In the last 12 months we have embarked on an aggressive launch of our new Data Acquisition Model and our cloud-based GIS platform, GeoUnderground. With GeoUnderground we provide proprietary software built on Google Maps to create and manage digitized renderings of underground pipelines and other infrastructure.
We are proud of the hard work and resources we put into the development of GeoUnderground in 2015 and Geospatial being accepted as a Google Cloud Partner - Technology Track. As one of the first Technology Track partners, Geospatial will be provided substantial access to Google's marketing and technical capabilities. In 2016 we enjoyed tremendous traction with our total solution by providing GeoUnderground to all of our underground mapping clients. We have developed great testimonials and we are building excellent use cases for our upcoming marketing with Google.
As we close out 2016 with solid record revenue growth, we look forward to 2017 and the increased focus on the nation's pipelines and other underground infrastructure. We will continue to build on our model of providing high quality 3d underground infrastructure data to our multiple verticals and growing list of customers, add to our technology and service partners while we continue to add to GeoUnderground functionality, including the release of our API to further our clients' ability to manage their most accurate and actionable data from the field.
With the growing awareness of infrastructure needs in the US, it has brought to light all the challenges of managing our underground infrastructure. Geospatial Corporation is proud of the work we do to make our customers more knowledgeable about their assets, provide a layer of safety, while decreasing their cap-ex spends and saving them money well into the future.
The majority of our revenue in 2016 was derived from mapping the oil & gas transmission and distribution markets, however we see growth in all other infrastructure markets also. State Local and Education (SLED) markets are under increased pressure to manage their underground infrastructure due to the global proliferation of SMART Cities, growing health & safety concerns and the rapidly changing technologies bringing us autonomous driving vehicles and soon, autonomous excavators and other construction & maintenance advances.
There are 60,000 Municipalities and 5,300 colleges and universities throughout the US. Very few, if any, have an accurate map of their underground assets. We believe strongly this is a nearly untapped market opportunity that will be best served through Cloud offerings such as GeoUnderground.
The future looks bright for the vertical markets we serve. Our underground infrastructure is the only unmapped part of the world we live in.
Forward Looking Statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements, if any, are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings or as a result of other factors.
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/geospatial-corporation-positioned-to-capitalize-on-growing-demand-to-accurately-map-and-manage-the-countrys-outdated-underground-infrastructure-300377305.html
SOURCE Geospatial Corporation
Mark Smith/CEO, Geospatial Corporation
Email Contact www.GeospatialCorporation.com, www.GeoUnderground.com, O - 724-353-3400