DENVER, July 5, 2016 /CNW/ - Intermap Technologies Corporation ("Intermap" or the "Company"), (TSX: IMP), (ITMSF: BB), a global provider of location based solutions, today provided an update on its previously announced $175 million contract (the "Contract") for the creation, operation and maintenance of a national spatial data infrastructure ("SDI") program (the "Project").
In its 2016 first quarter financial results report dated May 12, 2016, the Company disclosed the expectation that the Project would commence during the second quarter upon the closing of the Project's finance facility (the "Financing"). Intermap has been advised by the client that the Financing process is in its final phase with a leading multilateral financial institution. In accordance with the terms of the Contract, the Company is scheduled to receive a $12 million down payment upon the closing of the Project Financing, at which time the project will officially launch. Intermap has been working with the client to satisfy operational requirements and is pleased to confirm that it has received its required ITAR permit from the US State Department to operate its proprietary IFSAR technology in the client's jurisdiction. The International Traffic in Arms Regulations (ITAR) are a set of United States Government regulations on the export and import of defense related articles and services, underwhich Intermap's interferometric synthetic aperture radar (IFSAR) technology falls internationally.
"We continue to support the client in the path to the financial close of this landmark transaction," said Todd Oseth, Intermap's President and CEO. "The sheer complexity, both technical and financial, of this first-of-a-kind project, has led to some innovative solutions that would serve the Company well in the pursuit of similar projects in the future. We look forward to demonstrate our resources and capabilities in the client jurisdiction and beyond."
About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI 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 more 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: please contact: 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