The spread of COVID-19 and related restrictions on travel and non-essential services have led to a general reduction in business activity worldwide and in delays in government contracting for the Company's products and services. While the Company expects these effects to be temporary, the duration of the business disruptions and the related financial impact on the Company, its business and its liquidity cannot be reasonably estimated at this time. As a result of COVID-19 pandemic developments, the Canadian Securities Administrators recently granted blanket relief (the "Blanket Relief") for all market participants, providing up to a 45-day extension for periodic filings normally required to be made on or before June 1, 2020.
In accordance with the Blanket Relief, the Company will be delaying the filing of its audited annual financial statements for the year ended December 31, 2019 (the "2019 Annual Financial Statements"), annual management's discussion and analysis ("MD&A") for the corresponding period, related management certifications of annual filings and its annual information form (collectively, the "Filings"). In addition to the Filings, the Company also intends to rely on the Blanket Relief in order to extend the date by which the Company must, under applicable securities laws, deliver an annual request form, the 2019 Annual Financial Statements and the MD&A. The Company expects to be able to complete the Filings and those deliveries on or before May 14, 2020 and confirms there have been no material business developments since the release of preliminary 2019 financial results on January 31, 2020. The Company's insiders and management remain restricted from trading in Intermap securities pursuant to the Company's insider trading policy, which reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
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.
Intermap Reader Advisory
Certain information provided in this news release, including statements in relation to the impact of events on the Company's business and liquidity constitute forward-looking statements that involve known and unknown risks and uncertainties. The words "anticipate", "expect", "project", "estimate", "forecast", "will be" 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.
SOURCE Intermap Technologies Corporation
|Company Name: Intermap Technologies Corporation
Intermap Technologies, Jennifer Bakken, Executive Vice President and CFO
Email Contact +1 (303) 708-0955
Financial data for Intermap Technologies Corporation