Intermap Technologies Reports 2013 First Quarter Financial Results

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 location based 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.

Condensed Consolidated Interim Balance Sheets
(In thousands of United States dollars)

        March 31,   December 31,
        2013   2012
             
Assets        
             
Current assets:        
  Cash and cash equivalents $   2,718 $   2,055
  Amounts receivable   4,645   5,735
  Unbilled revenue   2,393   2,709
  Work in process   5   10
  Prepaid expenses   792   625
        10,553   11,134
             
Property and equipment    3,592   3,703
Data library   12,677   13,829
Intangible assets   206   235
      $   27,028 $   28,901
             
Liabilities and Shareholders' Equity        
             
Current liabilities:        
  Accounts payable and accrued liabilities  $   4,919 $   4,747
  Convertible note    2,420   2,357
  Current portion of provisions    720   720
  Current portion of notes payable    933   892
  Current portion of deferred lease inducements   99   97
  Unearned revenue and deposits   314   145
  Income taxes payable   37   10
  Current portion of obligations under finance leases    174   262
        9,616   9,230
             
Long-term notes payable    671   923
Deferred lease inducements   343   390
        10,630   10,543
             
Shareholders' equity:        
  Share capital    194,144   194,144
  Accumulated other comprehensive income    21   58
  Contributed surplus    10,431   10,354
  Deficit   (188,198)   (186,198)
        16,398   18,358
             
      $   27,028 $   28,901

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