Intermap Technologies Announces Restructuring

Posted by Rich Mohr

Sep 28, 2010 9:30:00 AM

DENVER – Intermap Technologies, a worldwide 3D digital mapping and geospatial solutions company, today announced an organizational restructuring. Total employee headcount has been decreased by 17%, including a significant reduction at the executive level. The restructuring follows Intermap’s completion of the NEXTMap Europe and NEXTMap USA datasets, and supports management’s effort to lower expenses in alignment with current revenues. The net impact on total expenses, after severance, is a reduction of approximately $3.6 million, or 9% annually. Severance costs of approximately $1.1 million will be paid out on a payroll by payroll basis over an extended period throughout 2010 and 2011. 

“With NEXTMap completed, Intermap has been undergoing the transition from an engineering and production company to a streamlined customer- and market-driven organization,” said Howard Nellor, Intermap’s interim CEO. “Today’s changes are part of this transition as we focus on the federal and civil government, national mapping programs, defense and intelligence mapping, insurance and risk management, telecommunication, the automotive industry, and cloud-based web services. From an operations perspective, our objective is to reach positive cash flow for 2011 through reduced expenses and increased revenue from current and new customer contracts.” 

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Topics: Employees

Intermap Technologies’ Chief Financial Officer Resigns

Posted by Rich Mohr

Sep 10, 2010 8:30:00 AM

DENVER (September 10, 2010): Intermap Technologies Corporation today announced that Brian Musfeldt,  has announced his resignation from the positions of chief financial officer and vice president. The Company will announce details on Mr. Musfeldt’s replacement in due course. Through this change, Mr. Musfeldt will provide support to ensure a smooth transition for the Company moving forward, including the completion of 2010 third quarter financial reporting.

“As the Company progresses through this necessary transitional phase, changes in leadership and direction are eminent.  As previously announced, the Company is searching for a permanent CEO and we look at this change as an opportunity to obtain a new CEO/CFO team. I am confident that with Brian’s support in transitioning to a new CFO that our experienced accounting and finance team is well suited to handle the tasks at hand,” stated Howard Nellor, Intermap’s president and CEO. 

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Topics: Board of Directors

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