Since the restructuring commenced on July 27, 2016, with the election of Mr. Blott as Executive Chairman, the Company has made retention cash payments of $510,000 ($250,000 to the Executive Chairman and CEO, $80,000 to the Chief Financial Officer and $180,000 to the remaining Directors), and granted options to purchase 4,125,320 common shares at C$0.08 per share.

The Company committed to issue an additional 2,704,680 options to purchase shares, following the annual shareholders meeting. The cash payments were advanced based on the achievement of certain strategic goals, including the two financings completed with the Company's largest shareholder and lender. Three of the current Directors of Intermap, including the Executive Chairman and CEO, also acquired from the Company's largest shareholder and lender, warrants to purchase an aggregate of 4,589,080 common shares of the Company at an exercise price of C$0.09 per share. Each Board members' agreement to acquire warrants from a third party provides a signal of the Board's strong commitment to the future of the Company.

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Topics: Board of Directors, Changes, Agreement, Executive

Intermap Announces Mapping Services Agreement, Radar Upgrade, Executive Change

Posted by Intermap Technologies

Jan 30, 2017 7:02:00 AM

DENVER, January 30, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that it has entered into an agreement to provide multi-frequency, high resolution radar mapping. Intermap will conduct an airborne survey, assign accurate coordinates (orthorectified data), and produce imagery and elevation products that will support risk management, infrastructure and security applications. In addition, the Company will provide supervisors who will train, assist and monitor local personnel and operations. A milestone payment of $2.67 million is expected during the first quarter of 2017.

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Topics: Changes, Agreement, Executive

Intermap Announces Debt Restructuring and Equity Rights Offering

Posted by Intermap Technologies

Dec 21, 2016 2:09:35 PM

DENVER, December 21, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that it has entered into a series of related arrangements with Vertex One Asset Management Inc., on behalf of the Vertex Fund, (“Vertex”), its existing lender and principal shareholder, that are intended to restructure Intermap’s outstanding indebtedness, reduce its interest and certain other payment obligations, and provide the necessary working capital to pursue Intermap’s business objectives.

As part of these arrangements, Vertex has agreed to provide a Standby Purchase Commitment to backstop the issuance of US$6,000,000 of the Corporation’s common shares through an exempt Equity Rights Offering to all existing shareholders (the “Rights Offering”). The proceeds from the Rights Offering will be used to repay the Bridge Loan described below.  It is anticipated that the Rights Offering will be completed during the first quarter of 2017.

In conjunction with its Standby Purchase Commitment, Vertex has provided a new US$6,000,000 Bridge Loan to fund general corporate purposes until the Rights Offering is completed. The Bridge Loan will be repaid from the gross proceeds of the Rights Offering (including proceeds received in connection with the Standby Purchase Commitment). Any unpaid amounts under the Bridge Loan, following the Rights Offering, if any, will convert into a term loan with a maturity of September 1, 2020. The Bridge Loan is non-interest bearing.

“We are extremely pleased that our primary lender and largest shareholder, one of the stakeholders that knows Intermap best, has provided equity financing and a strong vote of confidence”, commented Patrick Blott, Executive Chairman and CEO of Intermap. “Vertex has agreed to make this investment available to all our existing shareholders. It sends a clear signal to our customers, partners, and employees that the Corporation enjoys strong financial support from a sophisticated and committed investor.”

In conjunction with these new financings, Vertex has agreed to restructure its existing indebtedness and provide funds, as follows:

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Topics: Board of Directors, Changes, debt

Intermap Announces Management Changes

Posted by Michael Hoehn

Oct 5, 2016 12:47:48 PM

DENVER, October 5th, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that Mr. Todd R. Oseth, CEO and Mr. Richard Mohr, CFO are no longer with the Company. Mr. Patrick A. Blott, Chairman of the Board, has been appointed Chief Executive Officer. Mr. Michael Hoehn, also a Board member, has been appointed Chief Financial Officer.

“I want to thank Todd and Rich for their service to Intermap”, said Patrick Blott, Chairman and CEO of Intermap. “These important organizational changes align Intermap’s resources towards data acquisition, data integration, data fusion, and value-added analytics, where Intermap is a global leader, and trusted partner for government and commercial customers.”

About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information, please visit www.intermap.com.

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Topics: Board of Directors, Inside Intermap, Management, Changes

Intermap Announces Refinancing and Appointment of New Directors

Posted by Rich Mohr

Sep 19, 2016 9:05:38 AM

DENVER, September 19, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that it has entered into a refinancing with Vertex One Asset Management Inc. (“Vertex”), its existing lender, whereby Vertex will invest an additional $2.0 million in the Company through an expansion and consolidation of its promissory notes dated March 2, 2016 and April 12, 2016 (the “Notes”), into a new promissory note (“Consolidated Note”), that  bears interest at 15% per annum, and is due and payable on September 15, 2017 (the “Maturity Date”). Additionally, Andrew P. Hines and Michael R. Zapata have been appointed to the Company’s Board of Directors, following their referral to the board by its Nominating and Governance Committee.

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Topics: Financial Results, Board of Directors, Refinancing

Intermap’s $2.6 Million Mapping Services Contract Expanded to $4.2 Million

Posted by Rich Mohr

Sep 8, 2016 9:59:36 AM

DENVER, September 8, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that the Company has received a US$1.6 million expansion to a US$2.6 million airborne radar mapping services solution contract previously announced on May 13, 2016.

Intermap is using its proprietary Interferometric Synthetic Aperture Radar (IFSAR) 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. The final deliveries of the dataset are expected to be substantially complete by the end of the first quarter 2017.
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Topics: Financial Results, Board of Directors

Intermap Reports Board Changes

Posted by Rich Mohr

Aug 25, 2016 10:48:17 AM

DENVER, August 25, 2016 - (TSX: IMP) – Intermap Technologies Corporation ("Intermap" or the "Company"), a provider of location-based solutions, reports that effective August 24, 2016, Cary Ludtke will resign from his director role and instead serve as a strategic business advisor to the Company. “I want to thank Cary for the contribution he is making, and will continue to make expanding our commercial relationships. The Company will announce further board changes shortly”, said Patrick Blott, Chairman of Intermap.

About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information, please visit www.intermap.com.

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Topics: Financial Results, Board of Directors

Intermap Technologies Reports 2016 Second Quarter Financial Results

Posted by Rich Mohr

Aug 12, 2016 10:02:07 AM

DENVER – August 12, 2016 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the second quarter ended June 30, 2016. A conference call will be held today, August 12th, at 11:00 a.m. Eastern Time to discuss the results.

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

Intermap reported total revenue of $0.9 million for the second quarter of 2016, a 20% increase from $0.7 million in the second quarter of 2015. The majority of the year-over-year increase in revenue was from increased data licensing and InsitePro software sales. Net operating loss for the second quarter of 2016 was $3.5 million, compared to a net operating loss of $4.4 million for the second quarter of 2015. Second quarter adjusted EBITDA, a non IFRS financial measure, was a loss of $3.3 million, an improvement from an adjusted EBITDA loss of $3.7 million for the same period in 2015. Adjusted EBITDA excludes share-based compensation, change in value of derivative instruments, and gain or loss on foreign currency translation.

“During the quarter we supported efforts to obtain the project financing associated with a $175 million spatial data infrastructure (SDI) contract that we announced in February of this year. Although Intermap is not responsible for the project financing on this contract, we provide support to our client in connection with their negotiation of final financing terms,” said Todd Oseth, President & CEO of Intermap. “If and when project financing is completed, we will issue a detailed press release. We believe this award can be a catalyst to close other large Orion Platform government implementations in the future, as well as promote Intermap’s location based Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) product offerings for the enterprise sector.”

Mr. Oseth added, “During the second quarter we continued to see expanded interest in our InsitePro™ user base in the US. Our risk based customers have expressed significant interest in InsitePro’s capabilities and the fact that we can customize the application for proprietary risk scoring to suit their individual needs. In addition to the expansion of our software business, we also received repeat business for further data acquisition in North America. The expanded contract was for $2.6 million and further task orders to expand this project are expected. The flying portion of this contract is now complete, ahead of schedule and under budget. Our data acquisition results surpass our published specifications. We continue to create a high quality dataset for this customer.”

Financial Review
Consolidated revenue for the second quarter of 2016 totaled $0.9 million and included (i) $0.1 million in mapping services, (ii) $0.1 million in professional services, (iii) $0.4 million in data licensing, and (iv) $0.3 million in software licensing. For the same period in 2015, consolidated revenue totaled $0.7 million and included (i) $0.1 million in mapping services, (ii) $0.1 million in professional services, (iii) $0.3 million in data licensing, and (iv) $0.2 million in 3DBI software licensing. Contract backlog at the end of the quarter totaled $3.5 million.

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Topics: Financial Results, Conferences

Intermap Technologies 2016 Q2 Conference Call

Posted by Rich Mohr

Aug 4, 2016 11:53:07 AM

Denver, August 4, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (OTCBB: ITMSF), a leading provider of geospatial solutions, today announced it will release its 2016 second quarter financial results before market open on Friday August 12, 2016.

A conference call to review the results will take place Friday August 12, at 11:00 am ET. To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 61308127. A recording of the conference call will be available through August 26, 2016. Please dial +1-416-849-0833 and provide pass code 61308127 to listen to the rebroadcast. The call will also be available through Intermap’s website at http://www.intermap.com/investors for replay.

About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information, please visit www.intermap.com.

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Topics: Financial Results, Conferences, technologies, geospatial solutions

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