The Company announced a $450,000 NEXTMap licensing contract for selected areas in North America. The NEXTMap data was purchased by a company that specializes in the property insurance industry for use within their claims management solutions.
Subsequent to year-end, in January 2013 the Company announced a $14.5 million contract to provide defined geospatial solutions to an international customer. Under the terms of the award, Intermap was selected to provide elevation and imagery related information for identified areas in Southeast Asia. The Company will use its proprietary airborne radar technology to collect and process the 3D digital models of the selected areas.
As of March 11, 2013, there were 79,414,013 common shares outstanding.
Important factors, including those discussed in the Company's regulatory filings ( www.sedar.com) could cause actual results to differ from the company's expectations and those differences may be material. Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.
Intermap will host a conference call today, March 11, 2013, at 4:30 pm EST (2:30pm MST).
To participate in the call, please dial +1-647-427-7450 or 1-888-231-8191 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through March 18, 2013. Please dial +1-416-849-0833 or 1-855-859-2056 and provide pass code 10795651 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors.aspx for replay.
About Intermap Technologies
Headquartered in Denver, Colorado - Intermap ( www.intermap.com) is an industry leader in geospatial solutions on demand. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, Intermap is able to provide geospatial solutions for customers in diverse markets around the world that solve today's complex geospatial challenges.
Adjusted EBITDA is not a recognized performance measure under GAAP and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).
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.
Reference is made to the Company's audited Consolidated Financial Statements for the years ended December 31, 2012 and 2011, together with the accompanying notes, which includes a going concern disclosure and such disclosure remains applicable as of the date of the financial statements included herein.
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheets
(In thousands of United States dollars)
|December 31,||December 31,|
|Cash and cash equivalents||$||2,055||$||597|
|Work in process||10||26|
|Property and equipment||3,703||5,273|
|Deferred tax assets||-||5|
|Liabilities and Shareholders' Equity|
|Accounts payable and accrued liabilities||$||4,747||$||5,097|
|Current portion of provisions||720||888|
|Current portion of notes payable||892||69|
|Current portion of deferred lease inducements||97||97|
|Income taxes payable||10||43|
|Current portion of obligations under finance leases||262||323|
|Current portion of long-term debt||-||548|
|Long-term notes payable||923||1,629|
|Deferred lease inducements||390||363|
|Obligations under finance leases||-||262|
|Deferred tax liabilities||-||13|
|Accumulated other comprehensive income||58||46|