Intermap Signs Deal with Norwich Union for Commercialization of UK Flood Mapping

Posted by Rich Mohr

Aug 12, 2005 8:00:00 AM

Denver, Colorado (August 12, 2005): Intermap (TSX:IMP) announced today that has signed a royalty agreement with Norwich Union linked to the commercialization of the UK insurer's flood map of Britain. This agreement is a significant step in making the innovative flood map available both to the public and other commercial interests. 

The need for more accurate flood risk assessment became evident in October 2000 when floods that took place in the UK cost the insurance industry 1 billion pounds. In England and Wales around 5 million people, in 2 million properties, live in areas of flood risk. 

Norwich Union wanted to review the severity and frequency of floods and embarked upon building a flood model that could be used across the country for assessing every property liable to flooding. In 2002 Norwich Union partnered with Intermap to capture elevation data of the whole of England and Wales. This data would be the foundation for Norwich Union's flood mapping efforts moving forward. Providing more accurate and realistic insurance quotes not only lessens the risk on the insurance company itself but also provides customers with fairer quotes. 

"Since the flood map for England and Wales has been completed, we are now in a position to expand beyond our original remit for better risk assessment to exploring wider commercial opportunities," said Brian Richards, Director of Norwich Union's Data Services. "The ongoing relationship with Intermap secured by this agreement is important as we move towards the commercialization of this valuable and innovative data asset," continued Richards. 

"When Intermap and Norwich Union started out on this project, no one had mapped a complete country in such detail in such a short time. We are encouraged by the prospect of Norwich Union's pioneering flood map entering the public domain to the great benefit of both commercial interests and society at large," said Eric DesRoche, Vice President of Intermap's NEXTMap division. "The NEXTMap Britain project continues to garner support and in a short time has become the de facto standard for elevation data in the UK, the first choice for both commercial applications and local government," continued DesRoche. 

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 risk analysis, 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. 

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. 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 modeling. The data can be used in a wide range of commercial applications, including engineering, transportation, navigation, environmental assessment and management, mobile network planning, simulation and 3D visualization. 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). 

Corbet Pala 
Investor Relations 
E-vestor Communications Inc. 
(416) 657-2400 
cpala@evestor.com
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Topics: NEXTMap, New Partner

Intermap Reports 2005 Second Quarter Financial Results

Posted by Rich Mohr

Aug 11, 2005 8:00:00 AM

CALGARY, ALBERTA--(CCNMatthews - Aug. 11, 2005) - Intermap Technologies Corporation (the "Company") (TSX:IMP), today reported second quarter financial results for the three and six month periods ended June 30, 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 June 30, 2005, were $3.8 million as compared to revenues of $5.2 million in the second quarter of 2004. The Company had expected to record an additional $2.3 million in contract service revenue during the second quarter of 2005 from its largest customer (the United States Government), but delays in the contracting process caused revenue recognition to be postponed until July 2005 of the Company's third quarter. Work on this contract was completed prior to the end of the second quarter 2005. Total contract services revenue in the second quarter was $2.8 million, compared to $4.5 million in the second quarter of 2004. License revenues from sales of the Company's NEXTMap database during the quarter were $934,000, an increase compared to $781,000 for the second quarter of 2004. Intermap reported a net loss for the quarter of $1.9 million, or ($0.11) per share, as compared to net income of $58,000, or $0.00 per share in the second quarter of 2004. "Quarter over quarter, revenues show a strong uptrend that we expect to see continue for the remainder of the year. Recent announcements of key sales together with near term opportunities for the Company lead us to expect continued improvement in financial results during the third quarter. Further, the projected increase in contract services work during the last half of 2005 is expected to create positive operating cash flow for the remainder of the year" commented Brian Bullock, President and CEO of Intermap. Significant investment was made into building the Company's NEXTMap database. During the quarter, the Company completed acquisition and processing of approximately 300,000 square kilometers of data for its NEXTMap USA program which set a new record of NEXTMap data completed in a single quarter. The NEXTMap USA collection was predominantly in California, but data was also acquired in Alabama, Louisiana, Florida, Arizona and Michigan. The states of California, Florida and Mississippi are now substantially complete. Large portions of NEXTMap data for these states are currently available and sales in these regions have already begun. Cash and cash equivalents at June 30, 2005, were $2.6 million, as compared with $3.6 million at December 31, 2004. At June 30, 2005, the Company's working capital was $3.9 million compared with $5.0 million at December 31, 2004. In the first quarter of 2005, the Company signed a commitment letter with a Canadian financial institution to provide $1.7 million of asset based financing on two of its aircraft. The loan was completed and funded during the second week of August 2005. At the end of the second quarter, the Company had invested more than $15 million into NEXTMap USA, collecting data covering more than 1 million 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. The Company continues to work with commercial and government customers to co-sponsor the development of the NEXTMap USA database. Improvements in technology and processes have continued to reduce costs of production for NEXTMap USA. These improvements, coupled with better weather conditions during the quarter, led to even a lower cost per square kilometer than recorded during the first quarter. The Company has now reduced the costs per square kilometer by more than 65% when compared with the costs of previously completed NEXTMap Britain. Continued cost reductions are expected throughout the remainder of 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 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 have previously announced that a customer has committed to purchase the entire coastline of the U.S. for $5.5 million over a period of four years, subject to annual funding. In addition, before the end of this year, we expect to close at least two national subscriptions for the purchase of the entire NEXTMap USA. Revenue and cash flow from these subscriptions will be recognized throughout the completion of the project based on annual approved budget plans. Successfully closing these large contracts, together with the currently closed contracts, are expected to fund more than one-third of the entire cost of the NEXTMap USA program" commented Mr. Bullock. The automotive sector has taken a significant interest in the NEXTMap database potential for three dimensional road data. 3D roads support several areas in the emerging market for Intelligent Transportation Systems (ITS) and active safety in the automotive sector. Since the start of the second quarter, Intermap management has met with more than 30 companies involved within the ITS market, including tier one automotive suppliers and manufacturers. The industry is showing increasing interest and an increase in future technology funding within this space is expected. "The positive reaction we have been receiving from the automotive industry is encouraging," explained Mr. Bullock. "Our data meets the industry's accuracy requirements and we have begun to collect blocks of data for testing with potential partners within the sector. Our immediate objective is to provide blocks of 3D road data in critical areas to automotive companies that will commit to use the data in the development of active safety technologies under a cooperative development agreement." Conference Call A conference call to review the results will take place today, August 11, at 10:00am., ET (8:00am 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 416-695-7896 or 1-888-280-8277 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 18. 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 modeling, 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 6 months 6 months ended ended ended ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004 ------------------------------------------------------------------------ (unaudited) (unaudited) (unaudited) (unaudited) Revenue: Contract services $ 2,841 $ 4,458 $ 3,678 $ 8,008 Multi-client data licenses 934 781 1,886 1,980 ------------------------------------------------------------------------ 3,775 5,239 5,564 9,988 Operating costs: Cost of services 1,513 1,852 2,128 3,870 Research and development 553 272 814 510 Sales, general and administration 2,559 2,425 4,792 4,720 Depreciation of property and equipment 840 452 1,635 1,001 Amortization of multi-client data library 245 207 596 370 ------------------------------------------------------------------------ 5,710 5,208 9,965 10,471 ------------------------------------------------------------------------ Income (loss) before interest and income taxes (1,935) 31 (4,401) (483) Interest expense (35) (27) (87) (95) Interest income 28 61 39 78 ------------------------------------------------------------------------ Income (loss) before income taxes (1,942) 65 (4,449) (500) Income taxes - current - 7 - 29 ------------------------------------------------------------------------ Net income (loss) (1,942) 58 (4,449) (529) Deficit, beginning of period: As previously reported (14,596) (8,231) (12,089) (7,152) Adjustment to reflect the change in accounting for stock-based compensation - - - (492) ------------------------------------------------------------------------ As restated (14,596) (8,231) (12,089) (7,644) ------------------------------------------------------------------------ Deficit, end of period $ (16,538) $ (8,173) $ (16,538) $ (8,173) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Income (loss) per share: Basic $ (0.11) $ 0.00 $ (0.26) $ (0.04) Fully diluted (0.11) 0.00 (0.26) (0.04) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Intermap Technologies Corporation Consolidated Balance Sheets (In thousands of United States dollars) ------------------------------------------------------------------------ ------------------------------------------------------------------------ June 30, 2005 December 31, 2004 ------------------------------------------------------------------------ Assets (unaudited) Current assets: Cash and cash equivalents $ 2,606 $ 3,581 Amounts receivable 2,169 3,686 Unbilled revenue 2,072 900 Prepaid expenses 421 405 ------------------------------------------------------------------------ 7,268 8,572 Property and equipment 14,736 15,867 Multi-client data library 17,252 11,499 Future income taxes 18 18 Long-term investments 313 403 ------------------------------------------------------------------------ $ 39,587 $ 36,359 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 2,499 $ 2,880 Deferred lease inducements 134 126 Deferred revenue 169 52 Current portion of obligations under capital lease 214 308 Current portion of long-term debt 327 200 ------------------------------------------------------------------------ 3,343 3,566 Deferred lease inducements 252 332 Obligations under capital lease 241 346 Long-term debt 489 367 Non-controlling interest 14 14 ------------------------------------------------------------------------ 4,339 4,625 Shareholders' equity: Share capital 46,102 37,672 Contributed surplus 1,398 1,085 Deficit (16,538) (12,089) Cumulative translation adjustment 4,286 5,066 ------------------------------------------------------------------------ 35,248 31,734 ------------------------------------------------------------------------ $ 39,587 $ 36,359 ------------------------------------------------------------------------ ------------------------------------------------------------------------ INTERMAP TECHNOLOGIES CORPORATION Consolidated Statements of Cash Flows (In thousands of United States dollars) ------------------------------------------------------------------------ ------------------------------------------------------------------------ 3 months 3 months 6 months 6 months ended ended ended ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004 ------------------------------------------------------------------------ (unaudited) (unaudited) (unaudited) (unaudited) Cash and cash equivalents provided by (used in): Operations: Net income (loss) $ (1,942) $ 58 $ (4,449) $ (529) Items not involving cash: Depreciation of property and equipment 840 452 1,635 1,001 Amortization of multi-client data library 245 207 596 370 Amortization of deferred financing charges - - - 1 Compensation expense 112 120 244 190 Deferred lease inducements (33) - (66) - Change in non-cash operating working capital (1,396) (2,776) 64 (1,335) ------------------------------------------------------------------------ (2,174) (1,939) (1,976) (302) ------------------------------------------------------------------------ Financing: Proceeds from issuance of common shares 30 453 8,671 16,682 Security issuance costs (18) (2) (174) (1,086) Repayment of long-term debt (80) (1,220) (151) (1,323) Proceeds of long-term debt - - 400 - Repayment of obligations under capital lease (83) (81) (199) (154) Repayments of bank loan - - - (894) ------------------------------------------------------------------------ (151) (850) 8,547 13,225 ------------------------------------------------------------------------ Investments: Purchase of property and equipment (705) (1,528) (1,564) (2,856) Investment in multi-client data library (2,907) (1,306) (5,773) (2,447) Proceeds on disposal of long-term investment 40 44 81 90 ------------------------------------------------------------------------ (3,572) (2,790) (7,256) (5,213) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Effect of foreign exchange rate on cash (172) (358) (290) (317) ------------------------------------------------------------------------ Increase (decrease) in cash and cash equivalents (6,069) (5,937) (975) 7,393 Cash and cash equivalents, beginning of period 8,675 14,527 3,581 1,197 ------------------------------------------------------------------------ Cash and cash equivalents, end of period $ 2,606 $ 8,590 $ 2,606 $ 8,590 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Supplemental cash flow information: Interest paid $ 36 $ 39 $ 87 $ 107 ------------------------------------------------------------------------ ------------------------------------------------------------------------ FOR FURTHER INFORMATION PLEASE CONTACT: E.vestor Communications Inc. Corbet Pala Investor Relations (416) 657-2400 Email: cpala@evestor.com or Intermap Technologies Corp. Richard Mohr Chief Financial Officer (303) 708-0955, Ext. 214 Email: rmohr@.intermap.com Website: www.intermap.com or Genesis Select Corporation (UNITED STATES) Budd Zuckerman Investor Relations (303) 415-0200 Email:bzuckerman@genesisselect.com
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Topics: Financial Results

Intermap ANNOUNCES US$1.3 million Mapping contract

Posted by Rich Mohr

Aug 9, 2005 9:00:00 AM

Denver, Colorado (August 9, 2005): Intermap Technologies Corp., (IMP -TSX) announced today that its wholly-owned subsidiary, Intermap Technologies GmbH, has been awarded a new data acquisition contract in the amount of 1,033,418 Euros (U.S. $ 1.3 million). The contract is for delivery of Intermap's high resolution digital elevation data and radar imagery. Delivery of the product is expected to occur during the third and fourth quarters of calendar 2005. 

"This is an important award for the Company as it confirms this new customer's belief in our technology and our ability to deliver accurate and timely data," said Brian Bullock President and CEO of Intermap. "We're confident that we will continue to be an ongoing supplier of high quality products to this new customer in the future as a result of the value and cost-savings provided by Intermap." 

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 TSX Toronto Stock Exchange under the symbol IMP. For more information, visit www.intermap.com. 

Corbet Pala 
Investor Relations 
E-vestor Communications Inc. 
(416) 657-2400 
cpala@evestor.com
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Topics: NEXTMap, Data Sale

Intermap Notice: Second Quarter Conference Call

Posted by Rich Mohr

Aug 5, 2005 8:00:00 AM

Calgary, Alberta - August 5, 2005 - Intermap Technologies Corporation, (TSX:IMP) issued notice today that it will release second quarter financial results for the period ended June 30, 2005 prior to market open on Thursday August 11, 2005. 

A conference call to review the results will take place the same day 10:00am., ET (8:00am 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. 

To participate in the call, please dial 416-695-7896 or 1-888-280-8277 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 18. 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. 

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 TSX Toronto Stock Exchange under the symbol IMP. 

For more information, visit www.intermap.com. 

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

Intermap ANNOUNCES US$2.3 million Mapping contract

Posted by Rich Mohr

Aug 2, 2005 8:00:00 AM

Denver, Colorado (August 2, 2005): Intermap Technologies Corp., (IMP - TSX) announced today that its wholly-owned subsidiary, Intermap Federal Services, Inc., has been awarded a follow-on task order in the amount of US$2.3 million to a previously announced contract. The contract is for delivery of Intermap's high resolution digital elevation data and radar imagery, which was collected during 2004. Delivery of the data will occur immediately.

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Topics: NEXTMap, Data Sale

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