DENVER – November 12, 2015 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the third quarter ended September 30, 2015. A conference call will be held tomorrow, November 13th, at 11:00 a.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
“Our focus during the third quarter was to complete the definitive contract terms associated with the spatial data infrastructure (SDI) project announced on June 22, 2015, where we communicated that Intermap had received a letter of award for an Orion Platform® implementation program valued at greater than $125 million,” said Todd Oseth, President & CEO of Intermap.“ In our September 29, 2015, press release we disclosed that the estimated closing time for a definitive agreement on this SDI had moved into the fourth quarter as a result of a request from the end client to change the scope of the project. Since that time, we have made material progress on all of the additional contract terms of the definitive agreements and remain on schedule to complete a definitive contract during this quarter. This award represents the largest SDI award in the Company’s history and we believe it will be a catalyst to close other large Orion Platform government implementations as well as promote Intermap’s location based Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) product offerings for the enterprise sector.”