Intermap Technologies Enters $175 Million Definitive Agreements

Intermap Technologies Corp. (TSX:IMP) has entered into definitive agreements relating to the creation, operation and maintenance of a national spatial data infrastructure (SDI) program.

According to the press release:
Under the terms of the Contract, the statement of work for the Project’s initial three-year implementation phase is valued at US$143 million, earned on a monthly milestone payment basis, with a US$12 million down payment due upon financial close. The Company will also provide an operation and maintenance module valued at US$32 million for an additional nine-year period. In addition to the Contract, the Company expects to be retained to perform consulting services relating to the customization of dedicated applications for the sovereign client, the requirements for which, by the very nature of the product, will develop over the course of the Project, and be separately priced.
“We are pleased to report the signing of this landmark contract”, said Todd Oseth, President and CEO of Intermap Technologies. “It has taken an extended period of time, particularly given the inherent complexity, both technical and financial, of completing a definitive contract for an innovative SDI program of this scale and scope. The know-how generated in this process will serve the Company well in other SDI programs currently under consideration as well as strengthen the Company’s positioning within the geospatial technology sector. Governments and commercial clients alike are increasingly seeking location-based solutions to guide decision-making across their organizations. The Orion Platform is capable of delivering just that. The project announcement coincides with the recent publication of the United Nations report on future trends in geospatial information management. We believe that we are well positioned to engage in this developing market.”

Click here to read the full press release.