The Company’s board of directors established a special committee consisting of three of the Company’s independent directors. These independent directors concluded that the Company is in serious financial difficulty, the proposed Offering is designed to improve the Company’s financial condition and the Offering is reasonable for the Company in the circumstances. The special committee concluded that the Company is in serious financial difficulty and that if the proposed Offering is not completed in the very near term, the Company may be forced to cease operations.
The TSX has advised the Company that reliance on this exemption will automatically result in a TSX de-listing review to confirm that the Company continues to meet TSX listing requirements. The Company believes the de-listing review is a routine procedure when using this exemption and currently complies with applicable TSX listing requirements and expects to continue to comply with such requirements following completion of the financing.
By enhancing the Company’s working capital, the Offering will significantly improve Intermap’s financial position and ability to execute its business plan. If Intermap is not able to conclude the Offering and does not receive additional financial resources in the near term, it might cease operations.
This news release does not constitute an offer to sell any of Intermap’s securities. The securities offered under the Offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Intermap Technologies
Intermap Technologies is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for creating uniform high-resolution 3D digital models of the earth’s surface. The Company has proactively remapped entire countries and built uniform national databases, called NEXTMap, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data and the Company’s contract mapping services is growing as commercial applications emerge within the GIS, federal & civil government, national mapping, defence and intelligence, automotive, insurance risk assessment, wireless telecommunications, and cloud-based web services markets.
Headquartered in Denver, Colorado, Intermap has offices in Calgary, Jakarta, Munich, Prague, and Washington, D.C. For more information, visit www.intermap.com.
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.
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