DENVER, Sept. 10, 2020 /CNW/ - Intermap Technologies
("Intermap" or the "Company") announced today the appointment of
Jordan N. Tongalson to its board of
directors to serve as Independent Director. On the heels of its
successful Private Placement and Settlement with Vertex/Pender
Funds, the Company's sole secured creditors, Mr. Tongalson joins
the board to contribute additional financial, capital allocation,
and business development experience, which will further reposition
Intermap for long-term growth. The Private Placement was closed in
two tranches, on July 31, 2020 and
August 14, 2020, and the Settlement
Payment was made to the Lender on August 12,
2020. The series of transactions added approximately
$37 million to Intermap's book value,
tax affected.
Jordan is currently a Managing Director and leads Business
Development at Littlejohn & Company, a Greenwich, Connecticut-based investment firm
focused on private equity and debt investments, primarily in middle
market companies. In addition, Jordan contributes experience and
relationships from prior roles at The Blackstone Group, where he
advised Blackstone Capital Partners on LBO and private equity
investments, and Morgan Stanley, where he led building products and
government services (including geospatial) investment banking
coverage within the Global Industrials Group. Mr. Tongalson also
worked for Siemens in the M&A and corporate development group
where, among other projects, he led the sale process and strategic
repositioning of its global transit telematics systems business, a
pioneer in geospatial software and analytics.
In addition, Jack Schneider joins
Intermap as Chief Operating Officer after more than two years of
collaboration with senior management as an operating consultant.
Previously, Mr. Schneider managed the growth of Perry Capital, one
of America's most successful independent hedge funds, with over
$15 billion in peak assets under
management, comprising many of America's leading institutional
investors. Jack's other prior experience includes roles at The
White House, Goldman Sachs and Colden Capital in London and New
York, where, for more than eight years, Jack made direct
investments and efficiently allocated the firm's proprietary and
partners' capital in disruptive, technology-driven public
companies. He also founded and led one of the first iOS developers,
which pioneered innovative solutions and patented technology.
"Intermap is pleased to welcome Jordan
Tongalson to the holding company Board and Jack Schneider into the operating company as
COO," said Patrick A. Blott,
Intermap Chairman & CEO. "As our industry transitions and
evolves, these proven business leaders are in a perfect position to
help us leverage all our considerable financial and operating
advantages, anchor our strategic roadmap, and execute aggressively
and opportunistically to build a fast growing profitable business
and maximize returns for our stakeholders."
The Company also reported that its software
subscriptions continue to be renewed at higher annual amounts.
Clients are leveraging Intermap's tools through
cloud-based architecture, precise geospatial data, and
analytics to optimize their geospatial investment, and
receive and pay for only the relevant data they need, where
they need it. The latest InsitePro deal, which closed
today with Atlas General Insurance Services, demonstrates how
Intermap's InsitePro generates relevant answers that are delivered
with accuracy, speed and simplicity to support a national-scale
underwriting program.
Intermap additionally announced it intends to hold its Annual
General Meeting of Shareholders (the "Meeting") virtually on
October 30, 2020. Intermap intends to
apply to the Court of Queen's Bench of Alberta (the "Court") for an order extending
the deadline for the Company's annual general meeting of
shareholders to accommodate the October 30,
2020 meeting date.
Intermap previously announced it was planning to hold its
Meeting on September 24, 2020, in
accordance with applicable corporate laws and the rules of the
Toronto Stock Exchange (the "TSX"). Following this announcement,
the Company launched a private placement of common shares in order
to, among other things, facilitate the payment of US$1 million (the "Settlement Payment") to
PenderFund Capital Management Ltd. (the "Lender") in full and final
settlement of US$33.9 million of debt
owed by Intermap to the Lender.
Significant time and resources were required to complete the
Private Placement, the Settlement Payment and various related
arrangements, and Intermap has been operating with limited
personnel as a result of required downsizing to deal with the
current COVID-19 economic environment. Furthermore, a total of
4,158,113 common shares of Intermap were issued under the Private
Placement, representing approximately 20% of the Company's current
total issued and outstanding common shares, and management of
Intermap determined it would be appropriate for all shareholders of
the Company, including those who became shareholders as a result of
the Private Placement, to have the right to participate at the
Meeting. Consequently, Intermap delayed calling the Meeting while
the Company was still in the process of completing the Private
Placement, the Settlement Payment and related matters. Pursuant to
the deadlines for giving notice of a meeting of shareholders and
filing and mailing materials related to such meeting under
corporate and securities laws applicable to Intermap, after
completing the Private Placement the Company was unable to hold the
Meeting on the originally planned date of September 24, 2020.
Intermap intends to file an application to the Court in the
coming days seeking an order of the Court extending the deadline
for Intermap to hold the Meeting. As a result of the COVID-19
pandemic and its effects on business operations, the TSX earlier in
the year announced an extension to the deadline for TSX-listed
issuers such as Intermap to hold their annual meetings of
shareholders until December 31,
2020.
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.
Intermap Reader Advisory
Certain information provided in this news release, including
statements in relation timing of the Meeting, the timing of the
Company's application for an order of the Court extending the
deadline to hold the Meeting, and the Court's decision, including
whether to grant the extension and for how long, constitute
forward-looking statements that involve known and unknown risks and
uncertainties. The words "anticipate", "estimate", "expect",
"intend", "project", "forecast", "will" 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, the availability of the Court to hear
Intermap's application for an extension to the deadline to hold the
Meeting, the ongoing business and social disruptions from the
COVID-19 pandemic, 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.
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SOURCE Intermap Technologies Corporation