Other applications will deliver 3D maps and active safety within vehicles to reduce accidents and traffic fatalities. NEXTMap databases can help enable automotive electronics to predict what lies ahead and alert drivers of impending hazards. Advance predictions of road geometries will also be an invaluable component of visualization devices, vehicle fuel performance enhancement systems, and advanced driver assistance systems. Intermap is in discussions with other automotive suppliers and manufacturers in Europe and North America.
Web-based 3D Visualization
Map and location related searches on the web are some of the most frequent searches requested today. Intermap offers the most accurate digital elevation maps in existence, which provides for improved user experience and application functionality. For this reason, in June, Microsoft launched an enhanced Virtual Earth(TM) 3D viewing platform based on Intermap Technologies' highly accurate and up-to-date elevation data for all of Great Britain. Intermap is also creating similar maps for all of Western Europe and the continental United States. The resulting product delivers a more seamless and accurate 3D experience for all Internet users visiting Microsoft's Live Search Maps for England, Scotland, and Wales.
Intermap's precise and uniform 3D digital terrain model serves as the foundation for the placement and alignment of aerial photography and other geospatial images. These images are then layered upon this 3D foundation to better align and place objects without distortion or undulation, thus creating a superior end product. "Having Intermap's highly accurate and reliable foundation layer under our imagery and building models allows us to provide one of the most accurate viewing experiences on the Internet today," said Aric Weiker, director of product management for the Virtual Earth platform at Microsoft.
"The market is quickly realizing there are a wide range of solutions that can be created through GIS applications," said Mr. Bullock. "Having access to a high-quality and uniform set of 3D data is the key to properly modeling and running advanced technologies. Our shareholders recognize that Intermap is setting the stage for worldwide 3D geometries that can make this happen."
Detailed financial results for the quarter and management's discussion and analysis can be found on SEDAR, at www.sedar.com.
Conference Call Today at 10am EDT (8:00am MDT)
A slide presentation accompanies Intermap's conference call today at 10:00 a.m. EDT (8:00 a.m. MDT, 3:00 p.m. GMT). Please download the presentation "IMP_Q2_Quarterly_Call_Aug_3" to your computer in advance of the call from ftp1.intermaptechnologies.com (copy and paste the file into your browser).
Username: Client20
Password: Q2map2007 (Password is case sensitive)
For security reasons this FTP site will be active until August 9, 2007.
To participate in the call, please dial 416-641-6125 or 1-866-542-4236 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 10, 2007. Please dial 416-695-5800 or 1-800-408-3053 and provide the password 3231005# to listen to the rebroadcast. An audio Webcast of the teleconference will also be available on Intermap's Website.
About Intermap Technologies
Intermap Technologies Corporation (TSX: IMP) (AIM:IMAP) enables customers to facilitate better decision-making and create applications for numerous commercial, governmental, military, and consumer products through the purchase of high quality and affordable elevation datasets. The Company is proactively remapping entire countries and building unprecedented national databases, called NEXTMap(R), consisting of highly accurate digital topographic maps that include elevation data.
Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications/wireless network planning, aviation, simulation, and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. Datasets are also used to add interactive intelligence to airborne and satellite imagery.
Headquartered in Denver, Colorado, Intermap employs more than 500 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, and Prague. For more information, visit www.Intermap.com.
Intermap Reader Advisory
(R) NEXTMap is a registered trademark of Intermap Technologies Corporation
This news release may contain certain forward-looking statements, which include certain assumptions with respect to the future business and operations of the Company. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, 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 the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, 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 included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheet
(In thousands of United States dollars)
======================================================================
June 30, December 31,
2007 2006
----------------------------------------------------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 33,744 $ 48,170
Amounts receivable 4,076 8,177
Unbilled revenue 3,351 2,477
Work in progress 255 -
Prepaid expenses 1,352 850
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42,778 59,674
Property and equipment 21,062 19,755
Multi-client data library 41,059 32,402
Intangible assets 1,966 -
Future income taxes - 23
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$ 106,865 $ 111,854
======================================================================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities $ 5,639 $ 6,003
Deferred lease inducements 205 120
Deferred revenue 832 1,715
Income taxes payable 62 30
Current portion of obligations under
capital lease 186 231
Current portion of long-term debt 388 538
Non-controlling interest - 14
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7,312 8,651
Deferred lease inducements 481 468
Obligations under capital lease 183 165
Long-term debt 1,116 1,242
Future income tax liability 449 -
----------------------------------------------------------------------
9,541 10,526
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Shareholders' equity:
Share capital 124,944 122,458
Contributed surplus 3,070 2,387
Deficit (36,884) (29,711)
Accumulated other comprehensive income 6,194 6,194
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97,324 101,328
----------------------------------------------------------------------
Commitments
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$ 106,865 $ 111,854
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