The Company also reported that Mr. Michael Hoehn has resigned from both his Director and operating roles. "I want to thank Mike for his service to Intermap since 2015. We wish him well in his future endeavors," commented Patrick Blott, Chairman and CEO of Intermap.
Intermap also announced a Director Retention Program designed to incentivize active engagement by our experienced Directors to help the Company re-build. During this period, while we restructure the business and financial affairs of the Company, Intermap has been challenged to develop a compensation program for its executive officers and directors that recognizes the significant engagement required of its management and Board. Since the restructuring commenced on July 27, 2016, with the election of Mr. Blott as Executive Chairman, the Company has made retention cash payments of $510,000 ($250,000 to the Executive Chairman and CEO, $80,000 to the Chief Financial Officer and $180,000 to the remaining Directors), and granted options to purchase 4,125,320 common shares at C$0.08 per share. The Company committed to issue an additional 2,704,680 options to purchase shares, following the annual shareholders meeting. The cash payments were advanced based on the achievement of certain strategic goals, including the two financings completed with the Company's largest shareholder and lender. Three of the current Directors of Intermap, including the Executive Chairman and CEO, also acquired from the Company's largest shareholder and lender, warrants to purchase an aggregate of 4,589,080 common shares of the Company at an exercise price of C$0.09 per share. Each Board members' agreement to acquire warrants from a third party provides a signal of the Board's strong commitment to the future of the Company.
About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial intelligence solutions. It is the only company capable of fusing volumes of accurate bare earth and other geospatial data into a single source to provide location-based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.
SOURCE Intermap Technologies Corporation