DENVER - Intermap Technologies today announced that it has received a USD $2.4 million contract to provide 3D digital elevation models and orthorectified radar images for an international project. The project requires the delivery of data collected using the Company's proprietary Interferometric Synthetic Aperture Radar (IFSAR) technology. Under the agreement, Intermap will begin delivering mapping data from its current inventory of high-resolution geospatial data, with revenue being recognized by the Company over the next several quarters.
“The ongoing technology improvements implemented by Intermap in data collection and editing create tremendous value for our clients,” said Brian Bullock, president & CEO for Intermap Technologies. “These substantial improvements continue to drive the Company's core business by placing its NEXTMap data on the shelf at an amazing rate. Not only do we have the ability to provide a high-quality product that meets the immediate requirements of clients worldwide, but we can also deliver it based on their unique wants and needs.”
About Intermap Technologies
Intermap (TSX: IMP.TO, AIM: IMAP.L) is a preeminent digital mapping company creating uniform high-resolution 3D digital models of the earth's surface. The Company proactively maps entire countries and builds uniform national databases, called NEXTMap®, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data is growing as new commercial applications emerge within the GIS, engineering, automotive, GPS maps, insurance risk assessment, oil and gas, hydrology, renewable energy, environmental planning, wireless communications, transportation, aviation, and 3D visualization markets. Headquartered in Denver, Colorado, Intermap employs more than 850 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, Paris, Prague, and Washington D.C. For more information, visit www.Intermap.com or www.TerrainOnDemand.com.
NEXTMap® is a registered trademark of Intermap Technologies Corporation
For more information, please contact:
Richard Mohr, Senior Vice President & Chief Financial Officer
Canada — Financial
Corbet Pala, Investor Relations
E-vestor Communications Inc.
United States — Financial
Budd Zuckerman, Investor Relations
Genesis Select Corporation
United Kingdom — AIM, Nominated Advisor
Canaccord Adams Limited
+44 (0) 207 050 6500
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. 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 that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.