Implements Organizational Restructuring in
Asia to Align Human Capital
Investment with Revenue-Driving Opportunities
DENVER, June 24, 2019 /PRNewswire/ - Intermap
Technologies ("Intermap" or the "Company"), a global leader in
geospatial intelligence solutions, today announced it has
strengthened its patented Intelligent Resolution Improvement System
(IRIS™) with enhancements to its geospatial data processing
capabilities that improve speed, accuracy and efficiency.
"Our recent upgrades to IRIS, Intermap's proprietary technology
for adding spatial content and resolution to existing
three-dimensional models, enable the immediate generation of an
automated edit to our global Digital Elevation Models (DEMs)," said
Patrick Blott, the Company's
Chairman and Chief Executive Officer. "Importantly for customers
and strategic partners, these enhancements strengthen the quality
of the resulting elevation models and significantly reduce the
amount of time and associated costs required to generate highly
accurate, spatially rich DEMS. We remain focused on continuing to
drive innovation and technological advancements in global elevation
data production and are committed to providing our customers around
the world with best-in-class geospatial data solutions."
Organizational Restructuring in Asia to Continue to Enhance
Efficiency
In conjunction with the foregoing, the Company
also announced it is implementing an organizational restructuring
in Asia to better allocate its
resources around these efficiencies and improve its customer focus
at the regional level. The restructuring impacts approximately 32%
of Intermap's employees worldwide. The Company intends to reinvest
the substantial majority of these savings into localization across
additional geographies, innovation, research and development, as
well as customer-facing personnel.
The Company has dramatically reduced operating expenses in
Indonesia, as its investments in
infrastructure have produced a state-of-the-art process that will
enable Intermap to scale efficiently and with fewer employees as
its revenue grows. Including the organizational restructuring
announced today, annual costs have been reduced in the region by
$3.5 million. The remaining team in
Jakarta represents a core group of
elite professionals who are highly skilled and trained by Intermap
to advance local geospatial technology adoption throughout the
region.
Mr. Blott added, "Our talented employees are integral in driving
our success, and we are incredibly proud of our history in
Asia over the past 10 years. While
it is always difficult to make decisions that impact our valued
employees and the communities in which we operate, this
organizational restructuring is necessary to drive continued
success in our business. The Board of Directors and management team
are focused on improving Intermap's performance and building a
solid foundation for execution and growth, which includes aligning
our resources to better serve customers with the products,
solutions and services they expect from Intermap. Importantly, we
are committed to managing the transition in a sensitive and
respectful manner."
Intermap Reader Advisory
Certain information
provided in this news release, including statements in relation to
the Company's remedial listing review by the TSX and consideration
of an alternative stock exchange 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.
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SOURCE Intermap Technologies Corporation