DENVER – Intermap Technologies, a worldwide 3D digital mapping and geospatial solutions company, today announced an organizational restructuring. Total employee headcount has been decreased by 17%, including a significant reduction at the executive level. The restructuring follows Intermap’s completion of the NEXTMap Europe and NEXTMap USA datasets, and supports management’s effort to lower expenses in alignment with current revenues. The net impact on total expenses, after severance, is a reduction of approximately $3.6 million, or 9% annually. Severance costs of approximately $1.1 million will be paid out on a payroll by payroll basis over an extended period throughout 2010 and 2011.
“With NEXTMap completed, Intermap has been undergoing the transition from an engineering and production company to a streamlined customer- and market-driven organization,” said Howard Nellor, Intermap’s interim CEO. “Today’s changes are part of this transition as we focus on the federal and civil government, national mapping programs, defense and intelligence mapping, insurance and risk management, telecommunication, the automotive industry, and cloud-based web services. From an operations perspective, our objective is to reach positive cash flow for 2011 through reduced expenses and increased revenue from current and new customer contracts.”
Total headcount of the Company is now approximately 571 worldwide, with 182 in North America and Europe, and 389 in Jakarta, Indonesia.
About Intermap Technologies
Intermap (TSX: IMP.TO) is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for creating uniform high-resolution 3D digital models of the earth’s surface. The Company has proactively remapped entire countries and built uniform national databases, called NEXTMap®, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data and the Company’s contract mapping services is growing as commercial applications emerge within the GIS, federal & civil government, national mapping, defense and intelligence, automotive, insurance risk assessment, wireless telecommunications, and cloud-based web services markets.
Headquartered in Denver, Colorado, Intermap has offices in Australia, Calgary, Detroit, Jakarta, London, Munich, Prague, and Washington D.C. For more information, visit www.Intermap.com.
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For more information, please contact:
Canada – Financial
Corbet Pala, Investor Relations
E.vestor Communications Inc.
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United States – Financial
Budd Zuckerman, Investor Relations
Genesis Select Corporation
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+1 (303) 415-0200