Intermap Completes Final Contract for Previously Announced $14.5 Million Letter of Award
DENVER, CO, Jan. 30, 2013 /PRNewswire/ - Intermap (TSX: IMP), (OTCBB: ITMSF), a leading provider of geospatial solutions on-demand created from its uniform, high-resolution 3D digital models of the earth's surface, today announced that the Company has completed the final contracting requirements relating to the US $14.5 million Letter of Award previously announced on January 15, 2013. Under the terms of the contract, Intermap will provide defined geospatial solutions to an international customer, including elevation and imagery related information for identified areas in Southeast Asia. Intermap will use its proprietary airborne radar technology to collect and process the 3D digital models of the selected areas. The project is scheduled to commence immediately and is expected to be complete prior to year-end 2013.
The geospatial solutions provided will become the foundation data layer for an updated national spatial data infrastructure. This new dataset will be used for improved disaster planning, resource management, national security interests, infrastructure planning, and the provisioning of new 3D geospatial information applications, such as Intermap's RiskPro™ and WaterPro™ products.
"Intermap's new Solutions On Demand™ and its unique analytics approach won this contract for the Company," said Todd Oseth, president and CEO of Intermap. "We began the process by first understanding the customer's strategic requirements. We were then able to showcase Intermap's capabilities and combine the customer's strategic requirements to create a unified solutions plan. We believe this approach will help to develop an ongoing, long- term relationship with this customer."
Intermap is an industry leader in location-based services and geospatial Solutions On Demand™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, Intermap is able to provide location-based solutions for customers in diverse markets around the world that solve today's complex geospatial challenges.
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Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" 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. You can find a discussion of such risks and uncertainties in our 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