DENVER - August 6, 2010 Intermap Technologies Corporation ("Intermap" or the "Company") (TSX: IMP.TO) announced today that, by mutual agreement with the Intermap board, Brian L. Bullock will be stepping down as the Company’s president and chief executive officer. He will be succeeded by fellow director Howard J. Nellor, who will serve as an interim president and chief executive officer until the board completes a currently ongoing executive search. Mr. Bullock will remain chairman of the board of directors and, in that capacity, will remain engaged with Intermap’s strategic initiatives and major sales as well as providing Mr. Nellor assistance with the transition.
Larry G. Garberding, the Company’s lead independent director said, “The board of directors would like to thank Brian for his service as CEO. He was the animating force in the Company’s formation and has been its guiding light ever since. In particular, the board is grateful for the enormous competence he demonstrated over the past six years at the difficult and complex task of managing the creation of the extraordinary NEXTMap database. Completed last month, on time and under budget, it will be a benefit to every citizen in the countries it covers.”
Mr. Nellor has over 40 years experience in sales, marketing, and management in the technology field. In the past, he served as the president and CEO of Peerless Systems (NASDAQ: PRLS), a provider of imaging and networking technologies to the digital document market. In addition, he was proprietor of a highly successful consulting company where he specialized in product development, production and manufacturing process automation, crisis management, and rebuilding and turn-around situations at various organizations in the U.S. and Canada. Mr. Nellor holds a BS in Engineering from the University of Nebraska and an MBA from Pepperdine University. He also completed advanced studies in Organizational Development.
“Howard has experience with technology companies in transition,” stated Mr. Bullock. “He will be particularly well-qualified to oversee Intermap’s transition from a company primarily focused on data collection, to one driving products to its target markets. I look forward to working with him as the Company moves forward.
“I would like to personally thank the employees and officers of Intermap for their tireless service as well as the shareholders and advisors who have supported the Company in this great undertaking. I am confident that with the completion of the NEXTMap database we are at an inflection point in the Company’s growth.”
The regular second quarter conference call will be held as scheduled on Tuesday, August 10, 2010 at 4:30 pm ET (2:30 pm MT). To participate in the call, please dial +1-416-695-6622 or +1-800-766-6630 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 17, 2010. Please dial +1-416-695-5800 or +1-800-408-3053 and provide the password 6357014 to listen to the rebroadcast.
About Intermap Technologies
Intermap (IMP.TO) is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for 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 Australia, Calgary, Detroit, Jakarta, London, Munich, Prague, and Washington D.C. For more information, visit www.Intermap.com.
NEXTMap® is a registered trademark of Intermap Technologies Corporation.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Brian Musfeldt, Vice President & Chief Financial Officer
+1 (303) 708-0955
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