DENVER – (TSX:IMP) Intermap Technologies reported today that it has completed the organizational restructuring efforts that began in 2010 with an additional 30% reduction in headcount in the Company’s North American and European offices. The additional restructuring and headcount reduction follow Intermap’s appointment of Todd Oseth as president and CEO of Intermap in December 2010, and supports the Company’s overall effort to reduce operating expenses and manage cash burn. On an annualized basis, the net impact on total expenses, after severance related costs, will be a reduction of approximately $4.1 million of personnel related expenses. Severance costs of approximately $1.0 million will be paid out on a payroll-by-payroll basis over an extended period of time throughout 2011.
“The further restructuring of the Company’s employee base was a necessary step to move the Company to future profitability,” said Todd Oseth, Intermap’s president and CEO. “From this position of lowered expense levels and as revenues increase during 2011, our operating objective is to reach positive EBITDA and cash flow as rapidly as possible. Today we are well positioned to deliver on numerous customer opportunities in both mapping services and the delivery of a wide array of 3D geospatial content enabled through cloud-based web services.”