DENVER – July 13, 2016, Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (BB: ITMSF), a global provider of location based solutions, today announced that it has entered into a non-brokered US$2.0 million promissory note (the “Note”) with Vertex One Asset Management Inc. (“Vertex”) of Vancouver, BC, and has added Patrick Blott and Cary Ludtke to its Board of Directors.
The Note bears interest at 15% per annum and matures on the earlier of (i) July 8, 2017, or (ii) the date on which a down payment from a material geospatial project is received by the Company. The Company intends to use the proceeds of the Note as working capital to carry out existing mapping services contracts and to bridge cash flows until the commencement of one of the Company’s data acquisition projects, including the previously announced $175 million spatial data infrastructure (SDI) project, the update for which was issued in a press release on July 5, 2016. In conjunction with the Note, the Company has agreed to Vertex appointing Patrick Blott and Cary Ludtke to the Company’s Board of Directors, replacing Larry Garberding and Donald Gardner.
“We are very pleased to welcome Patrick and Cary to our Board,” said Todd Oseth, President and CEO of Intermap Technologies. “They bring a wealth of transactional and operational experience that will be an asset to the Company as it transitions into growth. I would also like to take this opportunity to express the Company’s gratitude and appreciation for the service of Larry and Don, and their valuable contributions over the years.”
Patrick Blott is the co-founder and managing partner of Blott Asset Management, LLC, a private investment holding company. Since 1992, Patrick has led investments to support growth and restructuring for defense contractors, systems and software providers, and other government regulated companies. He was an original member of Borealis Infrastructure Management (OMERS) and its predecessor. He has held executive roles with Bank of America Securities, JP Morgan, SG Cowen and Bank of Montreal. Patick is an experienced public company director in geospace, having served as Chairman of the Special Committee for OSI Geospatial, supplier of command and control systems for the U.S. Navy. Patrick holds an MBA from Columbia Business School, and a BA in Political Economy from the University of Western Ontario.
Cary Ludtke has 32 years of executive, managerial and engineering experience in the remote sensing technology space. Cary most recently served as Vice President and General Manager of Ball Aerospace’s Commercial Space Operations Strategic Business Unit. Cary holds a BS in Mechanical Engineering from Brigham Young University, and has completed the AIA Executive Program for High Technology Companies at Stanford University. Cary currently serves as an advisor to Blackstone’s Entrepreneurs Network.
Vertex is a Vancouver-based investment firm currently managing over $2.1 billion in assets. Vertex looks for misvalued companies with a catalyst in the near future, while also paying attention to valuation relative to industry peers. It seeks to achieve superior long-term performance by identifying companies that have low price-to-value metrics, have put themselves up for sale, or companies where a misvaluation has occurred within the capital structure of the company.