The Company announced that it intended to use the proceeds of the debt financing for general corporate purposes and preparatory work, including logistical set up, in support of its previously announced Spatial Data Infrastructure (SDI) project related activities.
As of August 12, 2016, there were 101,344,582 common shares outstanding.
As of August 12, 2016, potential dilutive securities include (i) 7,915,720 outstanding share options in the Company's share option plan with a weighted average exercise price of C$0.38, and (ii) 24,713,130 warrants outstanding with a weighted average exercise price of C$0.08. Each option and warrant entitles the holder to purchase one Class A common share.
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, August 12, 2016, at 11:00 am ET (9:00 am MT). To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 61308127. A recording of the conference call will be available through August 26, 2016. Please dial +1-416-849-0833 and provide pass code 61308127 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. 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
In the interest of providing the shareholders and potential investors of Intermap Technologies® Corporation ("Intermap" or the "Company") with information about the Company and its subsidiaries, including management's assessment of Intermap's® and its subsidiaries' future plans and operations, certain information provided herein constitutes forward-looking statements or information (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "may", "will", "should", "could", "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", and similar expressions suggesting future outcomes, and include statements that actions, events, or conditions "may," "would," "could," or "will" be taken or occur in the future. These forward-looking statements may be based on assumptions and expectations regarding the nature and success of negotiations to finalize the terms of project financing on an existing spatial data infrastructure ("SDI") contract; the Company's ability to carry out SDI programs; geopolitical and country-based risks of SDI contract jurisdictions; and the expectation that the risks outlined in the Company's most recent Annual Information Form will not materialize in a manner materially detrimental to the Company. Intermap considers these assumptions and expectations to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking information contained in this press release is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.
The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) project financing for an existing SDI project will be completed and the Company will receive a significate upfront fee in connection with that project; (ii) the Company will be able to restructure the terms of its outstanding debt maturities with its major lending partner until such time the Company's cash flows are sufficient to repay its outstanding debt obligations (iii) there will be adequate liquidity available to the Company to carry out its operations; (iv) down payments, ongoing payments and post-completion payments on material contracts will occur within a reasonable period of time; (v) the continued sales success of Intermap's products and services; (vi) the continued success of business development activities; (vii) there will be no significant delays in the development and commercialization of the Company's products; (viii) the Company will continue to maintain sufficient and effective production and software development capabilities to compete on the attributes and cost of its products; (ix) there will be no significant reduction in the availability of qualified and cost-effective human resources; * the continued existence and productivity of subsidiary operations; (xi) new products and services will continue to be added to the Company's portfolio; (xii) demand for geospatial related products and services will continue to grow in the foreseeable future; (xiii) there will be no significant barriers to the integration of the Company's products and services into customers' applications; (xiv) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, and (xv) superior technologies/products do not develop that would render the Company's current product offerings obsolete.
Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, timely receipt of down payments on contracts, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in the Company's filings with securities regulators. The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company's future course of action depends on Management's assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this MD&A, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.
Reference is made to the Company's audited Consolidated Financial Statements for the year ended December 31, 2015, 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. In part, the going concern disclosure states that there remains significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on management's ability to successfully secure sales with upfront payments, renegotiate terms of debt that matures in 2016, and/or obtain further financing. Failure to achieve one or more of these requirements could have a materially adverse effect on the Company's financial condition and/or results of operations.
INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Balance Sheets