DENVER - Intermap Technologies Corporation ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today provided an update on its business and Board of Directors.
Intermap welcomes world leader in geospatial intelligence to the board as independent director
Intermap is pleased to welcome Jack Hild as an independent member of the Board of Directors of Intermap Technologies Corporation. Mr. Hild will serve as an independent member of the Board of Directors of Intermap Technologies Corporation and Intermap Federal Services Inc. (IFSI), which provides services to the U.S. government. Mr. Hild has a multitude of experiences in the geospatial, government, defense and intelligence sectors. Mr. Hild spent 30 years at the National Geospatial-Intelligence Agency (NGA) where he held numerous senior executive positions, including Deputy Director of Source Operations and NGA's Assistant Chief Information Officer. After the September 11, 2001 attacks, Mr. Hild crafted NGA's Homeland Security mission, including major policy reviews and the development and implementation of geospatial data and tradecraft initiatives. Mr. Hild served as Chief Information Officer and Vice President of Defense and Intelligence Strategy at DigitalGlobe. Throughout his career, Mr. Hild supported major crisis actions as a cartographer and executive leader. He was a principal in NGA International Initiatives, leading bilateral production and analysis strategies with many nations and providing executive oversight during the creation and implementation of the Multinational Geospatial Co-Production Program (MGCP). Mr. Hild is the recipient of numerous awards, including NGA's Distinguished Civilian Award and the Norwegian Defense Medal. Mr. Hild has been appointed to the National Geospatial Advisory Committee, as Co-Chair of the United States Geospatial Intelligence Foundation Working Group.
"Intermap is delighted to welcome Jack Hild to our board, which reflects a major evolution in our defense intelligence business that will benefit existing and future clients," commented Patrick A. Blott, Intermap's Chairman and CEO. "Jack is an internationally well-known and respected industry pioneer. He will leverage his intimate understanding of Intermap's capabilities, past and present, to help our team expand our business in our largest and most established vertical market. At the same time, Michael Zapata will be leaving the board to pursue other responsibilities, and, on behalf of the Company, I would like to thank Mike for his service to Intermap during a critical leadership transition."
Intermap teams with McElhanney to complete a challenging mapping project for the Commonwealth of Dominica and the World Bank
Intermap has signed a strategically important contract with McElhanney Ltd., a geoscience and engineering company, to map the highlands of Dominica, which have been historically challenging to collect with LiDAR due to almost continuous cloud cover. Intermap is seamlessly fusing McElhanney's LiDAR data with Intermap's NEXTMap OneTM elevation product to provide complete coverage of the island. Nearly one third of the area was completed with NEXTMap One, resulting in a high-quality, homogenous dataset that ensures accuracy, maximizes value, minimizes cost, and most importantly, guarantees on-time delivery. The high-acuity, wide-area solution is enabled by the Company's patented IRISTM technology and will be available on-demand in the cloud through Intermap's NEXTWaveTM API. The work is being conducted under a program funded by the World Bank. More information can be found here.
Intermap announces major insurance contracts and expansion into financial services
In Europe, Intermap recently signed major contracts with leading insurance carriers and leading financial services providers, marking the first subscriptions to Intermap's updated insurance solutions for European clients. The insurance contracts are with Direct pojišťovna, a.s. of the Czech Republic and Generali CEE Holding B.V. of Generali Group, a leading insurer in the region of Austria, Central and Eastern Europe, and Russia. The financial services contracts are with Česká spořitelna, a.s. of ERSTE Group, Deloitte Advisory, s.r.o. and MONETA Money Bank, a.s. The new cloud-based version of Aquarius RMA released this year enables growth throughout Europe by using a single, central software architecture. This approach powers expansion of current solutions for existing clients and expansion into new markets.
"From supporting existing government and commercial customers to winning new business, Intermap is leveraging its patented, proprietary technology to power data-as-a-service, growing renewable subscriptions and repeat data collection programs," added Patrick Blott. "As we transition the business model away from one-time, one-source, one-off data sales towards recurring and scalable multi-source solutions, which leverage our low-latency capability and infrastructure, we are rapidly expanding geographically and by industry vertical, entering into promising strategic partnerships with established market leaders, and continuing to position Intermap for recurring revenue and renewed growth."
Update on Continuous Disclosure Filings and Annual General Meeting
As previously announced by the Company on April 2, 2020, Intermap is relying on exemptive relief recently granted by Canadian securities administrators that allows it to delay the filing of certain of its continuous disclosure filings. In accordance, the Company is delaying the filing of its audited annual financial statements for the year ended December 31, 2019, annual management's discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form (collectively, the "Filings"). The Company expects to be able to complete the Filings and related deliveries on or before May 14, 2020 and confirms there have been no material undisclosed business developments since April 2, 2020. The Company's insiders and management remain restricted from trading in Intermap securities pursuant to the Company's insider trading policy, which reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
During the COVID-19 crisis, the Intermap team is working remotely to support customers, honor contracts and pursue business development. The Company is experiencing some delays in foreign government contracting as a result of the current environment.
Intermap intends to hold its annual general meeting of shareholders on July 3, 2020.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" 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. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's 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.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP) (ITMSF: BB) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.