Intermap Technologies Customizes InsitePro™ For Hazardous Liquid Pipeline Operators

Posted by Rich Mohr

Nov 18, 2014 8:00:00 AM

InsitePro for Pipelines answers environmental and regulatory compliance questions within a risk-based solution.

DENVER – November 18, 2014 (TSX: IMP) – Intermap Technologies, a leading provider of location-based solutions, today announced the availability of InsitePro for Pipelines — a customized version of InsitePro, Intermap’s natural catastrophe risk management software. InsitePro for Pipelines was created specifically for hazardous liquid pipeline operators throughout North America, enabling risk-based decision-making and improved environmental and regulatory compliance by providing immediate, up-to-date, simple access to geo-hazards and high consequence areas (HCAs).

Addressing an Industry-Wide Challenge

HCAs are defined by the Pipeline and Hazardous Materials Safety Administration (PHMSA) as an industry standard for ensuring pipeline operators have accurate information on areas that require special management practices. These include population, commercially navigable waterways, ecologically sensitive areas and locations that house public drinking water reserves. Populated areas and navigable waterways have scheduled updates, but PHMSA has encountered funding and resource challenges updating ecological and drinking water HCAs. The last release was in 2000. In general, the industry does not have the tools to maintain these complex datasets — although they are responsible for factoring environmental change into their integrity management programs. This in a climate where regulation of pipeline safety is becoming more publicized and politicized due to increasing urgency to protect our natural heritage and indispensible water resources. In response, the American Petroleum Institute (API), with PHMSA cooperation, has published a draft of recommended practice 1173: Pipeline Safety Management System Requirements. This practice requires detailed understanding of the operational setting integrated into the management systems. In Canada, the National Energy Board (NEB) regulated the requirement of risk management systems in 2013. These standards add further pressure on the industry to not only understand the potential consequences to HCAs, but the geo-hazards their pipelines may be exposed to (flood, fire, subsidence, etc.).

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Topics: New Product Introduction, InsitePro

Intermap Technologies Reports 2014 Third Quarter Financial Results

Posted by Rich Mohr

Nov 10, 2014 9:07:00 AM

DENVER – November 10, 2014 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the third quarter ended September 30, 2014. A conference call will be held today, November 10th, at 11:00 a.m. Eastern Time to discuss the results.

All amounts in this news release are in United States dollars unless otherwise noted.

Intermap reported total revenue of $2.7 million for the third quarter of 2014, a 15% increase from the second quarter of the year. Third quarter revenue of $2.7 million is compared to $6.4 million in the same period of 2013. During the third quarter of last year, $5.4 million of mapping services revenue was recognized on a $15.0 million contract that was announced earlier in the year. No similar sized project was contracted for during the first nine months of the current year, making up the majority of the variance between the current year and the prior year periods. Net loss for the third quarter of 2014 was $2.8 million, or ($0.03) per share, compared to a net loss of $0.5 million, or ($0.01) per share, for the third quarter of 2013. Third quarter adjusted EBITDA, a non IFRS financial measure, was a loss of $2.1 million, a decrease from an adjusted EBITDA profit of $0.6 million for the same period in 2013. Adjusted EBITDA excludes share-based compensation, gain or loss on the disposal of equipment, and gain or loss on foreign currency translation.

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Topics: Financial Results

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