Intermap is well-positioned for aviation and drone markets in 2021
Growing demand for Intermap's NEXTViewTM the world's only government-certified, aviation-specific geospatial intelligence solution
DENVER, March 4, 2021 /PRNewswire/ - Intermap Technologies ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today announced that Wingcopter GmbH has subscribed to NEXTView™, a milestone subscription in the UAS market.
The aviation and drone markets are poised to expand rapidly in 2021. After being adversely affected by Covid-19 in 2020, airlines and aircraft manufacturers are beginning to resume operations. Intermap's NEXTView™, developed in collaboration with Lufthansa Systems, is the world's first and only seamless, global aviation dataset certified for use in commercial avionics.
Intermap has entered into a subscription-based strategic agreement with Wingcopter, a manufacturer of aviation-grade drone technology and a service provider for a wide range of drone deployments. These deployments include delivery of medical goods, parcels, food or spare parts, as well as mapping/surveying and inspection/monitoring. This agreement is indicative of the increased demand for NEXTView as the drone market has accelerated over the past 12 months, with increased global demand for and utility of unmanned aircraft in logistics, supply chain and delivery operations.
The overall market is projected to grow at an 18.9% CAGR and exceed $56 billion by 2027. The U.S. Department of Defense, which has the world's largest market share, has appropriated over $6 billion in its current year budget for ISR operations where drones will be increasingly deployed for search and rescue, border security, crowd monitoring and control, and surveillance.
NEXTView received the EASA Type 1 Certification in 2020, which permits NEXTView to be used in commercial avionics and provides deployment-tested quality assurance to the UAV and UTM industries. The FAA and EASA continue to work on the regulatory framework for commercial operations of drones. The FAA recently approved initial limited address-specific package drone deliveries and continue to build the regulatory and technology infrastructure to support drones through the BEYOND program. High-resolution, global-scale, deployed, tested and certified 3D geospatial data, such as provided by NextView, will be critical to this effort.
"Wingcopter provides worldwide drone solutions for commercial and humanitarian applications that improve and save lives. They will be a major player, active around the world, deploying drone systems for medical and commercial package delivery. Intermap is excited to support this partner and advance both companies' first-mover position in this fast-growing global UAS market," said Patrick A. Blott, Intermap's Chairman and CEO. "This deal represents a rare opportunity to help build an emerging industry with extraordinary revenue potential and the ability to make a positive impact on people's lives by applying our unique geospatial intelligence technology."
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;OTCQX: ITMSF) 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