Intermap Technologies Reports 2014 Fourth Quarter and Year-End Financial Results

As of March 30, 2015, there were 91,782,665 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.

Conference Call

Intermap will host a conference call today, March 30, 2015, at 5:30 pm EST (3:30pm MST). 

To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through April 30, 2015. Please dial +1-416-849-0833 or 1-855-859-2056 and provide pass code 6202086 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors for replay.

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 software 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.

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, 2014 and 2013, 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,



January 1,





December 31,



2013



20131





2014



(as restated)



(as restated)












Assets






















Current assets:












Cash and cash equivalents



$

537


$

2,420


$

2,055


Amounts receivable




1,453



6,434



5,735


Unbilled revenue




63



151



2,709


Prepaid expenses




412



407



625


Work in process




-



33



10






2,465



9,445



11,134













Property and equipment




2,833



3,378



3,703

Data library







-



13,829

Intangible assets




13



116



235




$

5,311


$

12,939


$

28,901












Liabilities and Shareholders' Equity






















Current liabilities:












Accounts payable and accrued liabilities



$

3,785


$

3,953


$

4,747


Convertible notes




5,313



-



1,918


Current portion of provisions




-



-



720


Current portion of notes payable




1,168



1,188



892


Current portion of deferred lease inducements




137



188



97


Unearned revenue and deposits




451



110



145


Warrant liability




226



1,286



3,083


Conversion option liability




-



-



1,994


Income taxes payable




2



12



10


Obligations under finance leases




131



115



262






11,213



6,852



13,868













Long-term notes payable




122



-



923

Deferred lease inducements




311



202



390

Obligations under finance leases




96



192



-

Other long-term liabilities




6



-



-





11,748



7,246



15,181












Shareholders' equity:












Share capital




194,377



194,337



189,263


Accumulated other comprehensive income 




(57)



37



58


Contributed surplus




11,395



10,671



10,222


Deficit




(212,152)



(199,352)



(185,823)






(6,437)



5,693



13,720













Going concern











Commitments











Subsequent events

























$

5,311


$

12,939


$

28,901

1 Derived from December 31, 2012


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