Intermap Technologies Announces US$2.0M Bridge Financing and Appointment of New Directors

Posted by Rich Mohr

Jul 13, 2016 8:52:40 AM

DENVER – July 13, 2016, Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (BB: ITMSF), a global provider of location based solutions, today announced that it has entered into a non-brokered US$2.0 million promissory note (the “Note”) with Vertex One Asset Management Inc. (“Vertex”) of Vancouver, BC, and has added Patrick Blott and Cary Ludtke to its Board of Directors.

The Note bears interest at 15% per annum and matures on the earlier of (i) July 8, 2017, or (ii) the date on which a down payment from a material geospatial project is received by the Company. The Company intends to use the proceeds of the Note as working capital to carry out existing mapping services contracts and to bridge cash flows until the commencement of one of the Company’s data acquisition projects, including the previously announced $175 million spatial data infrastructure (SDI) project, the update for which was issued in a press release on July 5, 2016. In conjunction with the Note, the Company has agreed to Vertex appointing Patrick Blott and Cary Ludtke to the Company’s Board of Directors, replacing Larry Garberding and Donald Gardner.

“We are very pleased to welcome Patrick and Cary to our Board,” said Todd Oseth, President and CEO of Intermap Technologies. “They bring a wealth of transactional and operational experience that will be an asset to the Company as it transitions into growth. I would also like to take this opportunity to express the Company’s gratitude and appreciation for the service of Larry and Don, and their valuable contributions over the years.”

Patrick Blott is the co-founder and managing partner of Blott Asset Management, LLC, a private investment holding company. Since 1992, Patrick has led investments to support growth and restructuring for defense contractors, systems and software providers, and other government regulated companies. He was an original member of Borealis Infrastructure Management (OMERS) and its predecessor. He has held executive roles with Bank of America Securities, JP Morgan, SG Cowen and Bank of Montreal. Patick is an experienced public company director in geospace, having served as Chairman of the Special Committee for OSI Geospatial, supplier of command and control systems for the U.S. Navy. Patrick holds an MBA from Columbia Business School, and a BA in Political Economy from the University of Western Ontario.

Cary Ludtke has 32 years of executive, managerial and engineering experience in the remote sensing technology space. Cary most recently served as Vice President and General Manager of Ball Aerospace’s Commercial Space Operations Strategic Business Unit. Cary holds a BS in Mechanical Engineering from Brigham Young University, and has completed the AIA Executive Program for High Technology Companies at Stanford University. Cary currently serves as an advisor to Blackstone’s Entrepreneurs Network.

About Vertex
Vertex is a Vancouver-based investment firm currently managing over $2.1 billion in assets. Vertex looks for misvalued companies with a catalyst in the near future, while also paying attention to valuation relative to industry peers. It seeks to achieve superior long-term performance by identifying companies that have low price-to-value metrics, have put themselves up for sale, or companies where a misvaluation has occurred within the capital structure of the company.

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Topics: Board of Directors, Inside Intermap, Project

Intermap Technologies SDI Project Update

Posted by Rich Mohr

Jul 5, 2016 10:52:00 AM

Denver – July 5, 2016 (TSX:IMP) Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a global provider of location based solutions, today provided an update on its previously announced $175 million contract (the “Contract”) for the creation, operation and maintenance of a national spatial data infrastructure (“SDI”) program (the “Project”).

In its 2016 first quarter financial results report dated May 12, 2016, the Company disclosed the expectation that the Project would commence during the second quarter upon the closing of the Project’s finance facility (the “Financing”). Intermap has been advised by the client that the Financing process is in its final phase with a leading multilateral financial institution. In accordance with the terms of the Contract, the Company is scheduled to receive a $12 million down payment upon the closing of the Project Financing, at which time the project will officially launch. Intermap has been working with the client to satisfy operational requirements and is pleased to confirm that it has received its required ITAR permit from the US State Department to operate its proprietary IFSAR technology in the client’s jurisdiction. The International Traffic in Arms Regulations (ITAR) are a set of United States Government regulations on the export and import of defense related articles and services, under which Intermap’s interferometric synthetic aperture radar (IFSAR) technology falls internationally.

“We continue to support the client in the path to the financial close of this landmark transaction,” said Todd Oseth, Intermap’s President and CEO. “The sheer complexity, both technical and financial, of this first-of-a-kind project, has led to some innovative solutions that would serve the Company well in the pursuit of similar projects in the future. We look forward to demonstrate our resources and capabilities in the client jurisdiction and beyond.”

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: Inside Intermap, SDI, Project

Intermap Technologies Announces Results from Annual Meeting

Posted by Rich Mohr

Jun 10, 2016 9:00:21 AM

DENVER – June 10, 2016 (TSX: IMP) - Intermap Technologies Corporation announced today the results of the Annual General and Special Meeting of the shareholders of Intermap held on June 8, 2016. All matters put forth for consideration by the shareholders were approved, including the election of each nominee as a director of the Corporation for the ensuing year, as follows:

  • John C. Curlander
  • Larry G. Garberding
  • Donald R. Gardner
  • Michael A. Hoehn
  • Todd A. Oseth

Final voting results on all matters voted at the annual general and special meeting have been filed with Canadian securities regulators.

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Topics: Board of Directors, Investors, Annual Meeting

Intermap Announces $2.6 Million Mapping Services Solutions Contract

Posted by Rich Mohr

May 13, 2016 9:02:25 AM

DENVER, May 13, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that the Company was awarded a US $2.6 million contract for an airborne radar mapping services solution.

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 project will commence in the June/July 2016 timeframe and the final deliveries of the dataset are expected to be substantially complete by the end of the year 2016.

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Topics: Mapping Services

Intermap Technologies Reports 2016 First Quarter Financial Results

Posted by Rich Mohr

May 12, 2016 3:29:38 PM

DENVER – May 12, 2016 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the first quarter ended March 31, 2016. A conference call will be held tomorrow, May 13th, at 11:00 a.m. Eastern Time to discuss the results.

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Topics: Financial Results

Intermap Technologies 2016 Q1 Conference Call

Posted by Rich Mohr

May 6, 2016 9:15:01 AM

Denver, May 6, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced it will release its 2016 first quarter financial results after market close on Thursday May 12, 2016.

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Topics: Financial Results

Intermap Announces Debt Restructuring and US$5 Million Debt Financing with Vertex One Asset Management

Posted by Rich Mohr

Apr 15, 2016 6:52:54 AM

Denver, Colorado, April 15, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced that it has entered into an agreement with its senior lender, pursuant to which three of its outstanding promissory notes, which were to become due and payable in April 2016, were restructured and consolidated, together with an additional advance of $5,000,000, into a new promissory note that bears interest at 15% per annum, with a maturity date of October 11, 2016.

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Topics: Investors

Intermap Technologies to Repeat 2015 Q4 Conference Call

Posted by Rich Mohr

Mar 30, 2016 11:29:19 AM

Denver, March 30, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced it will hold a live repeat of its 2015 fourth quarter and year-end shareholder conference call on Thursday, March 31, 2016.

Due to a technical issue listeners were unable to access the questions and answer portion of today’s call. Management invites shareholders to join a repeat of the Q4 call tomorrow in order to take their questions.

The conference call will take place March 31, at 11:00 am ET. To participate in the call, please dial +1-647-427-7450 or 1-888-231-8191 approximately 15 minutes prior to the conference call and provide conference ID 82784875. A recording of the conference call will be available through April 15, 2016. Please dial +1-416-849-0833 and provide pass code 82784875 to listen to the rebroadcast. The call will also be available on Intermap’s website at http://www.intermap.com/investors for replay.

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Topics: Financial Results, Investors

Intermap Technologies Reports 2015 Fourth Quarter and Year-End Financial Results

Posted by Rich Mohr

Mar 29, 2016 3:45:31 PM

DENVER – March 29, 2016 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2015. A conference call will be held tomorrow, March 30th, at 11:00 a.m. Eastern Time to discuss the results.

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Topics: Financial Results, Investors

Intermap Technologies 2015 Q4 Conference Call

Posted by Rich Mohr

Mar 15, 2016 3:58:05 PM

Denver, March 15, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced it will release its 2015 fourth quarter and year-end financial results after market close on Tuesday, March 29, 2016.

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Topics: Financial Results, Investors

The information posted on this website is accurate at the time of posting, but may be superseded by subsequent disclosures.

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