British Geological Survey purchases Intermap's Scottish 3D terrain map

Posted by Rich Mohr

Jul 26, 2005 8:00:00 AM

Intermap has won a contract to supply its three-dimensional digital terrain map of Scotland to the British Geological Survey (BGS). The contract comes a year after BGS purchased Intermap's digital terrain data of England and Wales. Since that time over 50 different uses have been developed within the BGS for the data providing the justification for the purchase of the Scottish terrain map. 

For geologists, seeing the landscape in three dimensions yields valuable information for geological interpretation. When used in conjunction with bore samples, if the surface layer is mapped accurately in three dimensions, it gives a good impression of what is going on at depth. Modelling strata in three dimensions-widely in use by the construction industry, developers and planners- has many applications from risk assessment of unrecognised geo-hazards such as landslides and subsidence, to resource assessment of sands and gravels. 

Intermap's NEXTMap Britain elevation data has fulfilled its promise to become one of the most frequently used datasets across the BGS programme. The main outputs from the dataset's interpretation have been revised geological line work, maps of landslides and terrain features such as glacial landforms, three-dimensional viewing, geological modelling and more efficient air photo processing. 

The NEXTMap Britain dataset fills a niche not filled by any other digital elevation dataset available in the UK, providing consistent national coverage but at high resolution. At the detailed 1:10,000 scale used for geological mapping, photogrammetry and LIDAR provide highly accurate terrain data, but the former has to be generated as required on a project-by-project basis at a high cost, and LIDAR coverage is mostly limited to flood plains. NEXTMap Britain's national coverage of high-resolution data is now available everywhere to supplement the existing, but less detailed, national datasets already used by BGS. 

Notes for editors 
NEXTMap is the name given to Intermap's national program for mapping the terrain of whole countries in unprecedented detail. Elevation and imagery data is captured using Intermap's high-resolution radar (IFSAR) mapping technology. The data is obtainable for areas as small as 2 sq km and available at different resolutions and price points for use with a wide variety of computer software, including CAD, GIS and modelling. 

Headquartered in Denver, Colorado, Intermap employs more than 280 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the TSX Toronto Stock Exchange under the symbol IMP. For more information, visit www.intermap.com 

British Geological Survey 
The BGS is a public sector research establishment part of the National Environment Research Council (NERC). Established in 1835 today BGS survey and monitoring activities provide the scientific knowledge needed to understand engineering ground conditions; natural hazards; groundwater, mineral resources and climate change impacts. This knowledge is used in land use planning, coastal zone protection, pollution and waste management. BGS also carries out commissioned research which serves the specific interests of government departments and agencies, local government and the private sector, in the UK and internationally. www.bgs.ac.uk 

CONTACTS: 

Editorial contact: William Allbrook on tel. +44 (0)1666 826641 
Please fax colour separation requests to fax no. +44 (0)1666 824668 

Reader enquiries to: 
Andy Shepherd: T: +44 (0)79 7979 8072, E-mail: ashepherd@.intermap.com 
Monica Moore: T: +1 303-708-0955, E-mail: mmoore@.intermap.com 

UK Reader replies to: 
William Allbrook, The Marketing Edge, Hay Loft, Burnivale, Malmesbury, SN16 0BL 
Tel: 01666 826641 
E-mail: william@market-it.co.uk
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Topics: New Customer, NEXTMap, Data Sale

Intermap Appoints Director of UK Sales Manager

Posted by Rich Mohr

Jul 18, 2005 9:00:00 AM

Intermap Technologies, Inc. has appointed Mark Stanley as its director of UK sales for its range of NEXTMap Britain terrain data and related products. 

A successful sales professional with an extensive business background across private and government sectors, Mr. Stanley joins Intermap from Ordnance Survey, the national mapping agency, where he was strategic development manager for the mobile wireless sector. 

"NEXTMap Britain has been a phenomenal success in the public sector, so we are delighted to have Mark on board to sharpen our credentials in commercial markets," said Eric DesRoche, vice president of Intermap's NEXTMap program. "We are confident that Mark's extensive business and sales experience will prove to be a valuable asset as we continue to develop our presence in the UK," continued DesRoche. 

Notes for editors 
NEXTMap is the name given to Intermap's national program for mapping the terrain of whole countries in unprecedented detail. This program, which employs Intermap's radar (IFSAR) mapping technology to capture elevation and imagery data, is the industry benchmark for accuracy and affordability. Major NEXTMap Britain data users include the Environment Agency, Norwich Union, the National Assembly for Wales, the Scottish Executive and the British Geological Survey. NEXTMap Britain is also being supplied to UK Local Authorities, National Parks and Public Services under the MSA (Mapping Services Agreement). 

Headquartered in Denver, Colorado, Intermap employs more than 280 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the TSX Toronto Stock Exchange under the symbol IMP. For more information, visit www.intermap.com 

CONTACTS: 
Editorial contact: William Allbrook on tel. +44 (0)1666 826641 
Please fax colour separation requests to fax no. +44 (0)1666 824668 
Tel: 01666 826641 
E-mail: william@market-it.co.uk
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Topics: Employees

Intermap Reports 2005 First Quarter Financial Results

Posted by Rich Mohr

Jul 15, 2005 8:00:00 AM

CALGARY, ALBERTA--(CCNMatthews - May 16, 2005) - Intermap Technologies Corporation (TSX:IMP) (the "Company"), today reported first quarter financial results for the period ended March 31, 2005. The Company has historically prepared its consolidated financial statements in Canadian dollars. As a result of the continued expansion of the Company's U.S. operations, a significant and growing U.S. customer base, and because the majority of its global revenue and assets are denominated in U.S. dollars, the Company has elected to adopt the U.S. dollar as its reporting currency effective January 1, 2005. The financial information for all periods have been translated into the new reporting currency. All amounts in this news release are in U.S. dollars unless otherwise noted. Total revenues for the quarter ended March 31, 2005, were $1.8 million as compared to revenues of $4.7 million in the first quarter of 2004. Revenues in the quarter were lower than expected as a result of contracting delays on two significant projects. Recognizable revenue from contract services was $0.8 million, compared to $3.6 million year-over-year. License revenues from sales of the Company's NEXTMap database during the quarter were $1.0 million, compared to $1.2 million for the first quarter of 2004. Intermap reported a net loss for the quarter of $2.5 million, or ($0.15) per share, as compared to a net loss of $0.6 million, or ($0.05) per share in Q1 of 2004. "As we stated in our last conference call, we expected our first quarter revenues would signal a low point as we saw new potential contracts in the final stages of approvals," commented Brian Bullock, President and CEO of Intermap. "Based on a new wave of anticipated contract orders, we expect an improvement in contract services revenue in 2005." During the quarter, the Company completed significant projects for two ongoing customers. Revenues associated with the projects are approximately $4 million and are expected to be recognized in 2005. Cash and cash equivalents at March 31, 2005, were $8.7 million, as compared with $3.6 million at December 31, 2004. During the first quarter, Intermap completed a private placement, raising $7.5 million. Intermap issued 2,005,656 units at $3.76 per unit. Each Unit consists of one common share of the Corporation and one common share purchase warrant. Each warrant entitles its holder to purchase one common share for C$5.30 for a period of three years. At March 31, 2005, the Company's working capital was $8.6 million compared with $5.0 million at December 31, 2004. NEXTMap USA progress continued in the first quarter. In spite of difficult weather in California, data collection to date is now more than 82% complete for the state. Intermap has now also completed data collection for the entire state of Florida. Data from both states will be on sale this summer as originally forecasted. As of the end of the first quarter, the Company had invested more than $11.7 million into NEXTMap USA, collecting data covering more than 720,000 square kilometers of the continental United States. Intermap embarked on NEXTMap USA in 2004 to generate a national U.S. terrain elevation and imagery database accurate to one meter or better. Intermap continues to work with commercial and government customers to co-sponsor the development of the NEXTMap USA database. The cost of production for NEXTMap USA has currently reduced by more than 50% when compared with the costs of previously completed NEXTMap Britain. The Company expects continued reductions throughout 2005. Intermap's NEXTMap business model is based on building archived databases of complete national digital elevation and terrain maps, then licensing the data to multiple customers for varied applications. NEXTMap revenues partially offset occasional declines in contract services revenue, and are expected to eventually make up the majority of Intermap's revenues. Funding the build out of the NEXTMap database is partially provided by the Company's contract services work. As Intermap continues the transition of its business model, deriving an increasing portion of its revenues through NEXTMap data license sales, the Company expects more consistent and predictable revenues than from its past traditional contract services model. "Our progress on funding NEXTMap USA has been excellent. Enthusiasm among our U.S. customers continues to grow. We previously secured a customer that has contracted to purchase the entire coastline of the U.S. for $5.5 million. In addition, we have recently received interest from three other large customers to purchase the entire NEXTMap USA database over a period of four years. Successfully closing these large contracts will fund more than a third of the cost of NEXTMap USA," commented Mr. Bullock. The automotive sector took notice of the NEXTMap database potential in the first quarter as Intermap generated interest at the Society of Automobile Engineers (SAE) 2005 World Congress conference in April. Three dimensional road data supports several areas in the emerging market for Intelligent Transportation Systems (ITS) and active safety in the automotive sector. The industry is showing indications of increasing interest and anticipates future technology funding within this space. "There is no question that active safety is the new buzz in the industry and that 3D roads will have a prominent role to play in this enormous market," said Mr. Bullock. "We know that we can meet or exceed the ITS industry's accuracy requirements and look forward to promoting our products in this new market." Intermap also continues R&D work to maintain a leading edge over its technology peers. During the second quarter, the Company received recognition from the Canadian Government's National Research Council -- Industrial Research Assistance Program (NRC-IRAP), with a contribution of C$454,000 for further research and development of the company's X and P-band radar technology, which is used for digitally mapping three-dimensional images of the earth's surface. Brian Bullock explains: "In heavily treed areas, where the ground is obscured by dense vegetation, we need to see through the trees to get a bare-earth view. P-band IFSAR, because of its long wavelength, provides the capability of a direct measurement method of resolving heavy vegetation at the data collection point for NEXTMap applications." The Company concluded its annual general meeting on May 11, 2005. At the meeting, Brian L. Bullock, Richard D. Tingle, Edward S. Evans III, Dr. Craig Marks, Donald R. Gardner, Larry G. Garberding and Jerald S. Howe, Jr., the Company's nominees, were elected to the Board of Directors. KPMG LLP was re-appointed auditor of the Company, and the shareholders approved the share compensation plan for outside directors that was detailed in the Information Circular. Conference Call A conference call to review the results will take place today, May 16, at 4:45pm, ET (2:45pm MT). Brian Bullock, President and CEO and Richard Mohr, CFO will speak on behalf of the Company. A question-and-answer period will follow a review of the financial results and update on the Company's strategies and progress on its NEXTMap business model. Detailed financial results for the quarter and management's discussion and analysis can be found on SEDAR, at www.sedar.com. To participate in the call, please dial 416-695-9702 or 1-888-333-4519 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through May 27. Please dial 416-695-5275 or 1-888-509-0081 to listen to the rebroadcast. After this date, the recorded call will be available at www.intermap.com. About Intermap Intermap is digitally remapping entire countries, building unprecedented national databases, called NEXTMap, of highly accurate digital topographic maps (including elevation). Customers purchase Intermap's high-quality, low-cost data to facilitate better decision-making for numerous commercial, government, military and consumer applications. Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications network planning, aviation, simulation and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. The products are also used to add interactive intelligence to airborne and satellite images. Headquartered in Denver, Colorado, Intermap employs more than 280 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the TSX under the symbol IMP. For more information, visit www.intermap.com. The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Intermap's control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to the announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Intermap's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceed, that Intermap will derive therefrom. INTERMAP TECHNOLOGIES CORPORATION Consolidated Statements of Operations and Deficit (In thousands of United States dollars, except per share information) ------------------------------------------------------------------------ ------------------------------------------------------------------------ 3 months 3 months ended ended March 31, March 31, 2005 2004 ------------------------------------------------------------------------ (unaudited) (unaudited) Revenue: Contract services $ 837 $ 3,550 Multi-client data licenses 952 1,199 ------------------------------------------------------------------------ 1,789 4,749 Operating costs: Cost of services 615 2,018 Research and development 261 238 Sales, general and administration 2,233 2,295 Depreciation of property and equipment 795 549 Amortization of multi-client data library 351 163 ------------------------------------------------------------------------ 4,255 5,263 ------------------------------------------------------------------------ Loss before interest and income taxes (2,466) (514) Interest expense (52) (68) Interest income 11 17 ------------------------------------------------------------------------ Loss before income taxes (2,507) (565) Income taxes - current - 22 ------------------------------------------------------------------------ Net loss (2,507) (587) Deficit, beginning of period: As previously reported (12,089) (7,152) Adjustment to reflect the change in accounting for stock-based compensation - (492) ------------------------------------------------------------------------ As restated (12,089) (7,644) ------------------------------------------------------------------------ Deficit, end of period $ (14,596) $ (8,231) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Loss per share: Basic and diluted $ (0.15) $ (0.05) ------------------------------------------------------------------------ ------------------------------------------------------------------------ INTERMAP TECHNOLOGIES CORPORATION Consolidated Balance Sheets (In thousands of United States dollars) ------------------------------------------------------------------------ ------------------------------------------------------------------------ March 31, December 31, 2005 2004 ------------------------------------------------------------------------ Assets (unaudited) Current assets: Cash and cash equivalents $ 8,675 $ 3,581 Amounts receivable 1,451 3,686 Unbilled revenue 897 900 Work in process 550 - Prepaid expenses 418 405 ------------------------------------------------------------------------ 11,991 8,572 Property and equipment 15,433 15,867 Multi-client data library 14,372 11,499 Future income taxes 18 18 Long-term investments 359 403 ------------------------------------------------------------------------ $ 42,173 $ 36,359 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 2,647 $ 2,880 Deferred lease inducements 134 126 Deferred revenue 71 52 Current portion of obligations under capital lease 246 308 Current portion of long-term debt 325 200 ------------------------------------------------------------------------ 3,423 3,566 Deferred lease inducements 288 332 Obligations under capital lease 293 346 Long-term debt 572 367 Non-controlling interest 14 14 ------------------------------------------------------------------------ 4,590 4,625 Shareholders' equity: Share capital 46,090 37,672 Contributed surplus 1,285 1,085 Deficit (14,596) (12,089) Cumulative translation adjustment 4,804 5,066 ------------------------------------------------------------------------ 37,583 31,734 ------------------------------------------------------------------------ $ 42,173 $ 36,359 ------------------------------------------------------------------------ ------------------------------------------------------------------------ INTERMAP TECHNOLOGIES CORPORATION Consolidated Statements of Cash Flows (In thousands of United States dollars) ------------------------------------------------------------------------ ------------------------------------------------------------------------ 3 months 3 months ended ended March 31, March 31, 2005 2004 ------------------------------------------------------------------------ (unuadited) (unaudited) Cash and cash equivalents provided by (used in): Operations: Net loss $ (2,507) $ (587) Items not involving cash: Depreciation of property and equipment 795 549 Amortization of multi-client data library 351 163 Amortization of deferred financing charges - 1 Compensation expense 132 70 Deferred lease inducements (33) - Change in non-cash operating working capital 1,460 1,440 ------------------------------------------------------------------------ 198 1,636 Financing: Proceeds from issuance of common shares 8,642 16,229 Security issuance costs (156) (1,084) Proceeds (repayment) of long-term debt, net 330 (103) Repayment of obligations under capital lease (117) (73) Repayments of bank loan - (894) ------------------------------------------------------------------------ 8,699 14,075 Investments: Purchase of property and equipment (859) (1,328) Investment in multi-client data library (2,866) (1,141) Proceeds on disposal of long-term investments 41 46 ------------------------------------------------------------------------ (3,684) (2,423) Effect of foreign exchange rate on cash (119) 41 ------------------------------------------------------------------------ Increase in cash and cash equivalents 5,094 13,330 Cash and cash equivalents, beginning of period 3,581 1,197 ------------------------------------------------------------------------ Cash and cash equivalents, end of period $ 8,675 $ 14,527 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Supplemental cash flow information: Interest paid $ 51 $ 68 ------------------------------------------------------------------------ ------------------------------------------------------------------------ FOR FURTHER INFORMATION PLEASE CONTACT: E.vestor Communications Inc. Corbet Pala Investor Relations (416) 657-2400 Email:cpala@evestor.com or Intermap Technologies Richard Mohr Chief Financial Officer (303) 708-0955, Ext. 214 Email: rmohr@.intermap.com Website: www.intermap.com or UNITED STATES Genesis Select Corporation Budd Zuckerman Investor Relations (303) 415-0200 Email:bzuckerman@genesisselect.com
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Topics: Financial Results

INTERMAP'S House Subcommittee TESTIMONY COMPLETE

Posted by Rich Mohr

Jul 14, 2005 10:00:00 AM

Denver, Colorado (July 14, 2005): Intermap Technologies Corp., (IMP-TSX) today announced that Michael Bullock, President of Intermap Federal Services, Inc. (a wholly owned subsidiary of Intermap Technologies Corp.), this week testified before a House Subcommittee on the status of the country's flood insurance map modernization program. Mr. Bullock's testimony took place before the House Subcommittee on Housing and Community Opportunity, which has oversight and authorization responsibility for the nation's flood insurance program administered by the Federal Emergency Management Administration (FEMA) in the Department of Homeland Security. 

The Subcommittee is concerned about the issue raised by stakeholders of FEMA's program that old inaccurate data is being used to update the nation's flood maps. FEMA has been relying on old mapping data, much of which was developed by the U.S. Geological Survey (USGS) up to 40 years ago. The Map Modernization Program, a 5-year, $1 billion effort being carried out by FEMA, has the stated objective of updating the nation's flood mapping systems and maps. 

During his testimony, Mr. Bullock described Intermap's state of the art radar mapping technology and the progress being made on the Company's NEXTMap USA program, which is producing highly accurate, low cost topographic and image data for the entire continental United States. "We support FEMA's Map Modernization program and the benefits it will have for our country. This important program would benefit tremendously from a national strategy to obtain topographic data to support the objectives of the program" stated Bullock. "The pilot project we recently completed for FEMA in Texas has demonstrated that the NEXTMap USA data is more accurate than the existing USGS topographic data for the production of accurate flood maps for a large portion of the country. We look forward to an expanding working relationship with FEMA and a wider utilization of our NEXTMap USA data to support the Map Modernization program." 

About Intermap 

Intermap is digitally remapping entire countries, building unprecedented national databases, called NEXTMap, of highly accurate digital topographic maps (including elevation). Customers purchase Intermap's high-quality, low-cost data to facilitate better decision-making for numerous commercial, governmental, military and consumer applications. 

Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications network planning, aviation, simulation and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. The products are also used to add interactive intelligence to airborne and satellite images. 

Headquartered in Denver, Colorado, Intermap employs more than 280 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the Toronto Stock Exchange under the symbol IMP. For more information, visit www.intermap.com. 

For further information, please contact: 
Monica Moore 
Director of Marketing 
mmoore@.intermap.com 
(303) 708-0955 

Investor inquiries: 
CANADA 
Corbet Pala 
Investor Relations 
E-vestor Communications Inc. 
(416) 657-2400 
cpala@evestor.com 

UNITED STATES 
Budd Zuckerman 
Investor Relations 
Genesis Select Corporation 
(303) 415-0200 
bzuckerman@genesisselect.com
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Topics: Board of Directors

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