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The ordinary resolution to amend the Corporation’s outstanding warrants, as described in the Information Circular, was withdrawn.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

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

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