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."
About Intermap
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