Intermap Technologies Q2 Revenues Double



    NEXTMap Data Collected in First Half of 2007 Exceeds Amount Collected in
All of 2006

    CALGARY, ALBERTA, August 3 /CNW/ - Intermap Technologies Corp. (the
"Company"), today reported financial results for the second quarter ended June
30, 2007. A conference call will be held today at 10:00 am eastern time to
discuss the results.

    Financial Review

    All amounts in this news release are in U.S. dollars unless otherwise
noted.

    For the second quarter, Intermap reported an increase in total revenue to
$7.1 million, as compared to total revenue of $3.7 million for the second
quarter of 2006. The contract services revenue component grew 105% to $5.9M
and multi-client data licenses (MCDL) grew 60% to $1.2M. Approximately 77% of
the MCDL revenue was associated with the Company's NEXTMap USA program,
primarily in the states of Texas and Arizona and also the Canadian border.
"The market for Intermap's products continued on a strong uptrend in Q2,"
stated Brian Bullock, president & CEO of Intermap.

    Cost of services expense for the second quarter ended June 30, 2007
increased to $2.6 million, compared to $1.6 million for the second quarter of
2006, reflecting an increase in the costs associated with increased contract
services work and preparation costs associated with future mapping activities.

    Sales, general, and administrative expenses for the second quarter were
$6.0 million, compared to $5.0 million for the second quarter of 2006. The
increase was related to the overall expansion in the areas of sales,
marketing, and business development to support its NEXTMap USA and NEXTMap
Europe programs.

    Amortization expense of the multi-client data library in the second
quarter increased to $1.0 million (year-to-date $1.9 million) from $0.5
million (year-to-date $1.0 million) for the same period in 2006, as a result
of the increase in amortization on the NEXTMap USA dataset. Amortization of
the NEXTMap USA dataset totaled $3.1 million for the twelve month period ended
December 31, 2006.

    For the second quarter of 2007, Intermap reported a net loss of $4.3
million, or ($0.12) per share, compared to a net loss of $3.3 million, or
($0.09) per share for the same period in 2006.

    Cash and cash equivalents at June 30, 2007 were $33.7 million, as
compared with $48.2 million at December 31, 2006. The Company's working
capital was $35.5 million, compared with $51.0 million at December 31, 2006.
Following the close of the quarter, on July 12, 2007, Intermap completed a
C$33 million common share financing issuing 5.5 million shares at C$6.00 per
share. As of July 12, 2007, Intermap held $62.3 million in cash.

    The net proceeds from the financing will be utilized to fund the
development of value-added products in the Company's three most active
markets: flood risk modeling, 3D personal navigation devices (PND), and
advanced driver assistance systems. "We've made a strategic decision to
develop value-added applications enabled by our 3D geospatial database in
response to market demand coming from our most active markets," continued Mr.
Bullock, "To enable automotive safety applications we are creating road
centerlines for all classes of roads in the U.S. and Europe, whereas within
the personal navigation device (PND) market we are now aggregating multiple
recreational data sets for the U.S. Our flood modeling development is
currently focused on full-country flood risk solutions for the insurance
markets in Europe. The development of vertical market solution applications
will increase the value of our NEXTMap datasets and can expedite market
penetration - giving Intermap valuable first mover advantage. I am pleased to
report positive progress on all fronts."

    The net proceeds from the financing will also support the accelerated
development of the NEXTMap USA and NEXTMap Europe data sets with the data
collected in the first half of the year exceeding the amount collected in any
prior full year. Intermap is collecting a record amount of NEXTMap data in
2007 and has therefore increased its data processing resources. The Company
now has over 200 employees dedicated to processing the collected data in its
Denver, Jakarta, and Ottawa offices. In addition, we have a subcontractor in
Thailand with 40 staff dedicated to processing NEXTMap data. Plans call for
the staffs to grow in Jakarta to 240 and Thailand to 100 by year-end.

    OPERATIONAL HIGHLIGHTS

    NEXTMap USA

    NEXTMap USA is the Company's largest project that includes terrain
elevation and imagery data accurate to one-meter or better, covering nearly
eight million square kilometers of the United States. During the second
quarter, Intermap collected an additional 664,000 square kilometers of data
for its NEXTMap USA project, bringing the total collected since the inception
of the project to 3.2 million square kilometers, or 40% of the continental
United States. The Company expects to have the collection portion of the
NEXTMap USA project completed by the end of 2008.

    Currently, Intermap has data available off-the-shelf for 659 counties in
the US. The Company expects a continued increase in license revenues in 2007
as marketing activities generate interest from new NEXTMap USA customers.
Through June 30, 2007, total cumulative license revenue to date for NEXTMap
USA data has grown to approximately $10 million.

    NEXTMap Europe

    NEXTMap Europe calls for the mapping of 17 European countries including
Austria, Belgium, Czech Republic, Denmark, England, France, Germany, Irish
Republic, Italy, Luxembourg, Netherlands, Northern Ireland, Portugal,
Scotland, Spain, Switzerland, and Wales. Once completed, these datasets will
be the most accurate 3D digital maps of Europe in existence.

    Fifty-percent of the NEXTMap Europe project has been collected, or
approximately 1.1 million square kilometers of data. NEXTMap Europe now
includes the entire countries of England, Scotland, Wales, Germany, Denmark,
and most of France. Final production of Germany is currently being completed
and the entire dataset will soon be available. "As individual countries are
completed in Europe, we expect additional revenue opportunities to close,"
stated Mr. Bullock.

    The NEXTMap Europe project is expected to be fully collected by the end
of 2007. Acceleration of the data processing is being driven by demand within
the European automotive, government, and insurance sectors. The final
processing of the map data is expected to be complete and available for sale
shortly thereafter in 2008.

    Flood Modeling

    Intermap is developing a version of its successful flood modeling
application pioneered in Great Britain for other European countries. During
the second quarter, Intermap reached an agreement with SwissRe for use of
their flood modeling algorithms within the application and for SwissRe quality
assurance support for all of Europe.

    This year, Intermap acquired MultiMedia Computer (MMC), a Czech Republic
based company that provides Intermap with an easy-to-use 3D visualization tool
that's currently being used for flood risk applications in the Czech and
Slovak Republics. The Company is completing a demo section of Germany for the
German insurance market and estimates that the German flood market is the
largest in Europe, potentially valued at tens of millions of dollars per
annum.

    Insurance companies can use NEXTMap's superior flood risk information to
better define possible risks, and thus can better manage portfolios and their
own purchase of reinsurance coverage. The combined knowledge can result in a
net reduction of annual costs and much better management of risk. Intermap is
also in discussions with U.S. insurers for commercial insurance applications.

    Personal Navigation Devices (PNDs)

    During the quarter, Intermap developed successful demonstration products
incorporating its 3D maps into handheld GPS personal navigation devices, or
"PNDs". The target market for these devices includes users of off-road
vehicles, hikers, hunters, fisherman, skiers, and mountaineers. Today's 2D
maps generally end at the pavement, leaving a large market demand served only
by GPS devices with digitized topographic maps. Intermap estimates that
approximately 3 million 2D PND/GPS units were shipped to this recreational
segment in 2006, at a growth rate of more than 70%. Intermap has installed
portions of its 3D database of U.S. national parks onto handheld PND devices
from leading manufacturers for prototype trials. The results have been
impressive and the Company is working towards formalizing agreements with a
leading manufacturer for product development.

    The state of California is now complete with all data layers required for
effective recreational PND navigation and safety. Significant market interest
has been generated by Intermap's marketing and business development efforts
for this product.

    Mr. Bullock commented, "We believe that adding 3D visualization and
safety to the recreational market applications will drive consumer demand and
exceed market expectations. Safety applications will also migrate to the
on-road applications as well fueling the need for accurate 3D descriptions of
the road, which we are pursuing through our Advanced Driver Assisted Systems
(ADAS) initiative."

    Advanced Driver Assisted Systems (ADAS)

    In the last year, Intermap has announced agreements with TeleAtlas,
Harman Becker, and Siemens VDO to support emerging Intelligent Transportation
Systems (ITS) applications with Intermap's 3D road vector data. Subsequent to
the close of the second quarter, Intermap announced the signing of a joint
development agreement with Visteon Corporation, an internationally recognized
automotive technology developer, to provide Visteon with highly accurate 3D
road geometries for the entire country of Germany. The data will be
incorporated into the development of advanced applications of a 3D road vector
map database for use in future automotive systems. The initial focus will be
on predictive adaptive front lighting systems, which offers enhanced
visibility for drivers at night by directing the headlamp light before the
driver directs the vehicle into a curve, or up or down a hill.

    Other applications will deliver 3D maps and active safety within vehicles
to reduce accidents and traffic fatalities. NEXTMap databases can help enable
automotive electronics to predict what lies ahead and alert drivers of
impending hazards. Advance predictions of road geometries will also be an
invaluable component of visualization devices, vehicle fuel performance
enhancement systems, and advanced driver assistance systems. Intermap is in
discussions with other automotive suppliers and manufacturers in Europe and
North America.

    Web-based 3D Visualization

    Map and location related searches on the web are some of the most
frequent searches requested today. Intermap offers the most accurate digital
elevation maps in existence, which provides for improved user experience and
application functionality. For this reason, in June, Microsoft launched an
enhanced Virtual Earth(TM) 3D viewing platform based on Intermap Technologies'
highly accurate and up-to-date elevation data for all of Great Britain.
Intermap is also creating similar maps for all of Western Europe and the
continental United States. The resulting product delivers a more seamless and
accurate 3D experience for all Internet users visiting Microsoft's Live Search
Maps for England, Scotland, and Wales.

    Intermap's precise and uniform 3D digital terrain model serves as the
foundation for the placement and alignment of aerial photography and other
geospatial images. These images are then layered upon this 3D foundation to
better align and place objects without distortion or undulation, thus creating
a superior end product. "Having Intermap's highly accurate and reliable
foundation layer under our imagery and building models allows us to provide
one of the most accurate viewing experiences on the Internet today," said Aric
Weiker, director of product management for the Virtual Earth platform at
Microsoft.

    "The market is quickly realizing there are a wide range of solutions that
can be created through GIS applications," said Mr. Bullock. "Having access to
a high-quality and uniform set of 3D data is the key to properly modeling and
running advanced technologies. Our shareholders recognize that Intermap is
setting the stage for worldwide 3D geometries that can make this happen."

    Detailed financial results for the quarter and management's discussion
and analysis can be found on SEDAR, at www.sedar.com.

    Conference Call Today at 10am EDT (8:00am MDT)

    A slide presentation accompanies Intermap's conference call today at
10:00 a.m. EDT (8:00 a.m. MDT, 3:00 p.m. GMT). Please download the
presentation "IMP_Q2_Quarterly_Call_Aug_3" to your computer in advance of the
call from ftp1.intermaptechnologies.com (copy and paste the file into your
browser).

    
        Username: Client20
        Password: Q2map2007 (Password is case sensitive)
    

    For security reasons this FTP site will be active until August 9, 2007.

    To participate in the call, please dial 416-641-6125 or 1-866-542-4236
approximately 10 minutes prior to the conference call. A recording of the
conference call will be available through August 10, 2007. Please dial
416-695-5800 or 1-800-408-3053 and provide the password 3231005# to listen to
the rebroadcast. An audio Webcast of the teleconference will also be available
on Intermap's Website.

    About Intermap Technologies

    Intermap Technologies Corporation (TSX:IMP) (AIM:IMAP) enables customers
to facilitate better decision-making and create applications for numerous
commercial, governmental, military, and consumer products through the purchase
of high quality and affordable elevation datasets. The Company is proactively
remapping entire countries and building unprecedented national databases,
called NEXTMap(R), consisting of highly accurate digital topographic maps that
include elevation data.

    Demand for NEXTMap data is growing as new commercial applications are
emerging, including geographical information systems (GIS), engineering
planning, transportation, automotive, navigation, flood, irrigation,
environmental management and planning, telecommunications/wireless network
planning, aviation, simulation, and 3D visualization. Internet applications
include virtual tours, topographic maps and computer games. Datasets are also
used to add interactive intelligence to airborne and satellite imagery.

    Headquartered in Denver, Colorado, Intermap employs more than 500 people
worldwide, with additional offices in Calgary, Detroit, Jakarta, London,
Munich, Ottawa, and Prague. For more information, visit www.Intermap.com.

    Intermap Reader Advisory

    (R) NEXTMap is a registered trademark of Intermap Technologies
Corporation

    This news release may contain certain forward-looking statements, which
include certain assumptions with respect to the future business and operations
of the Company. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. All such forward
looking statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control. The
Company's actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking statements and,
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 the
Company or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, 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 included forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required by applicable securities laws.

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Balance Sheet
    (In thousands of United States dollars)

    ----------------------------------------------------------------------
                                                June 30,     December 31,
                                                  2007           2006
    ----------------------------------------------------------------------
                                               (unaudited)
    Assets

    Current assets:
      Cash and cash equivalents               $     33,744  $      48,170
      Amounts receivable                             4,076          8,177
      Unbilled revenue                               3,351          2,477
      Work in progress                                 255              -
      Prepaid expenses                               1,352            850
    ----------------------------------------------------------------------
                                                    42,778         59,674

    Property and equipment                          21,062         19,755
    Multi-client data library                       41,059         32,402
    Intangible assets                                1,966              -
    Future income taxes                                  -             23
    ----------------------------------------------------------------------
                                              $    106,865  $     111,854
    ----------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued
       liabilities                            $      5,639  $       6,003
      Deferred lease inducements                       205            120
      Deferred revenue                                 832          1,715
      Income taxes payable                              62             30
      Current portion of obligations under
       capital lease                                   186            231
      Current portion of long-term debt                388            538
      Non-controlling interest                           -             14
    ----------------------------------------------------------------------
                                                     7,312          8,651

    Deferred lease inducements                         481            468
    Obligations under capital lease                    183            165
    Long-term debt                                   1,116          1,242
    Future income tax liability                        449              -
    ----------------------------------------------------------------------
                                                     9,541         10,526
    ----------------------------------------------------------------------

    Shareholders' equity:
      Share capital                                124,944        122,458
      Contributed surplus                            3,070          2,387
      Deficit                                      (36,884)       (29,711)
      Accumulated other comprehensive income         6,194          6,194
    ----------------------------------------------------------------------
                                                    97,324        101,328
    ----------------------------------------------------------------------
    Commitments

    ----------------------------------------------------------------------
                                              $    106,865  $     111,854
    ----------------------------------------------------------------------
    

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Statements of Operations and Deficit
    (In thousands of United States dollars)

    ----------------------------------------------------------------------
                            For the three months     For the six months
                               ended June 30,          ended June 30,
                              2007        2006        2007        2006
    ----------------------------------------------------------------------
                           (unaudited) (unaudited) (unaudited) (unaudited)
    Revenue:
      Contract services    $    5,924  $    2,887  $   11,084  $    3,885
      Multi-client data
       licenses                 1,223         765       2,302       1,897
    ----------------------------------------------------------------------
                                7,147       3,652      13,386       5,782
    Operating costs:
      Cost of services          2,573       1,633       3,843       2,402
      Research and
       development              1,018         594       1,847       1,078
      Sales, general and
       administrative           5,975       4,970      11,310       8,304
      Depreciation of
       property and
       equipment                1,197         697       2,362       1,394
      Amortization of
       multi-client data
       library                  1,023         450       1,930       1,042
      Amortization of
       intangible assets          105           -         141           -
    ----------------------------------------------------------------------
                               11,891       8,344      21,433      14,220

    ----------------------------------------------------------------------
    Loss before interest,
     income taxes and
     foreign exchange          (4,744)     (4,692)     (8,047)     (8,438)

    Interest expense              (38)        (44)        (75)        (92)
    Interest income               450         726       1,021       1,278
    (Loss) gain on foreign
     currency translation          (5)        731         (52)      1,302
    ----------------------------------------------------------------------

    Loss before income
     taxes                     (4,337)     (3,279)     (7,153)     (5,950)

    Income tax expense
     (recovery)
      Current                      27           7          54           7
      Future                      (25)          -         (34)          -
    ----------------------------------------------------------------------
    Net loss and
     comprehensive loss        (4,339)     (3,286)     (7,173)     (5,957)
    ----------------------------------------------------------------------

    Deficit, beginning of
     period                   (32,547)    (21,309)    (29,711)    (18,638)

    Redemption of shares            -         (78)          -         (78)
    ----------------------------------------------------------------------
    Deficit, end of period $  (36,884) $  (24,673) $  (36,884) $  (24,673)
    ----------------------------------------------------------------------

    Basic and diluted loss
     per share             $    (0.12) $    (0.09) $    (0.19) $    (0.17)
    ----------------------------------------------------------------------

    Weighted average
     number of Class A
     common shares - basic
     and diluted           37,391,608  36,866,008  37,224,439  35,962,869
    ----------------------------------------------------------------------
    

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Statements of Cash Flows
    (In thousands of United States dollars)

    ----------------------------------------------------------------------
                            For the three months     For the six months
                               ended June 30,          ended June 30,
                              2007        2006        2007        2006
    ----------------------------------------------------------------------
                           (unaudited) (unaudited) (unaudited) (unaudited)
    Cash flows (used in)
     provided by:

    Operations:
      Net loss             $   (4,339) $   (3,286) $   (7,173) $   (5,957)
      Items not involving
       cash and cash
       equivalents:
        Depreciation of
         property and
         equipment              1,197         697       2,362       1,394
        Amortization of
         multi-client data
         library                1,023         450       1,930       1,042
        Amortization of
         intangible assets        105           -         141           -
        Loss on disposal
         of property and
         equipment                 40           -          40           -
        Stock based
         compensation             508         899         972       1,040
        Amortization of
         deferred lease
         inducements              (53)        (35)        (71)        (68)
        Future income
         taxes                    (25)          -         (34)          -
      Change in non-cash
       operating working
       capital                  2,664         512       1,623       1,426
    ----------------------------------------------------------------------
                                1,120        (763)       (210)     (1,123)
    ----------------------------------------------------------------------

    Financing:
      Proceeds from
       issuance of common
       shares                   1,355       1,130       1,697      11,060
      Issuance costs                -          (1)          -          (2)
      Repayment of long-
       term debt                 (139)       (133)       (276)       (273)
      Repayment of
       obligations under
       capital lease             (111)        (52)       (190)       (105)
    ----------------------------------------------------------------------
                                1,105         944       1,231      10,680
    ----------------------------------------------------------------------

    Investments:
      Purchase of property
       and equipment           (2,388)     (2,892)     (4,774)     (6,407)
      Investment in multi-
       client data library     (5,796)     (2,965)     (9,343)     (5,672)
      Business acquisition
       cost, net of cash
       acquired                     -           -      (1,330)          -
    ----------------------------------------------------------------------
                               (8,184)     (5,857)    (15,447)    (12,079)
    ----------------------------------------------------------------------

    Decrease in cash and
     cash equivalents          (5,959)     (5,676)    (14,426)     (2,522)

    Cash and cash
     equivalents,
     beginning of period       39,703      66,646      48,170      63,492

    ----------------------------------------------------------------------
    Cash and cash
     equivalents, end of
     period                $   33,744  $   60,970  $   33,744  $   60,970
    ----------------------------------------------------------------------

    Supplemental cash flow
     information:
      Cash paid for
       interest            $       37  $       44  $       74  $       92
      Cash paid for income
       taxes               $       33  $       30  $       49  $       30
    ----------------------------------------------------------------------


    Cash and cash equivalents include deposits with financial institutions
     that can be withdrawn without prior notice or penalty, and short-term
     deposits with an original maturity of ninety days or less.
    




For further information:

For further information: Intermap Technologies Richard Mohr,
303-708-0955 Senior Vice President & Chief Financial Officer
rmohr@Intermap.com OR United States - Financial Genesis Select Corporation
Budd Zuckerman, 303-415-0200 Investor Relations bzuckerman@genesisselect.com
OR Canada - Financial E-vestor Communications Inc. Corbet Pala, 416-657-2400
Investor Relations cpala@evestor.com OR United Kingdom - AIM, Nominated
Advisor Canaccord Adams Limited Andrew Chubb or Clayton Bush,
+44-0-207-050-6500


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