"Our recent upgrades to IRIS, Intermap's proprietary technology for adding spatial content and resolution to existing three-dimensional models, enable the immediate generation of an automated edit to our global Digital Elevation Models (DEMs)," said Patrick Blott, the Company's Chairman and Chief Executive Officer. "Importantly for customers and strategic partners, these enhancements strengthen the quality of the resulting elevation models and significantly reduce the amount of time and associated costs required to generate highly accurate, spatially rich DEMS. We remain focused on continuing to drive innovation and technological advancements in global elevation data production and are committed to providing our customers around the world with best-in-class geospatial data solutions."
Organizational Restructuring in Asia to Continue to Enhance Efficiency
In conjunction with the foregoing, the Company also announced it is implementing an organizational restructuring in Asia to better allocate its resources around these efficiencies and improve its customer focus at the regional level. The restructuring impacts approximately 32% of Intermap's employees worldwide. The Company intends to reinvest the substantial majority of these savings into localization across additional geographies, innovation, research and development, as well as customer-facing personnel.
The Company has dramatically reduced operating expenses in Indonesia, as its investments in infrastructure have produced a state-of-the-art process that will enable Intermap to scale efficiently and with fewer employees as its revenue grows. Including the organizational restructuring announced today, annual costs have been reduced in the region by $3.5 million. The remaining team in Jakarta represents a core group of elite professionals who are highly skilled and trained by Intermap to advance local geospatial technology adoption throughout the region.
Mr. Blott added, "Our talented employees are integral in driving our success, and we are incredibly proud of our history in Asia over the past 10 years. While it is always difficult to make decisions that impact our valued employees and the communities in which we operate, this organizational restructuring is necessary to drive continued success in our business. The Board of Directors and management team are focused on improving Intermap's performance and building a solid foundation for execution and growth, which includes aligning our resources to better serve customers with the products, solutions and services they expect from Intermap. Importantly, we are committed to managing the transition in a sensitive and respectful manner."
Intermap Reader Advisory
Certain information provided in this news release, including statements in relation to the Company's remedial listing review by the TSX and consideration of an alternative stock exchange 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) (ITMSF: BB) 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.
SOURCE Intermap Technologies Corporation
|Company Name: Intermap Technologies Corporation
Jennifer Bakken, Executive Vice President and CFO
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