11 Aug, 2011 Drives revenue recognition, cash generation from previously announced $12.4M contract
Announces $3M in additional new contracts
DENVER, COLORADO – August 11, 2011 (TSX:IMP) Intermap Technologies, a leading provider of 3D terrain information and geospatial solutions, today announced that its airborne data collection activities have commenced on a previously announced contract (December 29, 2010) to provide 3D digital elevation models and orthorectified radar images as part of a National Spatial Data Infrastructure (NSDI) program. This $12.4 million contract is intended to update the customer’s current 1:50,000-scale base map and will also be used for topographic map production to manage sustainable forestry projects and to support other local infrastructure needs.
“Following a delay of several months, I’m pleased to announce that we have now received the necessary government and military flight approvals and permits and the airborne collection stage of this contract has commenced,” said Todd Oseth, president and CEO of Intermap. “The first stage of this large project has already been completed, including planning, field preparation, and subcontract support. The preliminary work included in the first stage resulted in revenue recognition for approximately forty percent of the contract value over the past six months. We expect the airborne collection portion of the contract will allow us to recognize revenue for the majority of the remaining contract value and associated cash flow over the next two to three months. We’re happy to see the progress on this contract as we look forward to the future availability of our personnel and aircraft to perform additional mapping services contracts during the fourth quarter of this year.”
In addition to the progress reported above on the NSDI program, Intermap also announced that it has received several contracts over the past month for the sale of its NEXTMap® data and related services totaling more than $3 million. Revenue will be recognized on these contracts beginning with immediate deliveries and subsequent deliveries are scheduled to occur over the next two to three months.
“Our efforts to expand our 3D product offerings while providing our customers with unparalleled flexibility when using our data has resulted in some of these recently received contracts,” said Todd Oseth. “Our team is constantly working on expanding the value of our product offerings to drive future revenue opportunities associated with location based information.”
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is a leading provider of Location-Based Information, setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx.
For more information, please contact:
Rich Mohr, Senior Vice President and Chief Financial Officer
+1 (303) 708-0955
Canada – Financial
Cory 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
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.