Denver, February 5, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced that it has entered into amending agreements with its senior lenders, pursuant to which the maturity dates of certain promissory notes were extended for a period of ninety days.
“We are pleased to report the signing of debt extensions with our senior lenders”, said Todd Oseth, President and CEO of Intermap Technologies. “Coincident with the signing of the SDI contract and other business developments, we are working towards the refinancing of the company’s debt obligations on more favorable terms and the simplification of the capital structure in general.”
Under the terms of the agreements, the maturity dates of the following notes were amended as follows:
|Principal Amounts||Amended Maturity||Original Maturity|
|Note 1||US$3.0 million||Apr 9, 2016||Jan 9, 2016|
|Note 2||US$0.5 million||Apr 14, 2016||Jan 14, 2016|
The principal amounts due under the notes, including the interest rate applied thereon, remained unchanged.
Headquartered in Denver, Colorado, Intermap is a leading provider of geospatial solutions on demand with its secure, cloud-based Orion Platform®. Through its powerful suite of software applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location-based solutions for customers in diverse markets around the world. For additional information, please visit www.intermap.com.
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 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.
For additional information, please contact:
Rich Mohr, Senior Vice President & Chief Financial Officer
+1 (303) 708-0955
Canada – Financial
Cory Pala, Investor Relations
e.vestor Communications Inc.
+1 (416) 657-2400