NEXTMap Britain licensed to Microsoft for Virtual Earth
Monday, May 14, 2007
CALGARY, Alberta: Intermap Technologies Corporation (the “Company”) (TSX: IMP.TO, AIM: IMAP.L), today reported financial results for the first quarter ended March 31, 2007. A conference call will be held today at 11:00 am EDT to discuss the results.
For the first quarter, Intermap reported an increase in total revenue to $6.2 million, as compared to total revenue of $2.1 million for the same period in 2006. The increase was the result of revenue recognized on a number of contract services projects. The contract services revenue component of total revenue in the first quarter increased to $5.2 million, compared to $1.0 million for the first quarter of 2006, reflecting an increase in fee-for-service work in Asia.
The Multi-Client Data License revenue component of total revenue for the quarter was constant year-over-year at $1.1 million. Approximately 76% of the MCDL revenue was associated with the Company's NEXTMap USA program, primarily in the areas of California, Texas and Arizona.
United Kingdom — AIM, Nominated Advisor
The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Intermap's control, including: the impact of general economic conditions, industry conditions, increased competition, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to the announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Intermap's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, 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, including the amount of proceeds that Intermap will derive therefrom.