Intermap Enters Settlement Agreement on Vertex Notes with Pender Funds; Announces Contract with NOAA, State of California Data Subscription, and Q1 Results

The Company's consolidated financial statements and management's discussion and analysis will be filed on SEDAR at: www.sedar.com.

Adjusted EBITDA for the quarter ended March 31, 2020 was negative $0.6 million, compared with negative $1.8 million for the same period in 2019. The improvement in adjusted EBITDA is primarily attributable to the increase in revenue. Adjusted EBITDA is not a recognized performance measure under IFRS and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net loss. A reconciliation of net loss to Adjusted EBITDA is provided in the table below.



Three months ended



March 31,

U.S. $ millions 

2020

2019

Net loss

$

(1.8)

$

(2.9)


Financing costs


0.8


0.7


Depreciation of property and equipment


0.3


0.3


Depreciation of right of use assets


0.1


0.1


Adjusted EBITDA

$

(0.6)

$

(1.8)

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.

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is not a recognized performance measure under IFRS. The term EBITDA consists of net income (loss) and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, restructuring costs and related non-recurring payments supporting the corporate restructuring, and other non-operating gains or losses. Adjusted EBITDA is included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges or gains that are nonrecurring. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is net income (loss).

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.

Cision View original content: http://www.prnewswire.com/news-releases/intermap-enters-settlement-agreement-on-vertex-notes-with-pender-funds-announces-contract-with-noaa-state-of-california-data-subscription-and-q1-results-301070479.html

SOURCE Intermap Technologies Corporation

Contact:
Company Name: Intermap Technologies Corporation
Jennifer Bakken, Executive Vice President and CFO
Email Contact +1 (303) 708-0955
Web: www.intermap.com
Financial data for Intermap Technologies Corporation



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