Letter of intent signed by SLASPO to provide major insurers with a comprehensive flood risk solution through recurring subscriptions
DENVER, July 17, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced SLASPO (“Slovak Insurance Association”) has signed a letter of intent stating that multiple insurers in Slovakia have agreed to enter negotiations to finalize subscriptions to Intermap’s flood risk software solution and hazard maps.
This milestone agreement represents a significant step forward in enhancing the insurance industry’s ability to effectively manage flood risk and provide accurate property risk evaluations. Intermap’s flood datasets and unique software streamline insurance analytics and geocoding capabilities, enabling insurance companies to provide comprehensive property-specific underwriting. Each insurance company under the multi-license contract will have access to Intermap’s next-generation flood hazard maps and risk analytics. Intermap’s current insurance clients in Slovakia include Allianz and Generali. Contract negotiations with additional members of the Slovak Insurance Association will take place over the next several months.
“Slovak Association of Insurers welcomes finalization of the Mutual Agreement with Intermap, with the aim to start business negotiations with member insurance companies of the Association to better assess flood risk in Slovakia,” said Martin Kaňa, Executive Director of Slovak Insurance Association. “We believe that with higher impact of climate change, the full-scale use of Intermap’s flood map products will enable the insurance sector to better assess flood risk in the Slovak market. At the same time, it will help future underwriting and property insurance pricing.”
“With the increasing number of catastrophic flooding events around the world, our solution will enable the Slovakian insurance industry to better manage flood risk,” said Patrick A. Blott, Intermap Chairman and CEO. “This collaboration highlights the importance of our comprehensive insurance solutions in addressing the rising threat of flooding worldwide and demonstrates our commitment to supporting the resilience of the insurance industry.”
Learn more about Intermap’s European offerings visit intermap.com/european-solutions.
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, 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; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit
www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
