DENVER, Jan. 30, 2017 /CNW/ - Intermap (TSX: IMP),
(ITMSF:BB), a leading geospatial intelligence Corporation,
today announced that effective January 27,
2017, Mr. Philippe Frappier
has joined the Board of Directors and will serve as Chairman of the
Compensation Committee, while Mr. Andrew P.
Hines has been appointed Chairman of the Audit Committee.
"As we further Intermap's transition towards profitable growth,
we are taking another big step forward with the addition of Mr.
Philippe Frappier to our board,"
commented Patrick Blott, Chairman
and CEO of Intermap. "An experienced human capital manager,
Philippe believes strongly that the best measure of Intermap's
potential comes from its capacity to develop its talent and promote
internally. He has been an integral architect of our corporate
restructuring since October, including our executive team
selection, incentive benchmarking, and human capital development.
We acknowledge and appreciate all the efforts of our associates
during this transition period and know they see the progress the
Company is making."
The Company also reported that Mr. Michael Hoehn has resigned from both his
Director and operating roles. "I want to thank Mike for his service
to Intermap since 2015. We wish him well in his future endeavors,"
commented Patrick Blott, Chairman
and CEO of Intermap.
Intermap also announced a Director Retention Program designed to
incentivize active engagement by our experienced Directors to help
the Company re-build. During this period, while we restructure the
business and financial affairs of the Company, Intermap has been
challenged to develop a compensation program for its executive
officers and directors that recognizes the significant engagement
required of its management and Board. Since the restructuring
commenced on July 27, 2016, with the
election of Mr. Blott as Executive Chairman, the Company has made
retention cash payments of $510,000
($250,000 to the Executive Chairman
and CEO, $80,000 to the Chief
Financial Officer and $180,000 to the
remaining Directors), and granted options to purchase 4,125,320
common shares at C$0.08 per share.
The Company committed to issue an additional 2,704,680 options to
purchase shares, following the annual shareholders meeting. The
cash payments were advanced based on the achievement of certain
strategic goals, including the two financings completed with the
Company's largest shareholder and lender. Three of the current
Directors of Intermap, including the Executive Chairman and CEO,
also acquired from the Company's largest shareholder and lender,
warrants to purchase an aggregate of 4,589,080 common shares of the
Company at an exercise price of C$0.09 per share. Each Board members' agreement
to acquire warrants from a third party provides a signal of the
Board's strong commitment to the future of the Company.
About Intermap Technologies
Headquartered in Denver,
Colorado, Intermap (www.intermap.com) is an industry leader
in geospatial intelligence solutions. It is the only company
capable of fusing volumes of accurate bare earth and other
geospatial data into a single source to provide location-based
solutions for customers in diverse markets around the world. For
more information please visit www.intermap.com.
SOURCE Intermap Technologies Corporation