Intermap Announces Appointment of New Directors

Posted by Rich Mohr

Aug 24, 2011 8:00:00 AM

DENVER, COLORADO – August 24, 2011 (TSX:IMP)  Intermap Technologies, a leading provider of location-based information (LBI) solutions created from its uniform, high-resolution 3D digital models of the earth’s surface, today announced the appointment of Dr. John C. Curlander to its Board of Directors effective August 10, 2011. Dr. Curlander is internationally recognized for his work in satellite remote sensing and mapping.

Todd Oseth, President and CEO of Intermap Technologies, commented, “We are extremely pleased to welcome Dr. Curlander to the Intermap Board of Directors. He has extensive experience working with technology companies, including in his current position as General Manager for Microsoft’s Startup Business Group, a division within Microsoft. We are excited about the wealth of technical, industry and executive experience he brings to the table and are confident that Dr. Curlander will be an immediate, valuable and contributing member of our Board."

Prior to joining Microsoft’s Startup Business Group, Dr. Curlander held various technical and executive positions. He started his career at the Jet Propulsion Laboratory in Pasadena, California where he was responsible for all radar ground system activities including SAR signal processing research and development, and radar science applications. In 1992, he became the president and CEO of Vexcel Corporation in Boulder, Colorado where he led the company to significant growth with an emphasis on satellite ground systems, photogrammetry and radar signal processing. Vexcel was acquired by Microsoft in 2006. Following the acquisition of Vexcel, Dr. Curlander served as Engineering General Manager of what is now known as Microsoft Boulder. In this role, he oversaw the business unit to ensure best execution of the vision that Microsoft has for the group’s role in the success of Virtual Earth.

In addition to the appointment of Dr. Curlander, at Intermap’s annual general meeting (AGM) held earlier this month, a slate of five directors were elected: Todd A. Oseth, Larry G. Garberding, Donald R. Gardner, Howard J. Nellor and Benjamin A. Burditt.  Mr. Burditt is new to the board of directors at this AGM.  He currently serves as the Managing Partner of  Princeton Strategic Advisors LLC. Prior to Mr. Burditt’s current Managing Partner role with Princeton Strategic Advisors LLC, he was a Partner with Special Situations Funds in New York for six years where he co-managed one of the funds that invested in publicly traded companies with market capitalizations between $10 million and $300 million. Prior to his tenure with Special Situations Funds, Mr. Burditt was the co-founder and senior vice president of Scripps Ventures, LLC a venture capital fund investing in early stage companies. Mr. Burditt has also held executive positions with United Media and McKinsey & Company, Inc.

Biographical details for all the directors as well as descriptions of the other matters that were passed at the Company’s AGM may be found in the Company’s Information Circular dated June 28, 2011, filed on SEDAR.com.

About Intermap
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information (LBI), setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build  NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy.  Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license.  Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options.  For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx.

 

For more information, please contact:

 

Canada – Financial

Cory Pala, Investor Relations

e.vestor Communications Inc.

cpala@evestor.com

+1 (416) 657-2400

 

United States – Financial

Budd Zuckerman, Investor Relations

Genesis Select Corporation

bzuckerman@genesisselect.com

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Topics: Board of Directors

Intermap Technologies Reports 2011 Second Quarter Results

Posted by Rich Mohr

Aug 15, 2011 8:00:00 AM

A PDF version of this complete press release (ncluding Financials) can be found here.

DENVER, Colorado – August 15, 2011 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the second quarter ended June 30, 2011. A conference call will be held today at 4:30 p.m. Eastern Time to discuss the results. 

The financial information presented herein has been prepared on the basis of International Financial Reporting Standards (IFRS) for interim financial reporting and is expressed in United States dollars, unless otherwise noted. The amounts in this earnings release, including the interim financial statements for the three and six months ended June 30, 2010, have been restated to reflect the adoption of IFRS, with effect from January 1, 2010. 

Revenue for the second quarter of 2011 was $4.4 million, a 16% decrease from the $5.3 million recorded in the same period in 2010. Of the revenue recognized in the second quarter, $2.4 million was attributable to the Company’s contract services business and $2.0 million was attributable to the licensing of the Company’s NEXTMap database. 

“During the quarter, Intermap recognized approximately $1.0 million of revenue from the delivery of Digital Terrain Models (DTMs) along French rivers to an existing customer.” said Todd Oseth president and CEO of Intermap. “Our digital terrain information will be used by this customer to derive and generate flood maps in conjunction with the European Flood Directive. We believe additional opportunities exist in other regions in France as they continue to prepare their flood mapping plans.” 

Contract service revenue in the amount of $2.1 million was recognized on a previously announced $12.4 million mapping services project in Southeast Asia (December 2010). Intermap has now recognized $4.8 million of revenue on this contract during the first half of 2011, with the bulk of the remaining contract revenue expected to be recognized during the second half of this year. 

Subsequent to the close of the second quarter in 2011, Intermap announced the receipt of several new contracts for NEXTMap® data and related services totaling more than $3.0 million. Revenue will be recognized on these contracts beginning with immediate deliveries and subsequent deliveries are scheduled to occur over the next two to three months. 

“Our efforts to expand our 3D product offerings while providing our customers with unparalleled flexibility when using our data has resulted in some of these recently received contracts,” said Todd Oseth. “Our team is constantly working on expanding the value of our product offerings to drive future revenue opportunities associated with location based information. We are anticipating improved revenue generation from these expanded product offerings during the second half of this year.” 

Total operating costs in the second quarter were $8.1 million, a 12% decrease compared to $9.2 million for the same period in 2010. The Company made significant workforce reductions during 2010 and again in 2011, including additional reductions in the second quarter of 2011. The second quarter operating costs of $8.1 million include $0.5 million of restructuring related costs. Consolidated active employee headcount was 279 at June 30, 2011 (including 160 in the Company’s low-cost edit facility in Jakarta, Indonesia). This is a 53% decrease from 596 people at June 30, 2010 (including 356 in Jakarta, Indonesia). On an annualized basis, the net impact on total expenses (after severance and termination related costs) of the workforce reductions made during the six month period ending June 30, 2011 is approximately $6.8 million. 

Adjusted EBITDA for the second quarter of 2011, a term not defined under IFRS, was negative $2.7 million, an improvement over the same period in 2010, which was negative $3.3 million. The Company reported a second quarter 2011 net loss of $3.4 million, or $(0.05) per share, compared with a net loss of $9.2 million, or ($0.18) per share for the same period in 2010. 

For the six months ended June 30, 2011, Intermap reported a 29% increase in revenues to $11.3 million, from $8.7 million for the same period in 2010. Contract services revenue for this period was $5.4 million compared to $2.7 million, and NEXTMap licensing revenue was $5.9 million, staying relatively flat compared to the same period in 2010, which totalled $6.0 million. Adjusted EBITDA for the quarter ended June 30, 2011 was negative $3.8 million, compared to negative $8.7 million for the same period in 2010. For the first six months of 2011, Intermap reported a net loss of $8.3 million, or ($0.12) per share, compared to a net loss of $19.7 million, or ($0.38) per share for the same period in 2010. 
At June 30, 2011, Intermap held cash and cash equivalents of $3.6 million and negative working capital of $0.8 million. During the second quarter, Intermap completed a private placement financing for gross proceeds of $6.8 million. 

To address the recent global economic difficulties and to expand the size of the Company’s market opportunities, the Company has modified its pricing strategy and product offerings to include low cost subscriptions making the purchase of data more affordable to a wider array of potential users. This culminated in the recent launch of a new web-based subscription service for NEXTMap 3D terrain products and related location based information accessible via cloud-computing. With the new NEXTMap Web Store, customers can purchase a monthly subscription to access data and information in their area of interest. Customers now have the ability to select one of four subscription plans that best meets their needs. 

Intermap Web Services offers a suite of hosted tools that gives even those unfamiliar with geographic information systems (GIS) the ability to quickly and easily perform terrain analysis based on an area of interest such as a county or entire state. Subscribers to Intermap’s Web Services can access the Company’s 3D terrain information using their current Web browsers, through desktop software like ArcGIS, Global Mapper or SocetGXP, or via an application that leverages the Intermap Web Services software developers kit (SDK). 

“We’ve now made buying 3D terrain data as easy as buying a book on Amazon,” said Mr. Oseth. “Our customers can access their terrain information instantly from anywhere, and this new cloud-based approach dramatically reduces the customer’s cost of storing, maintaining or disseminating their mapping data. Via the cloud, customers can analyze their data without ever taking physical delivery of it. The new NEXTMap Web Store puts the customer in control, while delivering them simplicity and dramatic cost savings.” 

For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx 

In addition, Intermap recently made the NEXTMap dataset available to Esri® Premium World Elevation Service (WES) subscribers, selected as the first partner for new Esri WES. NEXTMap is a core component of WES, an aggregation of 3D terrain information available on a global basis. NEXTMap will allow users to perform view shed, line of sight, slope analysis and other common GIS analysis functions. Intermap’s NEXTMap dataset will also be available to users of Esri’s ArcGIS® software. 

“Our focus for the future is in the creation of 3D business intelligence,” said Mr. Oseth. “Our customers are asking for solutions and information that solves their geospatial problems. As a result, we are creating additional layers of information in our NEXTMap database that is specific to individual vertical applications. This allows us to truly deliver location based information to the end user, instead of just data.” 

The Company believes it has reasonable near-term visibility to meaningful sales opportunities during the remainder of 2011 for telecommunications applications in North America, additional mapping services contracts internationally, and risk management applications in Europe as well as opportunities in several other market segments. Intermap will support these opportunities through new product development, improved marketing programs, and expanded pricing plans. New product offerings will provide a growing catalog of data layer options, including the integration of third-party data. Additionally, Management has refocused the Company’s marketing and sales disciplines and believes that the value of the Company’s data lies in application solutions for specific vertical markets, and not solely in the data as a standalone product. Please visit our new web site at www.intermap.com for additional information about the Company. 

As of June 30, 2011, there were 78,461,454 common shares outstanding. 

Important factors, including those discussed in the Company's regulatory filings (www.sedar.com) could cause actual results to differ from the company's expectations and those differences may be material. Detailed financial results and management’s discussion and analysis can be found on SEDAR at: www.sedar.com. 

Conference Call Today 
A conference call to review the results will take place the same day at 4:30 pm ET (2:30 pm MT). To participate in the call, please dial +1-416-695-7848 or 1-800-952-6845 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 22, 2011. Please dial +1-905-694-9451 or 1-800-408-3053 and provide the password 3276541 to listen to the rebroadcast. 

About Intermap Technologies 
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information, setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx. A live audio webcast and replay of an August 11, 2011 Company presentation at the Canaccord Genuity Growth Conference can be accessed at http://wsw.com/webcast/canaccord4/imp.to/. 

Adjusted EBITDA is not a recognized performance measure under GAAP and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA also excludes restructuring costs, stock-based compensation, and gain or loss on foreign currency translation. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss). 

Intermap Reader Advisory 

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. 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 that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. 

Reference is made to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2010, together with the accompanying notes, which includes a going concern disclosure (Note 1) and such disclosure remains applicable as of the date of the financial statements included herein. 


For more information, please contact: 

Intermap Technologies 
Rich Mohr, Senior Vice President and Chief Financial Officer 
rmohr@intermap.com  
+1 (303) 708-0955 

Canada – Financial 
Cory Pala, Investor Relations 
e.vestor Communications Inc. 
cpala@evestor.com  
+1 (416) 657-2400 

United States – Financial 
Budd Zuckerman, Investor Relations 
Genesis Select Corporation 
bzuckerman@genesisselect.com  
+1 (303) 415-0200 
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Topics: Financial Results

Intermap Begins Airborne Data Collection Stage on NSDI Mapping Contract

Posted by Rich Mohr

Aug 11, 2011 10:00:00 AM

Drives revenue recognition, cash generation from previously announced $12.4M contract 

Announces $3M in additional new contracts 

DENVER, COLORADO – August 11, 2011 (TSX:IMP) Intermap Technologies, a leading provider of 3D terrain information and geospatial solutions, today announced that its airborne data collection activities have commenced on a previously announced contract (December 29, 2010) to provide 3D digital elevation models and orthorectified radar images as part of a National Spatial Data Infrastructure (NSDI) program. This $12.4 million contract is intended to update the customer’s current 1:50,000-scale base map and will also be used for topographic map production to manage sustainable forestry projects and to support other local infrastructure needs. 

“Following a delay of several months, I’m pleased to announce that we have now received the necessary government and military flight approvals and permits and the airborne collection stage of this contract has commenced,” said Todd Oseth, president and CEO of Intermap. “The first stage of this large project has already been completed, including planning, field preparation, and subcontract support. The preliminary work included in the first stage resulted in revenue recognition for approximately forty percent of the contract value over the past six months. We expect the airborne collection portion of the contract will allow us to recognize revenue for the majority of the remaining contract value and associated cash flow over the next two to three months. We’re happy to see the progress on this contract as we look forward to the future availability of our personnel and aircraft to perform additional mapping services contracts during the fourth quarter of this year.” 

In addition to the progress reported above on the NSDI program, Intermap also announced that it has received several contracts over the past month for the sale of its NEXTMap® data and related services totaling more than $3 million. Revenue will be recognized on these contracts beginning with immediate deliveries and subsequent deliveries are scheduled to occur over the next two to three months. 

“Our efforts to expand our 3D product offerings while providing our customers with unparalleled flexibility when using our data has resulted in some of these recently received contracts,” said Todd Oseth. “Our team is constantly working on expanding the value of our product offerings to drive future revenue opportunities associated with location based information.” 

About Intermap 
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information, setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx. 

For more information, please contact: 
Intermap Technologies 
Rich Mohr, Senior Vice President and Chief Financial Officer 
rmohr@intermap.com 
+1 (303) 708-0955 

Canada – Financial 
Cory Pala, Investor Relations 
e.vestor Communications Inc. 
cpala@evestor.com 
+1 (416) 657-2400 

United States – Financial 
Budd Zuckerman, Investor Relations 
Genesis Select Corporation 
bzuckerman@genesisselect.com 
+1 (303) 415-0200 

Intermap Reader Advisory 

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. 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 that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
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Topics: Professional Services

Intermap to Present at the Canaccord Genuity Annual Growth Conference

Posted by Rich Mohr

Aug 5, 2011 9:00:00 AM

Canaccord Genuity Global Growth Conference 2011 

DENVER--(BUSINESS WIRE)--Intermap Technologies Corporation (TSX: IMP) a leading provider of Location-Based Information and 3D geospatial solutions, announces that President & CEO, Todd Oseth, will present at the Canaccord Genuity Annual Growth Conference on Thursday, August 11, 2011 at 2:00 p.m. Eastern Time at the InterContinental Hotel in Boston. To schedule a one-on-one meeting at the conference with Mr. Oseth along with CFO, Richard Mohr, please contact ir@intermap.com. 

A live audio webcast and replay of this presentation will be accessible athttp://wsw.com/webcast/canaccord4/imp.to/.  

About Intermap 

Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information, setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. 

For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx. 

Contacts 
Canada – Financial 
e.vestor Communications Inc. 
Cory Pala, Investor Relations 
416-657-2400 
cpala@evestor.com 
or 
United States – Financial 
Genesis Select Corporation 
Budd Zuckerman, Investor Relations 
303-415-0200 
bzuckerman@genesisselect.com
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Topics: Conferences

Intermap Technologies 2011 Second Quarter Conference Call Notice

Posted by Rich Mohr

Aug 3, 2011 8:00:00 AM

DENVER--Intermap Technologies Corporation (TSX: IMP) issued notice today that it will release its 2011 second quarter financial results after the close of trading on Monday, August 15, 2011. 

A conference call to review the results will take place the same day at 4:30 pm ET (2:30 pm MT). To participate in the call, please dial +1-416-695-7848 or 1-800-952-6845 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 22, 2011. Please dial +1-905-694-9451 or 1-800-408-3053 and provide the password 3276541 to listen to the rebroadcast. 

About Intermap Technologies 

Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information, setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx. 


Contacts 
Intermap Technologies 
Richard Mohr, 303-708-0955 
Senior Vice President & Chief Financial Officer 
rmohr@intermap.com 
or 
Canada – Financial 
E-vestor Communications Inc. 
Corbet Pala, 416-657-2400 
Investor Relations 
cpala@evestor.com 
or 
United States – Financial 
Genesis Select Corporation 
Budd Zuckerman, 303-415-0200 
Investor Relations 
bzuckerman@genesisselect.com 
Read More

Topics: Financial Results

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