The Company has received loan proceeds of approximately $562 thousand under the Paycheck Protection Program (PPP) in the United States. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks if the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. The Company confirms there have been no material undisclosed business developments since April 2, 2020.
Intermap also announced that the Company is relying on the Canadian Securities Administrators blanket relief (Temporary Exemption from Certain Corporate Finance Requirements), which grants issuers an additional 45 days to complete certain regulatory filings (the "Corporate Finance Exemption"). Intermap is relying on the Corporate Finance Exemption for filing its interim financial statements for the quarter ended March 31, 2020 and the accompanying management's discussion and analysis under National Instrument 51-102 Continuous Disclosure Obligations, and the related CEO and CFO certifications under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The Company expects to be able to complete the filings on or before June 29, 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.
In addition, the Company also intends to rely on the Canadian Securities Administrators blanket relief (Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials), which grants issuers an exemption from the executive disclosure requirement under National Instrument 51-102F6 Statement of Executive Compensation. The Company expects to be able to complete the materials for the Annual General Meeting by June 8, 2020. As previously advised, Intermap intends to hold its Annual General Meeting on July 3, 2020.
Intermap Reader Advisory
Certain information provided in this news release 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
Email Contact +1 (303) 708-0955
Financial data for Intermap Technologies Corporation