DENVER: Intermap Technologies Corporation ("Intermap" or the "Company") today announced that its Directors have approved the date of its 2010 annual general and special meeting of the shareholders on May 11, 2010. Meeting materials will be sent in accordance to Canadian securities policies with the audited year-end financial statements and accompanying annual report.
Among other matters, shareholders at the meeting will be asked to ratify a Shareholder Rights Plan (the "Rights Plan") adopted by the Directors carrying identical terms to the one that has been in place over the past several years.
The Company has not adopted the Rights Plan in response to any specific proposal to acquire shares of the Company. The Company is merely required to reapprove its Plan every three years. The Rights Plan is similar to current, standard plans adopted by other Canadian companies and approved by their shareholders.
The Rights Plan has been re-adopted by the Board of Directors to ensure the fair treatment of shareholders in connection with any take-over offer for the Company, and to provide the Board of Directors and shareholders with additional time to fully consider any unsolicited take-over bid. The Rights Plan will also provide the Board of Directors more time to pursue, if appropriate, other alternatives to maximize shareholder value.
The Rights Plan has been conditionally accepted for filling by the Toronto Stock Exchange, is effective as of February 2, 2010 and must be approved by shareholders at the 2010 annual and special meeting of the shareholders of the Company. If approved by shareholders, the Rights Plan will have an initial term of three years. If not approved, the Rights will be redeemed in accordance with the terms of the Rights Plan.
The Rights Plan is not intended to prevent take-over bids. Under the Rights Plan, those bids that meet certain requirements intended to protect the interests of all shareholders are deemed to be "Permitted Bids." Permitted Bids must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and remain open for sixty days.
Under the Rights Plan, Rights have been issued and attached to all common shares of the Company issued and outstanding as of the close of business on February 2, 2010. Rights will be issued upon any future issuance of any common shares of the Company that occurs prior to the Separation Time (as defined in the Rights Plan).
In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the Rights will entitle shareholders, other than any shareholder or shareholders making the take-over bid, to purchase additional common shares in the Company at a substantial discount to the market value at the time.
About Intermap Technologies
Intermap (TSX: IMP.TO) is a preeminent digital mapping company creating uniform high-resolution 3D digital models of the earth's surface. The Company has proactively remapped entire countries and built 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 has offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, Paris, Prague, and Washington D.C. For more information, visit www.Intermap.com,www.mobile.AccuTerra.com or www.AccuTerra.com.
NEXTMap® and AccuTerra® are registered trademarks of Intermap Technologies Corporation.
For more information, please contact:
Canada — Financial
Corbet Pala, Investor Relations
E-vestor Communications Inc.
+1 (416) 657-2400
United States — Financial
Budd Zuckerman, Investor Relations
Genesis Select Corporation
+1 (303) 415-0200
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 forwardlooking 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.