Reaffirming 2023 revenue guidance of $8 – 10 million
Robust pipeline driven by strong recurring commercial subscriptions and government contract awards
CALGARY, Alberta, June 29, 2023 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced the conclusion of its Annual General Meeting (the “Meeting”) on June 29, 2023. A total of 18,554,350 Class A common shares of Intermap (“Common Shares”) were represented in person or by proxy at the Meeting.
During the AGM, Intermap reaffirmed its 2023 revenue guidance of $8 – 10 million and showcased its commitment to innovation, cutting-edge technology and global geospatial solutions. The meeting served as a platform for the Company’s leadership to present key updates, financial results and operational highlights, including strategic outlook, pipeline and priorities. Today’s presentation can be found on Intermap’s website here.
“We are continuing to grow our data margin by investing in automation, reducing fixed costs, employing AI/ML innovation and leveraging government-sponsored R&D,” said Patrick A. Blott, Intermap Chairman and CEO. “Our revenue growth is driven by recurring commercial subscriptions and government contract awards. With our unique remote sensor capability and patented processing technology, we are poised to capitalize on the increasing demand for precision geospatial data, delivered seamlessly and rapidly around the world.”
Intermap’s shareholders voted in favor of all items of business put forward at the Meeting, being the election of all nominated directors, the reappointment of KPMG LLP as the auditors of the Company, and the replenishment and addition of the number of Common Shares issuable under the Company’s Omnibus Incentive Plan, as more fully described in the Company’s management information circular dated May 26, 2023, a copy of which is available under the Company’s profile on SEDAR at www.SEDAR.com.
The votes in respect of the election of directors are as follows:
| Votes by Ballot | |||||||
| Nominee | Result of Vote | Votes For | Votes Withheld/Against | ||||
| Patrick A. Blott | Elected | 10,759,512 (91.33%) |
1,021,741 (8.67%) |
||||
| Philippe Frappier | Elected | 10,786,756 (91.56%) |
994,497 (8.44%) |
||||
| John (Jack) Hild | Elected | 10,786,756 (91.56%) |
994,497 (8.44%) |
||||
| Jordan Tongalson | Elected | 10,779,706 (91.50%) |
1,001,547 (8.50%) |
||||
More information about the results of the Meeting can be found in the Company’s report on the voting results, which has been filed under the Company’s profile on SEDAR.
To learn more about Intermap, visit intermap.com.
Intermap Reader Advisory
Certain information provided in this news release, including reference to the increasing demand for precision geospatial data, strategic outlook and revenue projections of total annual revenues for 2023, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” 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. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, 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, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. Our 2023 revenue forecast is based on the following assumptions: The Company will deliver on subscription revenue according to the contract terms, repeating data products revenue will remain consistent with prior years, government task orders will be contracted according to verbal awards. Our 2023 revenue forecast is subject to the following specific risks and uncertainties: The timing of regulatory and budgetary decisions in government contracting, the internet and system infrastructure functionality and information technology security detailed in the Annual Information Form. 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.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
[email protected]
+1 (303) 708-0955
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