DENVER, CO, Jan. 30, 2017 /CNW/ - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that it has entered into an agreement to provide multi-frequency, high resolution radar mapping. Intermap will conduct an airborne survey, assign accurate coordinates (orthorectified data), and produce imagery and elevation products that will support risk management, infrastructure and security applications. In addition, the Company will provide supervisors who will train, assist and monitor local personnel and operations. A milestone payment of $2.67 million is expected during the first quarter of 2017.
Intermap has also entered into a contract to upgrade its multi-frequency radar system.
"Intermap's new airborne radar technology allows remote sensing of a wide range of geospatial targets, with applications for infrastructure, risk management, security, and damage assessment," commented Patrick Blott, Chairman and CEO of Intermap. "This continuing program, for a sovereign client, demonstrates our unique ability to fill gaps, where the performance of competing optical technology, whether from satellites, vehicles, drones, or ground sensors, is often inadequate."
"Our radar upgrade has strengthened Intermap's dominant position in its key niche - cloud covered geographies where optical systems struggle. Our technology removes clouds as an obstacle. It can also see through the tree canopy," added Keith Tennant, SVP of Engineering of Intermap.
At the same time, Intermap announced the promotion of Jennifer Bakken to Senior Vice President of Finance and acting CFO. "Jennifer has done tremendous work and demonstrated leadership throughout our transitional period," commented Patrick Blott, Chairman and CEO of Intermap. "There is no better confirmation of Intermap's talent than its ability to promote internally to a senior position. I want to thank Michael Hoehn for helping to transition the finance team during the past three months."
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.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements, including the intention of the Corporation to complete the Rights Offering. 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 Corporation 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 Corporation 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 Corporation 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
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2017/30/c4076.html
For further information: please contact Intermap Technologies: Jennifer Bakken, SVP Finance and Acting CFO, [email protected], +1 (303) 708-0955