Intermap Technologies Reports Strong Third Quarter

    Earnings of $0.06 per share on 52% revenue growth

    NEXTMap(R) data collection in Q3 sets record - 1.2 million km(2)

    NEXTMap USA 54% collected

    NEXTMap Europe 51% collected

    NEXTMap Germany commercially available

    CALGARY, ALBERTA, November 8 /CNW/ - Intermap Technologies Corp. (the
"Company"), today reported financial results for the third quarter ended
September 30, 2007. A conference call will be held today at 10:30 am eastern
time to discuss the results.

    Financial Review

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

    For the third quarter, Intermap reported a 52% increase in total revenue
to $14.3 million, as compared to total revenue of $9.4 million for the third
quarter of 2006. Intermap's contract services revenue component grew 92% to
$11.9 million and multi-client data licenses (MCDL) contributed $2.4 million,
compared to $3.2 million for the third quarter of 2006. Approximately 90% of
the MCDL revenue was associated with the Company's NEXTMap(R) USA program,
primarily in the states of Mississippi, Florida, Louisiana, California,
Hawaii, and the Canadian border. "Significant international government
projects grew our contract services revenues in the third quarter," stated
Brian Bullock, president & CEO of Intermap. "Year to date, we have received
$28 million through contract service programs. Cash generated from these
contracts assists in the funding of our NEXTMap build which has reached record
collection levels. We have now collected 54% of the U.S. and 51% of our
Western European program. Germany is now commercially available and France is
nearing completion with 85% of the country collected."

    At the end of the third quarter, Intermap announced a $1.3 million
contract from the National Geospatial-Intelligence Agency (NGA) for NEXTMap
USA data in the gulf coast areas of Alabama, Florida, Louisiana, and
Mississippi. To date the NGA has licensed $6.1 million of multi-client data
licenses from the NEXTMap database.

    Cost of services expense for the third quarter ended September 30, 2007
was $3.1 million, compared to $2.9 million for the third quarter of 2006,
reflecting the costs associated with contract services work and preparation
costs associated with future mapping activities.

    Sales, general, and administrative expenses for the third quarter were
$6.0 million, compared to $5.2 million for the third quarter of 2006. The
increase was related to expansion in the areas of sales, marketing, and
business development to support the NEXTMap USA and NEXTMap Europe programs.

    Amortization expense of the multi-client data library in the third
quarter increased to $1.5 million, up $200 thousand from the same period a
year earlier. Amortization expense was $3.4 million for the 9 month period, up
from $2.4 million from the same period a year earlier as a result of an
increase in amortization on the NEXTMap datasets.

    For the third quarter of 2007, Intermap reported net income of $2.6
million, or $0.06 per share, compared to a net loss of $1.3 million, or
($0.03) per share, for the third quarter of 2006. Positive earnings resulted
primarily from increased revenues associated with contract services programs.
These contract service programs have the capability of producing substantial
swings in revenue on a quarter-to-quarter basis. Management does not expect
profitable quarters during the current investment in the NEXTMap build
process, however revenue recognized from large contract service programs may
occasionally result in a profitable quarter as is evident in the current
reporting period.

    Cash and cash equivalents at September 30, 2007 were $52.3 million, as
compared with $48.2 million at December 31, 2006. The Company's working
capital was $64.8 million, compared with $51.0 million at December 31, 2006.
During the quarter, Intermap completed a C$37.1 million common share financing
issuing 6.2 million shares at C$6.00 per share.

    Intermap is applying working capital toward the accelerated build of
NEXTMap Europe and NEXTMap USA. The Company expects to have Western Europe
completely collected near the end of Q1 2008, and the Continental U.S. and
Hawaii collected by the end of 2008. Working capital is also being employed in
the development of value-added products in the Company's three most active
markets for 3D maps; flood risk modeling, 3D personal navigation devices
(PND), and advanced driver assistance systems (ADAS). The development of
vertical market applications increases the functionality and value of the
NEXTMap datasets and expedites market penetration - giving Intermap valuable
first mover advantage.

    The record data collection levels achieved this year have required an
increase in data processing resources. The Company now has over 200 employees
dedicated to processing the collected data in its Denver, Jakarta, and Ottawa
offices. Plans call for the staff to continue to grow in Jakarta throughout
the year and into early 2008.



    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 third
quarter, Intermap collected an additional 880,000 square kilometers of data
for its NEXTMap USA project, bringing the total collected since the inception
of the project to 4.3 million square kilometers, or 54% of the continental
United States. The Company expects to have the collection portion of the
NEXTMap USA project completed by the end of 2008. Processing of the NEXTMap
USA map data will take an additional three to four quarters following the
collection of the data.

    Currently, Intermap has data available off-the-shelf for 667 counties in
the U.S. The Company expects a continued increase in license revenues in 2007
as marketing activities generate interest from new NEXTMap USA customers.
Through September 30, 2007, total cumulative license revenue to date for
NEXTMap USA data has grown to approximately $11.3 million.

    The California High-Speed Rail Authority (CHSRA) chose NEXTMap as the
preferred GIS mapping datasets to assist in the design of the high-speed rail
system linking northern and southern California supporting preliminary
environmental planning and engineering work on the project. Operating at
speeds up to 220 mph, the state-of-the-art high-speed train system will
stretch from San Francisco, Oakland, and Sacramento in the north, through the
Central Valley, to Los Angeles and San Diego in the south. The planning stage
requires the use of mapping data from the California portion of NEXTMap USA
that is more current, accurate, and reliable than existing USGS data, and
considerably less expensive than a custom survey project. Additionally,
NEXTMap data easily exports into existing CAD applications which provide
additional value for the CHSRA

    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.

    Data collection for the NEXTMap Europe project in Q3 was 0.3 million
km(2), bringing the total data collected since the inception of the project to
approximately 1.1 million square kilometers or 51% of the total project.
NEXTMap Europe now includes the entire countries of England, Scotland, Wales,
Germany, and Denmark. Final production of Germany has now been completed and
the entire dataset is available for sale. "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 near the end
of Q1 2008. Spain and Italy were saved for winter collection as operations in
the northern part of the U.S. will cease in Q4 due to snow cover. Final
processing of the NEXTMap Europe data is expected to take until the end of Q1

    In Germany, Intermap signed an agreement to allow GAF AG, an
international geo-information technology company located in Munich, to
distribute NEXTMap throughout Germany and the rest of Europe. Part of the
Telespazio group of companies, GAF offers a broad range of geospatial
applications, including geodata procurement, image processing, software
development, and consulting services. GAF is one of the most important
one-stop-shops in Germany for commercial remote sensing data and a variety of
geospatial products.

    Insurance Market

    Intermap is developing a version of its successful flood modeling
application pioneered in Great Britain for other European countries. During
the third 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.

    Intermap is marketing its 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 demonstration model of certain sections
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)

    Within the handheld GPS personal navigation device (PND) market, Intermap
is aggregating multiple recreational data sets for the U.S. The evolution of
PNDs to 3D addresses 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 will be shipped to this recreational segment in 2007, at a growth rate
of more than 70% per annum. 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

    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, and is expected to fuel the need for accurate 3D
descriptions of the road, which we are pursuing through our ADAS initiative."

    In the third quarter, Intermap launched AccuTerra(TM), a product that
provides existing outdoor GPS and PND products with 3D maps and off-road
points-of-interest (POI) - integrated with interactive 3D rendering software.
AccuTerra's 3D aerial maps with route tracking information is unique in
today's outdoor hand-held device market. The product provides the outdoor
enthusiast with 3D viewing capability on a hand-held device that extends the
user experience beyond what we have become accustomed to from Internet search
engine providers. Users can now visualize trails and other points of interest
in the context of the natural terrain where they exist - all in three

    The current version of AccuTerra has already been integrated and tested
on several PNDs available in the market today. The Company has no plans to
build a PND or GPS device; rather it will offer AccuTerra under license to
manufacturers of these devices.

    Advanced Driver Assistance Systems (ADAS)

    To enable automotive safety applications, Intermap is creating road
centerlines for all classes of roads in the U.S. and Europe. In the past year,
Intermap has announced agreements with Visteon, Harman Becker, and Siemens VDO
to support emerging Intelligent Transportation Systems (ITS) applications with
Intermap's 3D road vector data. In the third quarter, Intermap signed a joint
development agreement with automotive technology developer Visteon Corporation
to supply 3D road geometries for the entire country of Germany. Visteon is
using the data to develop advanced applications for use in future automotive
systems. The initial focus is on predictive adaptive front lighting systems,
which offers enhanced visibility for drivers at night by directing the
headlamp lights into the road curves and hills ahead of the vehicle. The two
companies are cooperating in the development of test projects and a

    The NEXTMap database provides a reliable source of information that
allows an automobile's electronic system to anticipate the road ahead.
Awareness of pending road geometry provides a tremendous input to
visualization, performance, and advanced driver assistance applications. 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 other
advanced driver assistance systems. Intermap is in discussions with other
automotive suppliers and manufacturers in Europe and North America.

    Intermap has provisioned a grant to Auburn University to investigate and
evaluate ways to save fuel using the 3D road geometries. The project's initial
focus is on achieving simulation results and designing a predictive cruise
control and automatic gear shifting algorithm to calculate optimal vehicle
speed and gear selection that improve fuel economy and operating costs. A
significant amount of the fuel expense in the heavy trucking industry is
attributed to changes in road slope. Eaton Corporation, one of the world's
major suppliers of heavy duty transmissions, is serving in an advisory role
and sees significant efficiency opportunities in the project.

    The system consists of vehicle state estimators, the road geometry, and
an optimal control system. GPS technology is applied to estimate the truck
position, while NEXTMap geometry is used to identify information on the road
slope that lies ahead. An optimal control system is then designed to predict
and achieve ideal truck velocity and/or engine speed, based on the road
geometry, with the consideration of fuel consumption and travel time. The
basic function of this optimal control system is to automatically gauge when
best to accelerate, decelerate, or change gears going into and coming out of
slopes and curves.

    According to the American Trucking Association, increased fuel efficiency
will help carriers reduce their fuel consumption and overall operating costs -
potentially saving approximately $3 billion dollars and a billion gallons of
diesel fuel per year.

    Web-based 3D Visualization

    Map and location related searches on the web are some of the most
frequent searches requested today. This year 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. 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.

    "This is a fundamental change for the industry as Microsoft raises the
bar for accuracy and realistic 3D experiences," said Mr. Bullock. "While an
accurate visualization application is important to deliver to consumers, our
relationship with Microsoft begins to pave the way for the delivery of
additional value-added products for the business and consumer markets within
Great Britain, Europe, and the U.S.

    "The astounding achievement of NEXTMap is encompassed in the realization
that every feature of the landscape -- be it a tree, rock, bush, stream or man
made object, now has a GPS address that is known to an accuracy of 2 meters
horizontally and 1 meter vertically. The number of potential applications is

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

    Conference Call Today at 10:30am EST (8:30am MST)

    A slide presentation accompanies Intermap's conference call today at
10:30 a.m. EST (8:30 a.m. MST, 3:30 p.m. GMT). Please download the
presentation "IMP_Q3_Quarterly_Call_Nov_8" to your computer in advance of the
call from (copy and paste the file into your

    Username: Client07

    Password: NOV2007den (Password is case sensitive)

    For security reasons this FTP site will be active until November 28,

    To participate in the call, please dial 416-695-6370 or 1-866-542-4262
approximately 10 minutes prior to the conference call. A recording of the
conference call will be available through November 15, 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 (TSX:IMP)(AIM:IMAP) is creating uniform 3D digital models of the
earth's surface and building a library of affordably priced elevation data and
geometric images of unprecedented accuracy. The Company is proactively
remapping entire countries and building uniform national databases, called
NEXTMap(R). Demand for NEXTMap data is growing as new commercial applications
emerge within the GIS, engineering, automotive, personal navigation device,
insurance risk assessment, oil and gas, hydrology, environmental planning,
wireless communications, transportation, aviation, and 3D visualization

    Headquartered in Denver, Colorado, Intermap employs more than 550 people
worldwide, with additional offices in Calgary, Detroit, Jakarta, London,
Munich, Ottawa, and Prague. For more information, visit

    (R) NEXTMap is a registered trademark of Intermap Technologies

    Intermap Reader Advisory

    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.

    Consolidated Statements of Operations, Comprehensive Loss and Deficit
    (In thousands of United States dollars, except per share information)

                         For the three months       For the nine months
                          ended September 30,       ended September 30,
                           2007         2006         2007         2006
                       (unaudited)  (unaudited)  (unaudited)  (unaudited)
       services        $    11,893  $     6,206  $    22,977  $     9,672
       data licenses         2,365        3,173        4,667        5,489
                            14,258        9,379       27,644       15,161
    Operating costs:
      Cost of services       3,068        2,869        6,911        5,271
      Research and
       development           1,038          778        2,884        1,856
      Sales, general
       administrative        5,994        5,219       17,297       13,524
      Depreciation of
       property and
       equipment             1,293        1,008        3,655        2,402
      Amortization of
       data library          1,482        1,346        3,412        2,389
      Amortization of
       assets                  106            -          247            -
                            12,981       11,220       34,406       25,442

    Net income (loss)
     before interest,
     income taxes and
     foreign exchange        1,277       (1,841)      (6,762)     (10,281)

    Interest expense           (34)         (46)        (110)        (138)
    Interest income            697          725        1,718        2,003
    (Loss) gain on
     foreign currency
     translation               633          (86)         581        1,217
     interest                    -            -           (7)           -

    Net income (loss)
     before income
     taxes                   2,573       (1,248)      (4,580)      (7,199)

    Income tax expense
      Current                   30           21           84           28
      Future                   (25)           -          (59)           -
                                 5           21           25           28
    Net income (loss)
     and comprehensive
     income (loss)           2,568       (1,269)      (4,605)      (7,227)

    Deficit, beginning
     of period             (36,884)     (24,674)     (29,711)     (18,638)

    Redemption of
     shares                      -            -            -          (78)
    Deficit, end of
     period            $   (34,316) $   (25,943) $   (34,316) $   (25,943)

    Basic income
     (loss) per share  $      0.06  $     (0.03) $     (0.12) $     (0.20)
    Diluted income
     (loss) per share  $      0.06  $     (0.03) $     (0.12) $     (0.20)

    Weighted average
     number of Class A
      common shares -
       basic            42,645,606   36,977,779   39,052,069   36,304,689
      common shares -
       diluted          43,261,691   36,977,779   39,052,069   36,304,689

    Consolidated Balance Sheets
    (In thousands of United States dollars)

                                               September 30,  December 31,
                                                       2007          2006

    Current assets:
      Cash and cash equivalents                $     52,250  $     48,170
      Amounts receivable                              5,762         8,177
      Unbilled revenue                               13,430         2,477
      Prepaid expenses                                1,282           850
                                                     72,724        59,674

    Property and equipment                           22,477        19,755
    Multi-client data library                        46,949        32,402
    Intangible assets                                 1,860             -
    Future income taxes                                   -            23
                                               $    144,010  $    111,854

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued liabilities $      6,386  $      6,003
      Deferred lease inducements                        215           120
      Deferred revenue                                  743         1,715
      Income taxes payable                               89            30
      Current portion of obligations under
       capital lease                                    236           231
      Current portion of long-term debt                 305           538
      Non-controlling interest                            -            14
                                                      7,974         8,651

    Deferred lease inducements                          448           468
    Obligations under capital lease                     313           165
    Long-term debt                                    1,058         1,242
    Future income tax liability                         424             -
                                                     10,217        10,526

    Shareholders' equity:
      Share capital                                 158,442       122,458
      Contributed surplus                             3,473         2,387
      Deficit                                       (34,316)      (29,711)
      Accumulated other comprehensive income          6,194         6,194
                                                    133,793       101,328

                                               $    144,010  $    111,854

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

                            For the three months     For the nine months
                             ended September 30,     ended September 30,
                              2007        2006        2007        2006
                           (unaudited) (unaudited) (unaudited) (unaudited)
    Cash flows (used in)
     provided by:

      Net income (loss)    $    2,568  $   (1,269) $   (4,605) $   (7,227)
      Items not involving
       cash and cash
        Depreciation of
         property and
         equipment              1,293       1,008       3,655       2,402
        Amortization of
         multi-client data
         library                1,482       1,346       3,412       2,389
        Amortization of
         intangible assets        106           -         247           -
        Loss on disposal
         of property and
         equipment                  4           -          44           -
        Stock based
         compensation             636         623       1,608       1,663
        Amortization of
         deferred lease
         inducements              (51)        (75)       (122)       (142)
        Future income
         taxes                    (25)          -         (59)          -
      Change in non-cash
       operating working
       capital                (10,690)     (3,880)     (9,064)     (2,454)
                               (4,677)     (2,247)     (4,884)     (3,369)

      Proceeds from
       issuance of common
       shares                  35,615         113      37,312      11,174
      Common shares
       issuance costs          (2,381)          -      (2,381)         (2)
      Redemption of common
       shares                       -        (264)          -        (264)
      Repayment of long-
       term debt                 (141)       (134)       (417)       (408)
      Repayment of
       obligations under
       capital lease              (42)       (106)       (234)       (211)
                               33,051        (391)     34,280      10,289

      Purchase of property
       and equipment           (2,858)     (2,108)     (7,633)     (8,516)
      Investment in multi-
       client data library     (7,010)     (2,253)    (16,353)     (7,925)
      Business acquisition
       cost, net of cash
       acquired                     -           -      (1,330)          -
                               (9,868)     (4,361)    (25,316)    (16,441)

    Increase (decrease) in
     cash and cash
     equivalents               18,506      (6,999)      4,080      (9,521)

    Cash and cash
     beginning of period       33,744      60,970      48,170      63,492

    Cash and cash
     equivalents, end of
     period                $   52,250  $   53,971  $   52,250  $   53,971

    Supplemental cash flow
      Cash paid for
       interest            $       34  $       46  $      109  $      138
      Cash paid for income
       taxes               $       30  $       40  $       79  $       40

For further information:

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

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