Intermap Appoints Business Builder to Board of Directors

Posted by Intermap Technologies

Jan 30, 2017 2:42:20 PM

DENVER, Jan. 30, 2017 /CNW/ - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that effective January 27, 2017, Mr. Philippe Frappier has joined the Board of Directors and will serve as Chairman of the Compensation Committee, while Mr. Andrew P. Hines has been appointed Chairman of the Audit Committee.

"As we further Intermap's transition towards profitable growth, we are taking another big step forward with the addition of Mr. Philippe Frappier to our board," commented Patrick Blott, Chairman and CEO of Intermap. "An experienced human capital manager, Philippe believes strongly that the best measure of Intermap's potential comes from its capacity to develop its talent and promote internally. He has been an integral architect of our corporate restructuring since October, including our executive team selection, incentive benchmarking, and human capital development. We acknowledge and appreciate all the efforts of our associates during this transition period and know they see the progress the Company is making."

The Company also reported that Mr. Michael Hoehn has resigned from both his Director and operating roles. "I want to thank Mike for his service to Intermap since 2015. We wish him well in his future endeavors," commented Patrick Blott, Chairman and CEO of Intermap.

Intermap also announced a Director Retention Program designed to incentivize active engagement by our experienced Directors to help the Company re-build. During this period, while we restructure the business and financial affairs of the Company, Intermap has been challenged to develop a compensation program for its executive officers and directors that recognizes the significant engagement required of its management and Board. Since the restructuring commenced on July 27, 2016, with the election of Mr. Blott as Executive Chairman, the Company has made retention cash payments of $510,000 ($250,000 to the Executive Chairman and CEO, $80,000 to the Chief Financial Officer and $180,000 to the remaining Directors), and granted options to purchase 4,125,320 common shares at C$0.08 per share.

The Company committed to issue an additional 2,704,680 options to purchase shares, following the annual shareholders meeting. The cash payments were advanced based on the achievement of certain strategic goals, including the two financings completed with the Company's largest shareholder and lender. Three of the current Directors of Intermap, including the Executive Chairman and CEO, also acquired from the Company's largest shareholder and lender, warrants to purchase an aggregate of 4,589,080 common shares of the Company at an exercise price of C$0.09 per share. Each Board members' agreement to acquire warrants from a third party provides a signal of the Board's strong commitment to the future of the Company.

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Topics: Board of Directors, Changes, Agreement, Executive

Intermap Announces Debt Restructuring and Equity Rights Offering

Posted by Intermap Technologies

Dec 21, 2016 2:09:35 PM

DENVER, December 21, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that it has entered into a series of related arrangements with Vertex One Asset Management Inc., on behalf of the Vertex Fund, (“Vertex”), its existing lender and principal shareholder, that are intended to restructure Intermap’s outstanding indebtedness, reduce its interest and certain other payment obligations, and provide the necessary working capital to pursue Intermap’s business objectives.

As part of these arrangements, Vertex has agreed to provide a Standby Purchase Commitment to backstop the issuance of US$6,000,000 of the Corporation’s common shares through an exempt Equity Rights Offering to all existing shareholders (the “Rights Offering”). The proceeds from the Rights Offering will be used to repay the Bridge Loan described below.  It is anticipated that the Rights Offering will be completed during the first quarter of 2017.

In conjunction with its Standby Purchase Commitment, Vertex has provided a new US$6,000,000 Bridge Loan to fund general corporate purposes until the Rights Offering is completed. The Bridge Loan will be repaid from the gross proceeds of the Rights Offering (including proceeds received in connection with the Standby Purchase Commitment). Any unpaid amounts under the Bridge Loan, following the Rights Offering, if any, will convert into a term loan with a maturity of September 1, 2020. The Bridge Loan is non-interest bearing.

“We are extremely pleased that our primary lender and largest shareholder, one of the stakeholders that knows Intermap best, has provided equity financing and a strong vote of confidence”, commented Patrick Blott, Executive Chairman and CEO of Intermap. “Vertex has agreed to make this investment available to all our existing shareholders. It sends a clear signal to our customers, partners, and employees that the Corporation enjoys strong financial support from a sophisticated and committed investor.”

In conjunction with these new financings, Vertex has agreed to restructure its existing indebtedness and provide funds, as follows:

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Topics: Board of Directors, Changes, debt

Intermap Announces Management Changes

Posted by Michael Hoehn

Oct 5, 2016 12:47:48 PM

DENVER, October 5th, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that Mr. Todd R. Oseth, CEO and Mr. Richard Mohr, CFO are no longer with the Company. Mr. Patrick A. Blott, Chairman of the Board, has been appointed Chief Executive Officer. Mr. Michael Hoehn, also a Board member, has been appointed Chief Financial Officer.

“I want to thank Todd and Rich for their service to Intermap”, said Patrick Blott, Chairman and CEO of Intermap. “These important organizational changes align Intermap’s resources towards data acquisition, data integration, data fusion, and value-added analytics, where Intermap is a global leader, and trusted partner for government and commercial customers.”

About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information, please visit www.intermap.com.

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Topics: Board of Directors, Inside Intermap, Management, Changes

Intermap Announces Refinancing and Appointment of New Directors

Posted by Rich Mohr

Sep 19, 2016 9:05:38 AM

DENVER, September 19, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that it has entered into a refinancing with Vertex One Asset Management Inc. (“Vertex”), its existing lender, whereby Vertex will invest an additional $2.0 million in the Company through an expansion and consolidation of its promissory notes dated March 2, 2016 and April 12, 2016 (the “Notes”), into a new promissory note (“Consolidated Note”), that  bears interest at 15% per annum, and is due and payable on September 15, 2017 (the “Maturity Date”). Additionally, Andrew P. Hines and Michael R. Zapata have been appointed to the Company’s Board of Directors, following their referral to the board by its Nominating and Governance Committee.

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Topics: Financial Results, Board of Directors, Refinancing

Intermap’s $2.6 Million Mapping Services Contract Expanded to $4.2 Million

Posted by Rich Mohr

Sep 8, 2016 9:59:36 AM

DENVER, September 8, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that the Company has received a US$1.6 million expansion to a US$2.6 million airborne radar mapping services solution contract previously announced on May 13, 2016.

Intermap is using its proprietary Interferometric Synthetic Aperture Radar (IFSAR) technology to collect orthorectified radar imagery and high resolution elevation data to enhance the customer’s existing geospatial map database. This new dataset will be used for improved disaster planning, resource management, security interests, and infrastructure planning. The final deliveries of the dataset are expected to be substantially complete by the end of the first quarter 2017.
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Topics: Financial Results, Board of Directors

Intermap Reports Board Changes

Posted by Rich Mohr

Aug 25, 2016 10:48:17 AM

DENVER, August 25, 2016 - (TSX: IMP) – Intermap Technologies Corporation ("Intermap" or the "Company"), a provider of location-based solutions, reports that effective August 24, 2016, Cary Ludtke will resign from his director role and instead serve as a strategic business advisor to the Company. “I want to thank Cary for the contribution he is making, and will continue to make expanding our commercial relationships. The Company will announce further board changes shortly”, said Patrick Blott, Chairman of Intermap.

About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information, please visit www.intermap.com.

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Topics: Financial Results, Board of Directors

Intermap Announces Board Changes

Posted by Rich Mohr

Aug 2, 2016 10:30:43 AM

DENVER – August 2, 2016 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”), a leading provider of location-based solutions, today announces that Patrick A. Blott has been elected Chairman of the Board and Michael A. Hoehn has been elected as Chairman of the Audit Committee. John C. Curlander has resigned as a director of the Company effective July 29, 2016.

The Board of Directors of Intermap wishes to thank Mr. Curlander for his contributions on behalf of the Company.

“John has been a trusted advisor to the Intermap leadership team and every member of the board for nearly five years,” said Todd Oseth, president and chief executive officer of Intermap. “We wish John the very best.”

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Topics: Board of Directors, Inside Intermap, Project

Intermap Technologies Announces US$2.0M Bridge Financing and Appointment of New Directors

Posted by Rich Mohr

Jul 13, 2016 8:52:40 AM

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.

About Vertex
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.

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Topics: Board of Directors, Inside Intermap, Project

Intermap Technologies Announces Results from Annual Meeting

Posted by Rich Mohr

Jun 10, 2016 9:00:21 AM

DENVER – June 10, 2016 (TSX: IMP) - Intermap Technologies Corporation announced today the results of the Annual General and Special Meeting of the shareholders of Intermap held on June 8, 2016. All matters put forth for consideration by the shareholders were approved, including the election of each nominee as a director of the Corporation for the ensuing year, as follows:

  • John C. Curlander
  • Larry G. Garberding
  • Donald R. Gardner
  • Michael A. Hoehn
  • Todd A. Oseth

Final voting results on all matters voted at the annual general and special meeting have been filed with Canadian securities regulators.

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Topics: Board of Directors, Investors, Annual Meeting

Intermap 2015 2nd Quarter Conference Call Notice and Results from Annual General and Special Meeting

Posted by Rich Mohr

Jul 29, 2015 11:15:17 AM

DENVER – July 29, 2015 (TSX: IMP) - Intermap Technologies Corporation (the “Corporation”) issued notice today that it will release its 2015 second quarter financial results after market close on Thursday August 13, 2015.

A conference call to review the results will take place August 14, at 11:00 am ET. To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 96757161. A recording of the conference call will be available through October 31, 2015. Please dial +1-416-849-0833 and provide pass code 96757161 to listen to the rebroadcast. The call will also be available on Intermap’s website at http://www.intermap.com/investors for replay.

Intermap also announced today the results of the Annual General and Special Meeting of shareholders of the Corporation held on May 1, 2015. All matters put forth for consideration by the shareholders were approved, including the election of each nominee as a director of the Corporation for the ensuing year, as follows:

% of VOTES FOR
Todd A. Oseth 94.84%
Larry G. Garberding 94.71%
Donald R. Gardner 94.71%
John C. Curlander 94.84%
L. David Sikes 94.71%

In addition to the annual resolutions, including the re-appointment of KPMG LLP, Chartered Accountants, as auditors of the Corporation, resolutions were passed (i) authorizing the board of directors of the Corporation to effect, at its discretion, the consolidation of the issued and outstanding common shares of the Corporation on the basis of one (1) new common share for up to every ten (10) common shares; and (ii) approving the issuance of 4,530,166 warrants to the holder of an existing promissory note of the Corporation.

Final voting results on all matters voted at the meeting have been filed with Canadian securities regulators.

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Topics: Financial Results, Board of Directors, Investors, Annual Meeting

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