DENVER, March 3, 2016 /CNW/ - Intermap Technologies Corporation ("Intermap" or the "Company"), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced that it has entered into an agreement with its senior lender, pursuant to which two of its outstanding promissory notes, which became due in February 2016, were restructured and consolidated into a new promissory note that bears interest at 15% per annum, with a maturity date of August 24, 2016.
The material terms of the debt restructuring are as follows (all $ amounts shown are in USD):
- Promissory note dated February 23, 2015 ("First Note"), in the principal amount of $1,500,000, bearing interest at 25% per annum ($375,000 in accrued interest), was cancelled.
- Promissory note dated February 24, 2015 ("Second Note"), in the principal amount of $5,800,000, bearing interest at 25% per annum, ($1,450,000 in accrued interest), was cancelled.
- The principal amounts and accrued interest due under the First Note and the Second Note were restructured and consolidated into a new note dated March 2, 2016 (the "Restructured Note"), effective as of February 24, 2016, in the principal amount of $9,125,000, bearing interest at 15% per annum, with a maturity date of August 24, 2016.
- The Restructured Note is secured by way of a first priority lien on all of the assets of the Company.
"We are pleased to report the restructuring of a material portion of the Company's outstanding debt," said Todd Oseth, President and CEO of Intermap. "Coincident with SDI work preparations and other business developments, we continue to work towards the simplification of the Company's capital structure."
Headquartered in Denver, Colorado, Intermap is a leading provider of geospatial solutions on demand with its secure, cloud-based Orion Platform®. Through its powerful suite of software applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location-based solutions for customers in diverse markets around the world. For additional information, please visit www.intermap.com.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect"," project", "estimate", "forecast" 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. You can find a discussion of such risks and uncertainties in our 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.
SOURCE Intermap Technologies Corporation
For further information: Intermap Technologies: Rich Mohr, Senior Vice President & Chief Financial Officer, [email protected] , +1 (303) 708-0955; Canada - Financial: Cory Pala, Investor Relations, e.vestor Communications Inc., [email protected] , +1 (416) 657-2400