Begins trading today, creating more liquidity, transparency and opportunity
DENVER, Colo., Feb. 25, 2021 /PRNewswire/ - Intermap Technologies Corp. (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), today announced it meets the standards to trade on the OTCQX® Best Market. Intermap begins trading today on the OTCQX under the symbol "ITMSF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
Upgrading to the OTCQX Best Market from the Pink® Market is an important step for Intermap to provide transparent and liquid trading for U.S. investors. The Company meets the high financial standards, follows best practice corporate governance and demonstrates compliance with applicable securities laws. Trading on the OTCQX Market will enable investors to easily trade through the broker of their choice. These streamlined market standards enable Intermap to utilize its home market reporting to make financial information available in the U.S.
As the country's largest provider of authoritative, quality 3D data, used for terrain navigation and modeling by governments, insurance companies, financial intermediaries, telecommunications companies, aviation, drone, and space-based operators, this step expands Intermap's exposure to U.S. capital, which will finance the industry's rapid transition to elevation data-as-a-service (EDaaS). The demand for military-grade 3D data and real-time analytics is accelerating, and Intermap is well-positioned to meet demand. Increasing access to capital comes at a promising inflection point as the Company continues to:
- Commercialize its technology and 3D library, creating leading products and solutions
- Offer military-grade solutions powered by global 3D data collected, processed and delivered as a service
- Democratize data, offering non-expert users the ability to subscribe to geospatial solutions
"Your World. Made Simple."
Trading on the OTCQX will:
- Attract more institutional and retail investors, broadening Intermap's investor base
- Increase Company visibility, including growth plans, technical achievements and results
- Empower the Company to execute on value-maximizing transactions
- Increase liquidity of the Company's common shares; and
- Boost the Company's profile among investors, customers and partners
"The OTCQX provides greater liquidity and more exposure for emerging companies like ours," said Patrick A. Blott, Intermap's Chairman and CEO. "It is a big step up from the Pink® Market, where we used to trade in the U.S. Today's move is part of our long-term plan to expand Intermap's access to capital and lead our industry's transition to provisioning elevation data as-a-service. At the same time, we are providing more liquidity for existing shareholders and creating more opportunity for exposure to new U.S. investors."
Intermap drove significant growth in 2020, including new partnerships, software subscriptions, product development, and customer wins. Here are some highlights:
- Eliminated $33.9 million of debt in exchange for $1 million in cash
- Obtained EASA certification for the world's only government-certified, aviation-specific elevation 3D dataset in partnership with Lufthansa Systems
- Entered into partnership with Zipline to deliver medical supplies by drone in Africa, including on-demand emergency response to Covid-19 outbreaks
- Signed Lloyd's of London syndicate to a multiyear InsitePro insurance subscription to support their entry and expansion into the U.S. flood market
- Executed a strategic contract with McElhanney Ltd. to map the historically challenging highlands of Dominica
- Selected by National Oceanic and Atmospheric Administration (NOAA) for the agency's Shoreline Mapping Services contract
- Signed up the State of California for Intermap's NEXTMap One elevation data-as-a-service, becoming Intermap's first government EDaaS subscriber
- Selected to be the premier EDaaS provider to Jeppesen, a leading provider of airspace solutions, to support their digital infrastructure with orthorectification of satellite imagery as-a-service, covering 200 airports
- Completed collection for the Alaska Statewide Mapping Initiative for USGS (3DEP), collecting 1,188,527 square kilometers of high-resolution, 3D elevation data
- Grew software subscription revenue, including: Global telecommunications operator for 5G tower link planning, global beyond-line-of-sight drone operator for flight corridor route planning, and an admitted-lines insurance carrier for its European perils underwriting platform
- Agreed to a new development partnership in Columbia for geomatics, geophysics and engineering solutions with Geo Oil Energy S.A.S.
- Signed 25th InsitePro insurance application subscription with Atlas General Insurance
- Announced collaboration with UP42, a subsidiary of Airbus SE, to jointly commercialize EDaaS and analytics in multiple vertical markets, including infrastructure management, construction planning, geologic mapping, land cover classification, and forestry and resource conservation
- Announced a patent-pending artificial intelligence-driven, image analysis algorithm used to determine first floor elevations (FFE) for catastrophe management and flood insurance underwriting. This patent is the latest addition to Intermap's growing intellectual property portfolio
B. Riley Securities, Inc. acted as the Company's OTCQX sponsor. B. Riley Securities, Inc. is a full-service investment bank and subsidiary of B. Riley Financial, Inc., based in Los Angeles with offices across the United States, providing corporate finance, research, sales and trading services.
Intermap Reader Advisory
Certain information provided in this news release, including statements in relation to the Company's access to capital or increased liquidity, 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. 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) (OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.
About OTC Markets Group Inc.
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SOURCE Intermap Technologies Corporation