17 Mar, 2005 Denver, Colorado - March 17, 2005 -Intermap Technologies, (IMP - TSX) announced today that it has completed a Private Placement of $9,000,000 CDN led by an existing major shareholder, Special Situations Funds, of New York. In addition, Greenway Capital of Dallas Texas was a participant in the placement.
Brian Bullock, President & CEO of Intermap commented, "We welcome the strong interest of U.S. investors in the Intermap opportunity. These significant investors share our vision in NEXTMap and recognize the potential it presents. This incremental investment increases the working capital available to Intermap for the NEXTMap initiative while enabling major shareholders to increase their holdings."
Intermap will use the proceeds for working capital purposes and expand the build-out of NEXTMap USA, Intermap's largest project to date. NEXTMap USA is the creation of a three dimensional country wide database of the United States including elevation and imagery with sub 1-meter accuracy.
Through December 31, 2004, Intermap has collected in excess of 562,000 square kilometers of data within the United States.
"Our progress on NEXTMap USA has been excellent," stated Mr. Bullock. "Enthusiasm among our U.S. customers is growing. Through December 2004, we have secured one nation-wide buyer and anticipate at least a second formal commitment for the national U.S. database this year as well as a number of partial data set buyers in various industries. In addition, we have experienced tremendous enthusiasm within the U.S. investment community, as demonstrated by today's announcement of this significant investment."
To date, Intermap has acquired blocks of data from several states including Mississippi, California, Florida, Nevada and West Virginia, each driven by specific demands from both the public and private sectors. During 2005, the Company will complete the states of California and Florida and anticipates license sales to customers in 2005. "The state of California alone has an economy that rivals Canada's in terms of GDP and as a test market should demonstrate an effective case study of the NEXTMap USA potential" added Bullock.
Intermap has issued 2,005,655 Units for aggregate consideration of $9,025,447. Each Unit had a purchase price of $4.50 and consisted of one Common Share of the Corporation and one Common Share Purchase Warrant. Each full Warrant entitles its holder to one Common Share upon payment of an exercise price of $5.30 per Common Share and expire three years from today. The Warrant Agreements provide for earlier expiry of the Warrants in certain circumstances. An additional 50,000 Common Share Purchase Warrants, expiring two years from today with an exercise price of $5.85, were issued to an arms-length third party for services rendered in connection with the transaction.
The securities issued in connection with the private placement are restricted from resale (except in reliance on a further exemption from securities legislation) until July 18, 2005.
Intermap is digitally remapping entire countries, building unprecedented national databases, called NEXTMap, of highly accurate digital topographic maps (including elevation). Customers purchase Intermap's high-quality, low-cost data to facilitate better decision-making for numerous commercial, government, military and consumer applications.
Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications network planning, aviation, simulation and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. The products are also used to add interactive intelligence to airborne and satellite images.
Headquartered in Denver, Colorado, Intermap employs more than 250 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the TSX under the symbol IMP. For more information, visit www.intermap.com.
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