Revenue in line with prior quarters and
guidance related to COVID-19 impact
Company fortifies balance sheet with two
successful private placements
Announces business wins in Europe and successful milestone completions in
Asia
DENVER, Nov. 16, 2020 /CNW/ - Intermap Technologies
("Intermap" or the "Company"), a global leader in geospatial
intelligence solutions, today announced results for the third
quarter and provided a business update.
For the quarter ending September 30,
2020, the Company reported revenue of $1.0 million, compared with $1.2 million for the second quarter of 2020.
Revenue for the nine months ending September
30, 2020 was $3.8 million.
During the third quarter, the Company announced a private placement
raising over $1.5 million net and
applied the proceeds to eliminate $33.9
million of term notes. Subsequent to the quarter, the
Company completed a second private placement at CAD$1.03 per share, raising an additional
CAD$3.8 million, bringing the total
equity raised since the Settlement announcement to $5.5 million. The Company's cash balance at the
quarter ending September 30, 2020 was
approximately $0.7 million, compared
with $0.6 million for the same period
last year. Following the recent equity investment, the Company's
cash balance at November 13, 2020 was
approximately $3.1 million.
"Intermap's results in the third quarter were affected by the
COVID-19 pandemic as previously discussed, which caused delays to
government contracts and commercial spending," said Patrick A. Blott, Chairman and CEO of Intermap
Technologies. "We have not seen cancellations that might negatively
affect our near-term and long-term pipeline. Accordingly, we are
reinforcing our balance sheet and making investments in production
and infrastructure to accommodate anticipated pent-up demand."
The Company is expanding internationally in all regions. In
Europe, Intermap today announced a
collaboration with UP42, a subsidiary of Airbus SE, to efficiently
expand its reach into adjacent commercial vertical markets in
multiple areas, including infrastructure management, construction
planning, geologic mapping, land cover classification, and forestry
and resource conservation. This collaboration will enable
pre-approved commercial analysts to build geospatial
solutions for a range of use cases in growing markets. "We are
excited to add NEXTMap elevation models to our offering. Our
customers need this data for monitoring vital infrastructure
projects, such as pipelines, powerlines and railway corridors,"
said UP42 CEO, Sean Wiid.
Today, Intermap also announced a new subscription contract with
Allianz Technology SE for geocoding services. This contract
represents Intermap's expansion beyond its traditional risk
analytics market in the region and highlights its ability to sell
new services to existing clients which leverage the Company's
best-in-class proprietary data. In Asia, subsequent to the quarter, Intermap
completed final milestones on the second phase of its program for
the Malaysian National Mapping Agency, JUPEM. "Thanks to Intermap's
cloud-penetrating mapping capability, flight efficiencies and
geomatics expertise, our deliverables were completed flawlessly,
during COVID restrictions. All final datasets have been delivered
on time and within specifications. We look forward to working with
Intermap as a partner on future government projects," said Dato'
Sr. Nor Azman Baharum, CEO of Antaragrafik Systems Sdn Bhd.
Antaragrafik has worked with Intermap for years on airborne IFSAR
acquisition and other programs providing world-class 3D geospatial
datasets to achieve government requirements.
Further, Intermap announced a patent-pending artificial
intelligence image analysis algorithm used to determine first floor
elevations ("FFE") for catastrophe management and flood insurance
underwriting. This patent is the latest addition to Intermap's
growing intellectual property portfolio. Coupled with best-in-class
3D elevation data, Intermap's patented FFE algorithm will deliver
unprecedented levels of accuracy for flood risk assessment and
pricing.
The Company's consolidated financial statements for the quarter
ended September 30, 2020, along with
management's discussion and analysis for the corresponding period
and related management certifications are filed on SEDAR
at www.sedar.com.
Intermap Reader Advisory
Certain information
provided in this news release, including projected financial
information and statements in relation to the Company's Q3
2020 results 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.
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SOURCE Intermap Technologies Corporation