Fourth quarter adjusted EBITDA, a non-GAAP and IFRS financial measure, was ($3.5) million, compared with ($1.5) million last year. Adjusted EBITDA excludes share-based compensation expense, gain or loss on the disposal of equipment, asset impairment charges, and gain or loss on foreign currency translation. 

During the year, the Company corrected the accounting for certain financial instruments that were denominated in a foreign currency or included foreign currency embedded derivatives – these include all non-broker warrants. The Company's functional currency is the United States dollar and the Company has issued non-broker warrants and debt with a conversion option denominated in a currency other than its functional currency, which is the primary driver behind the correction. Previously, the Company accounted for the warrants as a component of equity; however, in accordance with IAS 39, Financial Instruments: Recognition and Measurement, warrants denominated in a foreign currency and foreign currency embedded derivatives are required to be classified as liabilities under IFRS and marked to fair value through profit and loss each reporting period. There is no impact on total assets, revenue, costs of sales, operating loss, or total cash flows from operating activities, as a result of this restatement.

For the year ended December 31, 2014, Intermap reported total revenue of $8.3 million, compared to $24.4 million recorded in 2013. Mapping services revenue for the year was $2.9 million compared to $18.0 million last year, making up the majority of the year-over-year revenue difference. Data licensing revenue was $3.3 million compared to $3.9 million last year. 3DBI software applications revenue was $1.2 million compared to $1.5 million last year. Professional services revenue was $0.9 million compared to $1.0 million last year.

For the year ended December 31, 2014, personnel expense was $12.1 million compared to $12.4 million last year. The year-over-year decrease is primarily due to a change in the mix of personnel and a slight decrease in headcount on a year-over-year basis.

For the year ended December 31, 2014, purchased services and materials expense was $5.5 million compared to $7.8 million last year. The year-over-year decrease in purchased services and materials was due primarily to a decreases in subcontractor expenses associated with the airborne radar collection portion of the Company's mapping services business.

Adjusted EBITDA for the year was ($12.0) million compared with $1.2 million for 2013. For the year 2014, net loss was $12.8 million, or ($0.14) per share, compared with a net loss of $13.5 million (includes a $9.2 million asset impairment charge), or ($0.16) per share, last year.

The cash position of the Company at December 31, 2014 (cash and cash equivalents) was $0.5 million, compared to $2.4 million at December 31, 2013. Amounts receivable and unbilled revenue at December 31, 2014 was $1.5 million, compared to $6.6 million at December 31, 2013. Working capital decreased to ($8.7) million at December 31, 2014, compared to $2.6 million at December 31, 2013 (see "Intermap Reader Advisory" below).

Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.

Fourth Quarter Business Highlights

In October 2014, Intermap announced the release of InsitePro v2.2. This version included a new Underwriting Module that provides property insurance underwriters with a means to evaluate individual locations for flood risk and other perils, globally.

In November 2014, Intermap announced the availability of InsitePro for Pipelines — a customized version of InsitePro, the Company's natural catastrophe risk management software. InsitePro for Pipelines was created specifically for hazardous liquid pipeline operators throughout North America, enabling risk-based decision-making and improved environmental and regulatory compliance by providing immediate, up-to-date, simple access to geo-hazards and high consequence areas ("HCAs"). HCAs are defined by the Pipeline and Hazardous Materials Safety Administration (PHMSA) as an industry standard for ensuring pipeline operators have accurate information on areas that require special management practices. These include population, commercially navigable waterways, ecologically sensitive areas and locations that house public drinking water reserves. The Company believes InsitePro for Pipelines is a solution that can support numerous strategic business decisions that incorporate risk such as network expansion or contraction, integrity management assessment and maintenance, or volume decisions. In addition, InsitePro for Pipelines includes Intermap's flood and wildfire risk information, which can be a tool for companies operating hazardous liquid pipelines.

Intermap announced that on December 12, 2014, it had completed a private placement convertible debt financing for aggregate proceeds of US$500,000 (the "Debt Financing"). The Debt Financing matures six months from the date of issuance and the principal amount is convertible into common shares of the Company (the "Common Shares") at the holder's option into 5,741,187 Common Shares (25% premium to market based on closing price on December 11, 2014). Simple interest is payable at maturity at an annual rate of 16.0%. If the principal amount is converted into Common Shares, any interest payable on such principal amount shall be forgiven and the Company shall cease to owe, and the holder shall cease to have any right to payment of, any interest amount. In addition, an aggregate of 1,137,202 warrants were issued to the holder of the convertible debt, entitling the holder to purchase up to 1,137,202 Common Shares at a price of C$0.10 per share (25% premium to market based on closing price on December 11, 2014). The warrants expire in three years and are subject to adjustment in certain events. The Debt Financing is subject to a prepayment right by the Company at 108% of the principal amount at any time from the date of closing, subject to a 60 day notice period and the holder's right to exercise his conversion rights during any such notice period. The proceeds of the Debt Financing will be used by the Company for general operating purposes.

Intermap announced that on December 26, 2014, it had completed a private placement convertible debt financing for aggregate proceeds of US$500,000 (the "Debt Financing"). The Debt Financing matures on March 31, 2015 and the principal amount is convertible into common shares of the Company (the "Common Shares") at the holder's option into 8,333,333 Common Shares. Simple interest is payable at maturity at an annual rate of 18.0%. If the principal amount is converted into Common Shares, any interest payable on such principal amount shall be forgiven and the Company shall cease to owe, and the holder shall cease to have any right to payment of, any interest amount. In addition, warrants were issued to the holder of the convertible debt, entitling the holder to purchase up to 1,666,667 Common Shares at a price of C$0.07 per share. The warrants expire in three years and are subject to adjustment in certain events. The Debt Financing is subject to a prepayment right by the Company at 105% of the principal amount at any time from the date of closing, subject to a 30 day notice period and the holder's right to exercise his conversion rights during any such notice period. The proceeds of the Debt Financing will be used by the Company for general operating purposes. In conjunction with this convertible debt financing, the Company has also applied to the TSX to amend the exercise price to C$0.08 per share for outstanding warrants to purchase 4,791,572 Common Shares of the Company held by a prior note holder (the "Holder") from the Company's June 2012 and February 2014 convertible debt financings. The Holder is arm's length to the Company. In addition to this re-pricing of the exercise price, the Company also intends to issue new warrants to the Holder to purchase 4,597,443 Common Shares of the Company with an exercise price of C$0.08 per share and an expiry date of February 6, 2017 . The amendment to the warrant exercise price and the issuance of the new warrants are being given as consideration for the release by the Holder of a first priority lien in certain of the Company's secured assets and the sharing of security on the remainder of the Company's assets on a pro-rata basis with the new lender under the Company's Debt Financing discussed above. The amendments to the warrant exercise price and the issuance of the new warrants are subject to TSX approval.